Reno-Sparks home sales see big uptick from May to June; median price at $407K
RENO, Nev. — The number of homes sold across the greater Reno/Sparks region increased significantly in June, according to the Reno/Sparks Association of Realtors, which reported 537 sales — up 32.9% from May, though that figure is still down 6% from June 2019.
Meanwhile, median home prices across Reno-Sparks increased slightly to $407,000 in June, up from the $399,900 mark reported in May. New listings to the market also rose by nearly 8% from May 2020.
Inventory of homes on the market stood at 1.3 months of supply, according to a July 10 press release the detailed findings in RSAR’s June market report, which notes that “four to six months represents a balanced supply.”
“Properties are selling very quickly, an average of 40 days between listing and contract,” Erika Lamb, RSAR president, said in a statement. “Inventories of existing homes for sale remain very tight, and the supply of homes on the market declined by 41 percent from May to June alone.”
According to RSAR, with this summer’s mortgage interest rates “at their lowest level in at least 50 years, today’s home buyers in Northern Nevada find they have a once-in-a-lifetime opportunity to buy their dream home at a monthly payment that is surprisingly affordable.”
Key details from the June report are below:
- Across all Reno-Sparks, the existing condo/townhome median price in June was $230,500, a decrease of 5.3% from last year.
- When looking solely at Reno (including North Valleys), June’s median home price was $415,000, a 3.8% increase from May 2020 and a less-than-1% increase from June 2019.
- When looking solely at Sparks (including Spanish Springs), June’s median home price was $395,000, a 2.2% increase from May 2020 and a 5.3% increase from June 2019.
- Reno had 362 sales of existing single-family homes, a decrease of 12.1% from June 2019 and a 27.5% increase from the previous month.
- Sparks had 175 sales of existing single-family homes, an increase of 10.1% from last year and 45.8% increase from May 2020.
- Meanwhile, Fernley had 51 sales of existing single-family homes in June, down 17.7% from last year and up 54.5% from May. Fernley’s median home price in June 2020 was $276,000.
The Reno/Sparks Association of Realtors culls its statistics from the Northern Nevada Regional Multiple Listing Service (http://www.nnrmls.com).
For full market insights for June and beyond from RSAR, go to rsar.net/market-reports.
“The best transactions are defined by sellers being willing to set their ego aside for the benefit of their customers and employees,” writes Mike Bosma.