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RSAR releases January 2017 existing home sales report

The Reno/Sparks Association of REALTORS® (RSAR) released its January 2017 report on existing home sales in Washoe County, including median sales price and number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (http://www.nnrmls.com).

During January 2017, the report showed Washoe County had 358 sales of existing single-family homes; a decrease of 7 percent from a year ago in January 2016 and a 32 percent decrease from one month ago in December 2016. The report listed the median sales price for an existing single family residence in Washoe County in January 2017 at $304,000; an increase of 9 percent from January 2016 and a 1 percent increase from December 2016. All sales numbers 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 January 2017 was $144,900; a 16 percent decrease from a year ago.

In January 2017, Reno (including North Valleys) had 227 sales of existing single family homes; a decrease of 6 percent from last year and a 35 percent decrease from December 2016. The median sales price in Reno for an existing single family residence in January 2017 was $320,000; a 7 percent increase from January 2016, and a 2 percent increase from the previous month. All sales numbers are for existing "stick built single family dwellings" only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for January 2017 in Reno was $145,500; a 20 percent decrease from last year.

Sparks (including Spanish Springs) experienced 131 sales of existing single family homes in January 2017; an 8 percent decrease from January 2016 and a 25 percent decrease from the previous month in December 2016. The Sparks median sales price for an existing single family residence in January 2017 was $279,000; a 7 percent increase from last year in January 2016 and a 3 percent increase from December 2016. All sales numbers are for existing "stick built single family dwellings" only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for January 2017 in Sparks was $136,000; a 24 percent increase from last year.

The January 2017 report indicated that Fernley had 36 sales of existing single family homes; a 9 percent increase from January 2016 and an 18 percent decrease from the previous month in December 2016. The median sales price in Fernley for an existing single family residence in January 2017 was $208,140; up 21 percent from January 2016 and an 8 percent increase from last month. All sales numbers are for existing "stick built single family dwellings" only and do not include condominium, townhome, manufactured, modular or newly constructed homes.

"The upward pressure on median price due to high demand and low inventory began to level out in mid-2016 and continued into January," said John Graham, 2017 RSAR President and REALTOR® with Re/Max Premier Properties in a press release. "We don't anticipate this trend will sustain. As the weather warms and inventory levels remain low, it will put more upward pressure on the median price into the new year."

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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 http://www.rsar.net.