Home sales market stabilizing
Fewer existing homes sold in August compared to July in Washoe County, while the median sales price decreased, according to a report released Sept. 17 by Reno Sparks Association of REALTORS.
Taken together, the numbers suggest a leveling market after several months with a shortage of available homes compared to buyers, driving up selling prices.
“Although August 2015 homes sales are the lowest for units sold for an August since 2010, the August 2015 median price remained level with July 2015 and continues the trend of a flattening in the median price, which we see as stabilizing of the market,” said Dave Hansen, 2015 RSAR president and a Realtor with Coldwell Banker Select Real Estate. “Also, the drop in unit sales is yet another indication of a leveling market.”
During August 2015, the report showed Washoe County had 505 sales of existing single-family homes, a decrease of 13 percent from a year ago in August 2014 and a 22 percent decrease from one month ago in July 2015.
The report listed the median sales price for an existing single-family residence at $290,000, which was an increase of 16 percent from August 2014 and $735 decrease from July 2015.
Reno (including North Valleys) had 332 sales of existing-single family homes in August — a decrease of 12 percent from last year and a 28 percent decrease from July 2015.
The median sales price was $299,000, which was a 15 percent increase from August 2014 and a 2 percent decrease from the previous month.
Sparks (including Spanish Springs) experienced 155 sales of existing single family homes in August 2015 — a 12 percent decrease from August 2014 and a 6 percent decrease from the previous month in July 2015.
The Sparks median sales price was $286,000 — a 17 percent increase from last year in August 2014 and an 8 percent increase from the previous month.
The August 2015 report indicated that Fernley, which is in Lyon County, had 33 sales of existing single family homes, which was an increase of 3 percent from last year in August 2014 and a 41 percent decrease from the previous month. The median sales price in August 2015 was $165,000 — a 9 percent increase from August 2014 and an 11 percent decrease 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. For existing condominium/townhomes:
The median sales price in Washoe County in August 2015 was $135,000 — an increase of 25 percent from a year ago.
In Reno, the median sales price for August 2015 in Reno was $144,750 — a 20 percent increase from last year.
In Sparks, the median sales price for August 2015 was $118,000 — 19 percent increase from last year.
For more information visit http://www.rsar.net.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.