Reno median price jumps to $402K in October; $352K for Sparks
RENO/SPARKS, Nev. — On Nov, 9, the Reno/Sparks Association of Realtors released its October 2018 report on existing home sales in Washoe County, reporting an increase in median home prices across the Reno market to more than $402,000.
“The Reno market is a seller’s market, at 2.9 months supply of inventory,” Doug McIntyre, 2018 RSAR President, said in a statement. “The month’s supply of inventory for the past two months has been at 3 months. This shows an improvement in inventory levels, providing buyers more choices.”
Per RSAR’s report, Washoe County as a whole had 459 sales of existing single-family homes last month, a decrease of 17 percent from October 2017 and a 1 percent increase from one month ago, September 2018.
The report lists the median sales price for an existing single-family residence in Washoe County in October 2018 at $380,000 — that’s an increase of 2 percent from September 2018 and an increase of 10 percent from October 2017.
Meanwhile, the median sales price of existing condominium/townhomes in Washoe County in October 2018 was $200,000 — a 19 percent increase from a year ago.
RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (http://www.nnrmls.com). Below are some other highlights from the October report:
• The Reno market (including North Valleys) had 320 sales of existing single-family homes, a decrease of 21 percent from last year and a 2 percent increase from the previous month. The median home price was $402,675, a 12 percent increase from October 2017, and a 3 percent increase from September 2018. Median condo/townhome sales price was $217,500, a 25 percent increase from last year.
• Sparks (including Spanish Springs) experienced 139 home sales, an 8 percent decrease from October 2017 and a 1 percent decrease from the previous month. Median home sale price was $352,750, a 7 percent increase from last year and an increase of 2 percent from September 2018. Median condo/townhome sales price s was $196,500, a 27 percent increase from last year.
• Fernley had 44 home sales, an increase of 5 percent from October 2017 and a 30 percent decrease from the previous month. Median sales price in Fernley was $258,500, a 9 percent increase from October 2017, and a 7 percent increase from last month.
The regional building and population boom continues to favorably impact operations at Northern Nevada financial institutions. The thousands of new residents moving to the Truckee Meadows need to finance homes or new businesses, and all regional bankers really need to do is just put on a catcher’s mitt to snag the flow of business from people and companies moving in from California.