The Reno/Sparks Association of REALTORS® (RSAR) today released its June 2020 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.
During the month of June, RSAR saw…
The median price of existing homes in Reno and Sparks stood at $407,000, a figure that’s unchanged from the previous month.
The inventory of homes on the market stood at 1.3 months of supply. (Four to six months represents a balanced supply.)
New listings to the market rose by nearly 8 percent from May.
“Properties are selling very quickly, an average of 40 days between listing and contract,” said Erika Lamb, President of the Reno/Sparks Association of REALTORS®. “Inventories of existing homes for sale remain very tight, and the supply of homes on the market declined by 41 percent from May to June alone.”
With this summer’s mortgage interest rates at their lowest level in at least 50 years, today’s home buyers in Northern Nevada find they have a once-in-a-lifetime opportunity to buy their dream home at a monthly payment that is surprisingly affordable.
More information, divided by region, is provided below. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.
Reno/Sparks
In June 2020, Reno/Sparks had 537 sales of existing single-family homes, a decrease of 6 percent from last year and a 32.9 percent increase from the previous month.
The median sales price for an existing single-family residence in Reno/Sparks was $407,000, an increase of 1.8 percent from last year and no change from the previous month.
The existing condominium/townhome median sales price of an existing condominium/townhome in Reno/Sparks in June 2020 was $230,500, a decrease of 5.3 percent from last year.
Reno (including North Valleys)
In June 2020, Reno (including North Valleys) had 362 sales of existing single-family homes, a decrease of 12.1 percent from last year and a 27.5 percent increase from the previous month.
The median sales price for an existing single-family residence was $415,000, an increase of less than 1 percent from last year and a 3.8 percent increase from the previous month.
The existing condominium/townhome median sales price in June 2020 was $260,000, unchanged from last year.
Sparks (including Spanish Springs)
In June 2020, Sparks (including Spanish Springs) had 175 sales of existing single-family homes: an increase of 10.1 percent from last year and 45.8 percent increase from the previous month.
The median sales price for an existing single-family residence was $395,000; an increase of 5.3 percent from last year and a 2.2 percent increase from the previous month.
The existing condominium/townhome median sales price for June 2020 was $195,000, a decline of 4.4 percent from last year.
Fernley
In June 2020, Fernley had 51 sales of existing single-family homes, a 17.7 percent decrease from last year and a 54.5 percent increase from the previous month.
The median sales price for an existing single-family residence was $276,000, an increase of 4 percent from last year and a 1.3 percent increase from the previous month.
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About The Reno/Sparks Association of REALTORS® (RSAR):
The Reno/Sparks Association of REALTORS® is an organization providing services to its members to ensure their success as real estate professionals, as well as protecting and promoting the consumer’s dream of homeownership. For more information, visit rsar.realtor.