November home sales prices up, RSAR says

The Reno/Sparks Association of Realtors said the median price of an existing family home was up 1.9 percent in November from October.

During November, RSAR saw…

• Sales activity slowed, and the number of closed transactions declined by more than 36 percent from the same month a year ago.

• Homes were on the market an average of 47 days before they were under contract, which compares with an average of 15 days on market a year earlier.

“Home sellers received, on average 97.4 percent of their asking price during November, a sign that the market has a solid foundation,” said Sarah Scattini, president of the Reno/Sparks Association of Realtors. “The inventory of homes on the market is enough to meet sales for three months, indicating a seller’s market. A balanced market has a four- to six-month inventory.”

Reno/Sparks

In November, Reno/Sparks had 347 sales of existing single-family homes, a decrease of 36.2 percent from last year and an 8 percent decrease from the previous month.

The median sales price for an existing single-family residence in Reno/Sparks was $550,000, an increase of 2.5 percent from last year and a 1.9 percent increase from the previous month.

The median sales price of an existing condominium/townhome in Reno/Sparks in November was $316,500, an increase of 2.1 percent from last year.

Reno (including North Valleys)

In November, had 233 sales of existing single-family homes, a decrease of 36.5 percent from last year and an 11.4 percent decrease from the previous month.

The median sales price for an existing single-family residence was $567,000, unchanged from a year ago and a 1.3 percent increase from the previous month.

The existing condominium/townhome median sales price in November was $330,000, an increase of 7.2 percent from last year.

Sparks (including Spanish Springs)

In November, Sparks had 114 sales of existing single-family homes, a decrease of 35.6 percent from last year and unchanged from the previous month.

The median sales price for an existing single-family residence was $504,250, an increase of less than 1 percent from last year and a 3.3 percent decrease from the previous month.

The existing condominium/townhome median sales price for November was $290,000, an increase of 6.4 percent from last year.

Fernley

In November, Fernley had 29 sales of existing single-family homes, a 44.2 percent decrease from last year and unchanged from the previous month.

The median sales price for an existing single-family residence was $370,000, an increase of 1.5 percent from last year and a 1.3 percent decrease from the previous month.

RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.