October home sales slow in Reno/Sparks

The Reno/Sparks Association of Realtors released its October 2022 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.

During the month of October, RSAR saw:

● Home prices continued to stabilize as the median price across the region was $540,000, unchanged from the same month a year ago.

● Homes were on the market an average of 36 days before they were under contract in October, down slightly from 37 days in September.

● The 1,265 homes on the market at the end of October was down by 10 percent from September.

“Homes in Reno and Sparks are selling for an average of 98 percent of their list price,” said Sarah Scattini, president of RSAR. “The inventory of homes on the market would meet sales demand for 3.4 months, and anything less than a four to six-month supply historically has indicated a sellers’ market.”

Savvy homebuyers are taking advantage of the stabilizing market to buy attractively priced homes today with the understanding that they can refinance their mortgages when rates decline again in the future.

All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.

Reno/Sparks

● In October, Reno/Sparks had 372 sales of existing single-family homes, a decrease of 34.7 percent from last year and a 21.7 percent decrease from the previous month.

● The median sales price for an existing single-family residence in Reno/Sparks was $540,000, unchanged from last year and a 1.8 percent increase from the previous month.

● The median sales price of an existing condominium/townhome in Reno/Sparks in October 2022 was $310,000, an increase of 3.8 percent from last year.

Reno (including North Valleys)

● In October, Reno (including North Valleys) had 262 sales of existing single-family homes, a decrease of 33 percent from last year and a 19.1 percent decrease from the previous month.

● The median sales price for an existing single-family residence was $560,000, an increase of 1.8 percent from last year and a 3.7 percent increase from the previous month.

● The existing condominium/townhome median sales price in October 2022 was $327,500, an increase of 4 percent from last year.

Sparks (including Spanish Springs)

● In October, Sparks (including Spanish Springs) had 110 sales of existing single-family homes, a decrease of 37.9 percent from last year and 27.2 percent decrease from the previous month.

● The median sales price for an existing single-family residence was $521,500, an increase of 4.7 percent from last year and an increase of less than 1 percent from the previous month.

● The existing condominium/townhome median sales price for October was $247,500, a decrease of 7.6 percent from last year.

Fernley

● In October, Fernley had 28 sales of existing single-family homes, a 36.4 percent decrease from last year and a 24.3 percent decrease from the previous month.

● The median sales price for an existing single-family residence was $376,995, an increase of 4.7 percent from last year and a 2.1 percent decrease from the previous month.