Washoe home sales edge up 1 percent during January
Washoe County existing homes sales showed a slight gain of 1 percent in January but the market continues to give little indication that inventory levels are finally poised to rise.
The Truckee Meadows region’s median sales price rose 15 percent in January from a year earlier to $252,000, according to a report from the Reno/Sparks Association of Realtors.
Based on data from the Northern Nevada Regional Multiple Listing Service, the report showed 359 existing single-family home sales, a 1 percent gain from the previous year.
The breakdown of sales numbers was for existing stick-built single-family dwellings only and did not include condominium, townhome, manufactured or newly constructed residences.
Reno (including North Valleys) had 229 sales of existing single-family homes — a decrease of 3 percent last year and a 32 percent reduction from December 2014.
Sparks (including Spanish Springs) showed 113 sales — a 7 percent hike from the previous year and a 32 percent decline from December 2014.
The RSAR report also included existing-home data on the Fernley area 30 miles east of Sparks. There, January sales rose 20 percent over the year and the median sales price was $163,000.
“The improving job market in the Truckee Meadows and surrounding areas has consumers feeling more confident and the rebound in home prices is building household wealth for homeowners, giving them the ability to sell after waiting out the recession, “ said Dave Hansen, president of the realtors’ association.
This is good and bad news, he said.
“The good news is that some sellers may see this as an opportunity to sell, which will help increase inventory levels and prompt more showings for sales agents.
For buyers, however, “the increase in prices impacts affordability, especially with first-time homebuyers” eager to enter the market, added Hansen.
The greater Washoe County region’s continuing post-recession improvement in the housing market shows in long-range trends.
The median sales price hit a recession low of $135,000 in January 2012, according to RSAR figures. That marked the bottom of a years-long decline from a record high of $350,000 reached in the third quarter of 2005.
Reno-based design firm MBA Architecture and Design is assisting on the $47 million Caesars Entertainment project in downtown Reno.