Reno-Sparks median price dips to $405K in February
RENO, Nev. — Median home prices across greater Reno-Sparks in February dipped down from the previous month, while the number of property listings increased, according to the Reno/Sparks Association of Realtors.
This week, RSAR published its February 2020 market report, which showed a median price of $390,000 for Reno/Sparks overall, and $405,373 when looking at Reno on its own (including the North Valleys).
Both figures represent a 4 percent decrease from January ($430,000 for Reno and $405,000 for Reno-Sparks) — and a 5 percent increase from February 2019.
“February’s months’ supply of inventory has continued to decline, ending at 1.3 months’ supply,” Erika Lamb, RSAR president and broker at Welcome Home Real Estate & Property Management, said in a statement. “The good news is there was an increase of property listings of 11 percent in February.”
According to RSAR’s report, across greater Reno-Sparks, there were 446 sales of existing single-family homes in February, an increase of 23 percent from January and up 14 percent from February 2019.
Meanwhile, the median price of an existing condo/townhome in Reno/Sparks in February was $249,500, an increase of 12 percent from last year.
In Reno (including North Valleys), 302 home sales were recorded last month, an increase of 22 percent from last year and a 15 percent increase from January 2020. The median condo-townhome price in Reno was $255,000, up 12 percent from last year.
Sparks (including Spanish Springs) saw 144 home sales last month, an increase of 25 percent from last year and up 13 percent from January 2020. The condo/townhome median price for February was $227,500, an increase of 16 percent from last year.
Fernley recorded 38 home sales in February, down 7 percent from last year and down 3 percent from January. The median home price in Fernley was $275,000, no change from January.
“The recent historically low mortgage interest rates are helping to make affordability more of a reality for buyers,” Lamb stated. “The combination of low inventory and low interest rates are helping properties to move quickly. We’re hoping to see listing inventory continue to increase in the region as we come into the busy buying season.”
Bryan Wachter of the Retail Association of Nevada said his organization is “very concerned about disruptions to the supply chain.”