RSAR: Median price of $395K indicates market correction, not a bubble | nnbusinessview.com

RSAR: Median price of $395K indicates market correction, not a bubble

NNBV staff report

RENO, Nev. — On Dec. 7, The Reno/Sparks Association of Realtors released its November 2018 report on existing home sales in Washoe County, including median sales price and number of home sales in the region.

The median price for the month in Reno for single-family homes was $395,000, a 10 percent increase from November 2017, and a decrease of 3 percent from last month. In Washoe County, the median price was $377,000 for November 2018, up 7 percent from the same month last year, and down 2 percent from October 2018.

That, according to a statement from Doug McIntyre, 2018 RSAR president, indicates that the trend in rising median price is slowing across Northern Nevada, which “can be attributed to the winter season and the increase in interest rates as the Federal Reserve adjusts for inflation.”

“All indicators point to a correction in the market as opposed to a real estate bubble,” McIntyre stated.

Below is a brief breakdown of stats for November 2018, as provided by RSAR, which obtains its information from the Northern Nevada Regional Multiple Listing Service (http://www.nnrmls.com):

WASHOE COUNTY

In November 2018, Washoe County had 444 sales of existing single-family homes, a decrease of 17 percent from November 2017 and a 5 percent decrease from one month ago, October 2018. Median sales price for an existing single family residence was $377,000, a decrease of 2 percent from October 2018 and an increase of 7 percent from November 2017. The median sales price of existing condominium/townhomes in Washoe County in November 2018 was $178,000, less than a 1 percent decrease from a year ago.

RENO (INCLUDING NORTH VALLEYS)

In November 2018, Reno (including North Valleys) had 309 sales of existing single family homes, a decrease of 19 percent from last year and a 6 percent decrease from the previous month. Median sales price in Reno for an existing single family residence was $395,000, a 10 percent increase from November 2017 and a 3 percent decrease from October 2018. The existing condominium/townhome median sales price for November 2018 in Reno was $171,000, a 17 percent decrease from last year.

SPARKS (INCLUDING SPANISH SPRINGS)

The region experienced 135 sales of existing single family homes in November 2018, a 12 percent decrease from November 2017 and a 3 percent decrease from the previous month. The Sparks median sales price for an existing single family residence in November 2018 was $355,000, a 6 percent increase from last year in November 2017 and an increase of less than 1 percent from October 2018. The existing condominium/townhome median sales price for November 2018 in Sparks was $185,000, a 20 percent increase from last year.

FERNLEY

Fernley had 43 sales of existing single family homes, a decrease of 4 percent from November 2017 and a 7 percent decrease from the previous month. The median sales price for an existing single family residence in November 2018 was $265,000, an 8 percent increase from November 2017, and a 3 percent increase from last month.

Go to http://www.rsar.net for RSAR’s full monthly breakdown.




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