Homes were on the market for only 5 days in February, report says

The median home price across Greater Reno-Sparks was $559,000 in February, according to the Reno/Sparks Association of Realtors.

That was up more than 24 percent from the same time a year ago.

Homes were under contract an average of only five days after they were listed for sale.

“The market remains exceptionally strong,” said Sarah Scattini, president of the Reno/Sparks Association of Realtors, said in a news release. “The uptick in mortgage interest rates since the start of the year hasn’t dampened sales of existing homes, which continue to be driven by the vibrant economy of the Reno/Sparks region.”

The 460 new listings that came on the market during February marked a 13 percent increase from the same month a year earlier.

In February, Reno/Sparks had 372 sales of existing single-family homes, a decrease of 4.1 percent from last year and a 7.5 percent decrease from the previous month.

The median sales price for an existing single-family residence in Reno/Sparks was $559.000, an increase of 24.2 percent from last year and a 1.9 percent decrease from the previous month.

The median sales price of an existing condominium/townhome in Reno/Sparks in February 2022 was $315,000, an increase of 24.3 percent from last year.

By region, Reno (including North Valleys) had 260 sales of existing single-family homes, a decrease of 2.6 percent from last year and a 6.8 percent decrease from the previous month.

The median sales price for an existing single-family residence was $580,000, an increase of 24.7 percent from last year and a 2.5 percent decrease from the previous month. The existing condominium/townhome median sales price in February 2022 was $340,000, an increase of 10.2 percent from last year.

Sparks (including Spanish Springs) had 112 sales of existing single-family homes, a decrease of 7.4 percent from last year and an 8.9 percent decrease from the previous month.

The median sales price for an existing single-family residence was $510,500, an increase of 22.5 percent from last year and a 1.8 percent decrease from the previous month.

The existing condominium/townhome median sales price for February 2022 was $287,000, an increase of 18.4 percent from last year.

In Fernley, there were 48 sales of existing single-family homes, a 2 percent decrease from last year and a 14.3 percent increase from the previous month.

The median sales price for an existing single-family residence was $382,000, an increase of 20.3 percent from last year and a 1.9 percent increase from the previous month.

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