Reno median price jumps to $402K in October; $352K for Sparks
RENO/SPARKS, Nev. — On Nov, 9, the Reno/Sparks Association of Realtors released its October 2018 report on existing home sales in Washoe County, reporting an increase in median home prices across the Reno market to more than $402,000.
“The Reno market is a seller’s market, at 2.9 months supply of inventory,” Doug McIntyre, 2018 RSAR President, said in a statement. “The month’s supply of inventory for the past two months has been at 3 months. This shows an improvement in inventory levels, providing buyers more choices.”
Per RSAR’s report, Washoe County as a whole had 459 sales of existing single-family homes last month, a decrease of 17 percent from October 2017 and a 1 percent increase from one month ago, September 2018.
The report lists the median sales price for an existing single-family residence in Washoe County in October 2018 at $380,000 — that’s an increase of 2 percent from September 2018 and an increase of 10 percent from October 2017.
Meanwhile, the median sales price of existing condominium/townhomes in Washoe County in October 2018 was $200,000 — a 19 percent increase from a year ago.
RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (http://www.nnrmls.com). Below are some other highlights from the October report:
• The Reno market (including North Valleys) had 320 sales of existing single-family homes, a decrease of 21 percent from last year and a 2 percent increase from the previous month. The median home price was $402,675, a 12 percent increase from October 2017, and a 3 percent increase from September 2018. Median condo/townhome sales price was $217,500, a 25 percent increase from last year.
• Sparks (including Spanish Springs) experienced 139 home sales, an 8 percent decrease from October 2017 and a 1 percent decrease from the previous month. Median home sale price was $352,750, a 7 percent increase from last year and an increase of 2 percent from September 2018. Median condo/townhome sales price s was $196,500, a 27 percent increase from last year.
• Fernley had 44 home sales, an increase of 5 percent from October 2017 and a 30 percent decrease from the previous month. Median sales price in Fernley was $258,500, a 9 percent increase from October 2017, and a 7 percent increase from last month.
With median home prices topping $500,000 in Reno and nearly $520,000 in Minden/Gardnerville, 2021 is shaping up to be quite the sellers’ market for Northern Nevada. As for housing supply, that’s another story, reports the NNBW’s Kaleb M. Roedel.