Home-sales market stabilizing
The median sales price of existing homes in Washoe County continued a three-month downward trend, according to the October 2015 report released Nov. 10 by the Reno/Sparks Association of REALTORS.
“October’s median sales price has declined for the past three consecutive months,” Dave Hansen, 2015 RSAR president and a Realtor with Coldwell Banker Select Real Estate, said in a written statement. “This is the first time we have seen a consecutive decline in median price since the bottom of the market in January 2012. We see this as a settling of the median price after four years of recovery. Sales remain strong with this month’s unit sales being the fourth highest in Washoe County for an October in history.”
The county had 528 sales of existing homes in October — an increase of 8 percent from the same period a year ago and an 8 percent decrease from September 2015.
The report listed the October median sales price in the county at $280,000; that’s an increase of 8 percent from October 2014 and a 2 percent decrease from September 2015.
Reno, including North Valleys, had 357 sales of existing single family homes in October — an increase of 3 percent from last year and an 8 percent decrease from September 2015. The median sales price in Reno for the month was $294,866; that was a 7 percent increase from October 2014 and no change from the previous month.
In Sparks, including Spanish Springs, 171 homes sold in October 2015 — a 21 percent increase from October 2014 and a 7 percent decrease from September 2015. The Sparks median sales price was $264,000; that was a 16 percent increase over a year ago and a $1,000 decrease from the previous month.
In Fernley, which is in Lyon County, there were 47 existing single-family homes sold, an increase of 2 percent from a year ago, and a 24 percent increase from September. The median sales price in Fernley was $173,500; this was a 25 percent increase from October 2014 and a 2 percent increase from last month.
All sales numbers above are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes.
The median sales price of existing condominium/townhomes in Washoe County in October 2015 was $121,000; an increase of 15 percent from a year ago.
In Reno, the median sales price for condominium/townhomes in October 2015 was $121,000; a 7 percent increase from last year.
In Sparks, the condominium/townhome median sales price was $121,000; a 32 percent increase from last year.
RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service and includes sales of bank-owned (foreclosure) properties.
For more information go to http://www.rsar.net.
Christal Park Keegan’s professional experience includes working as an attorney for the National Judicial College in Reno and for the Chapman Law Firm in Northern Nevada.