July home prices up, sales numbers down
Sales of existing homes in the Reno market continue to climb in most indicators.
The July report from the Reno/Sparks Association of Realtors states that 593 homes sold in Washoe County in July, up 12 percent compared to July 2014. The number is a decrease of 9 percent compared to June 2015.
The median sales price for an existing single-family residence in the county was $291,990 for July. That is an increase of 17 percent compared to the same period a year ago and a 5 percent increase from the previous month.
“Even with the month-over-month decline in July sales, July 2015 units are the second-highest in history in Washoe County, exceeded only by July 2005,” Dave Hansen, the 2015 RSAR president and Realtor with Coldwell Banker Select Real Estate, said in the report.
“Both the Reno and Fernley (areas) remain in a seller’s market. We are continuing to see low inventory levels that are keeping the market in the seller’s court. Homes priced right move quickly and often receive offers at or near the list price.”
In Reno, including North Valleys, 419 homes sold for an increase of 19 percent compared to last year and a 5 percent decrease from June.
The median sales price in the Biggest Little City in July was $300,000. That’s a 20 percent increase compared to July 2014 and a 1 percent increase from the previous month.
In Sparks, including Spanish Springs, 158 homes sold in July. That is 7 percent more than sold a year ago and 20 percent less than the previous month.
The median price in Sparks was $269,000, an 8 percent increase from last year and a 4 percent increase from June.
In Fernley, which is in Lyon County, 44 existing single-family homes sold for a 13 percent increase compared to a year ago and a 2 percent decrease the previous month.
The median sales price was $179,250, for a 28 percent increase compared to a year ago and a 6 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 median sales price of condominiums and townhomes in July were:
•In Washoe County, the median sales price was $150,000, an increase of 44 percent over July 2014.
•In Reno, the median sales price was $170,000, an increase of 50 percent compared to a year ago.
•In Sparks, the median sales price was $120,950, a 23 percent increase compared to a year ago.
Reno-based design firm MBA Architecture and Design is assisting on the $47 million Caesars Entertainment project in downtown Reno.