Recent reports on home sales in northwestern Nevada remain strong
Recently released reports on home sales in the northwestern Nevada show home prices and sales numbers continue to climb, but at a slower pace.
“We have seen a slow down in year-over-year median price increases,” William Process, 2016 Reno/Sparks Association of Realtors (RSAR) president and a Realtor with HomeGate Realty of Nevada, said in the association’s third quarter report released last week. “We see this as a positive sign of some stabilization. At the same time, we are also seeing 2016 September unit sales at its highest in history for the month of September.”
Chase International Real Estate released its year-to-date numbers for the region last week and reported that the Reno-Sparks continued to climb through the third quarter with a 9 percent increase in volume sold.
The number of units sold increased 2 percent, while the median price of a home increased 9 percent to $302,995, comparing all MLS sales from Jan. 1 through Sept. 30 to the same time frame of 2015.
“Every quarter we see small but definite increases in sales and prices,” said Susan Lowe, senior vice president of Chase International. “Consistent gains indicate a healthy Reno Sparks real estate market.”
The median price of a home in Reno was slightly higher than Sparks, with a 7 percent jump to $315,000, the Chase report said. Sparks, however saw bigger gains in volume sold, with a 14 percent increase. Reno experienced a 7 percent rise in volume sold.
Carson Valley saw a seven and 8 percent jump in volume and units sold, with a three percent increase in median home price to $324,500.
Details of the the RSAR third quarter of 2016 report are:
Washoe County had 1,816 sales of existing single-family homes; a 4 percent increase from last year and a 1 percent decrease from the previous quarter. The report listed the median sales price for an existing single-family residence in Washoe County for the quarter at $312,000; an increase of 8 percent from last year and a 2 percent increase from the second quarter of 2016.
The median sales price of existing condominium/townhomes in Washoe County in the third quarter of 2016 was $150,000; with no change from a year ago.
In Reno, which includes North Valleys, there were 1,238 sales of existing single-family homes in the third quarter; an increase of 3 percent from last year and a 1 percent increase from the second quarter of 2016.
The median sales price in Reno fwas $324,950; an increase of 8 percent from last year and a 1 percent increase from the previous quarter
The existing condominium/townhome median sales price for the third quarter of 2016 in Reno was $159,900; an increase of 3 percent from last year.
Sparks, including Spanish Springs, had 578 home sales in the third quarter of 2016; an increase of 7 percent from last year and a 5 percent decrease from the previous quarter.
The Sparks median sales price in the third quarter was $290,000; an increase of 9 percent from last year and a 3 percent increase from the second quarter of 2016.
The existing condominium/townhome median sales price for the third quarter in Sparks was $138,500; an increase of 17 percent from last year.
Fernley had 129 sales of existing single-family homes during the third quarter; a 1 percent decrease from last year and a 13 percent decrease from the second quarter of 2016.
The median sales price in Fernley was $198,000; a 13 percent increase from last year and a 4 percent increase from the previous quarter.
For the month of September, Fernley had 43 sales of existing single family homes; an increase of 10 percent from last year and a 12 percent decrease from the previous month.
The median sales price in Fernley for an existing single-family residence in September 2016 was $199,999; an increase of 18 percent from September 2015 and a 1 percent increase from last month.
Lake Tahoe home sales in the third quarter marks the first time in more than three years that there’s been steady increases in all areas around the lake, according to the Chase report.
Sales volume around the lake was up 20 percent and the median price of a home increased 12 percent to $540,000.
“The numbers are very encouraging,” Lowe said. “There’s generally always some fluctuation or decline somewhere on the lake, but sales have remained consistently strong over the summer.”
The median price of a home in Tahoe City rose 5 percent to $580,000 while on the East Shore it rose 6 percent to $1.18 million.
Homes selling for more than $1 million had the largest impact on sales, with every region on the lake seeing substantial increases, the largest being on the South Shore (62 percent) and Incline Village (55 percent).
The only two stats to see any declines were homes selling for less than a million in Tahoe City (down 4 percent) and Incline Village (down 1 percent).
South Lake Tahoe saw the largest increase in median and average home prices, up 13 and 14 percent to $405,000 and $496,984 respectively. The area is still the least expensive place to buy a home.
The highest median home price remains in Incline Village, where the price jumped 11 percent to $1.039 million.
The median price of a home in Truckee rose 13 percent to $624,750. Overall volume sold in Truckee was up 61 percent.
Kristina Miranda, who was hired recently as a staff accountant at Clausen & Company, is currently enrolled at the University of Nevada, Reno and is earning a Bachelor of Science in business administration.