The Reno/Sparks Association of REALTORS® (RSAR) today released its July 2021 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 July, RSAR saw…
● A slowdown in price escalation as the median sales price for a single-family home in the region was $530,000, unchanged from June’s figure.
● An increase of nearly 23 percent in the inventory of homes available for purchase.
● Continued very fast sales, as homes were on the market an average of 15 days before they were under contract for sale.
“The region saw 718 new listings of single-family homes during the month compared with 627 sales. This means that buyers are beginning to find more selection of available homes as they work with their REALTOR®,” said Gary MacDonald, President of the Reno/Sparks Association of REALTORS®.
Even though home prices have risen, continued low mortgage interest rates keep the dream of homeownership alive for many buyers. REALTORS® help buyers learn how to use low interest rates to offset some of the impact of higher prices.
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 July 2021, Reno/Sparks had 627 sales of existing single-family homes, a decrease of 12.7 percent from last year and a 2.2 percent decrease from the previous month.
● The median sales price for an existing single-family residence in Reno/Sparks was $530,000, an increase of 22 percent from last year but unchanged from the previous month.
● The median sales price of an existing condominium/townhome in Reno/Sparks in July 2021 was $294,000, an increase of 10 percent from last year.
Reno (including North Valleys)
● In July 2021, Reno (including North Valleys) had 431 sales of existing single-family homes, a decrease of 9.3 percent from last year and a 6.9 percent decrease from the previous month.
● The median sales price for an existing single-family residence was $554,000, an increase of 20.4 percent from last year and a 0.7 percent increase from the previous month.
● The existing condominium/townhome median sales price in July 2021 was $325,000, an increase of 21 percent from last year.
Sparks (including Spanish Springs)
● In July 2021, Sparks (including Spanish Springs) had 196 sales of existing single-family homes, a decrease of 9.3 percent from last year and 10.1 percent increase from the previous month.
● The median sales price for an existing single-family residence was $500,000, an increase of 20.4 percent from last year and a 4 percent increase from the previous month.
● The existing condominium/townhome median sales price for July 2021 was $259,000, an increase of 4 percent from last year.
Fernley
● In July 2021, Fernley had 69 sales of existing single-family homes, a 30 percent increase from last year and a 5.5 percent decrease from the previous month.
● The median sales price for an existing single-family residence was $355,000, an increase of 26 percent from last year and essentially unchanged from the previous month.
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.
