Following a lackluster winter, sales of existing single-family homes climbed upward in March to finish out the first quarter of 2015 well ahead of the first quarter of 2014.
The healthy March market bodes well for spring home sales.
“We’re in an upward trend,” said Dave Hansen, 2015 president of the Reno/Sparks Association of REALTORS, which released its first quarter report last week.
In Washoe County, 1,289 homes sold in the first quarter. That’s an increase of 5 percent compared to the first quarter of 2014 and a 13 percent decrease compared to the previous quarter.
The median sales price in the county was $265,000 for the period — an increase of 17 percent from last year and an increase of 2 percent over the fourth quarter of 2014.
Sales figures in March 2015 rose sharply compared to February. Washoe County had 532 homes sold. That was an increase of 10 percent compared to March a year ago and up 35 percent over February 2015.
The median sale price in March was $270,000 in the county — an 18 percent increase from last year and a 2 percent rise compared to February.
An indicator of a healthy market is the decline in distressed sales, such as foreclosures and short sales. Now less than 10 percent, during the real estate bust, distressed sales peaked at about 85 percent, said Hansen, a Realtor with Coldwell Banker Select Real Estate.
A shortage of houses for sale is a boon for sellers, with shorter time on the market and higher offers.
Of 600 new listings in March, 53 percent went into contract the same month.
But buyers still have something to cheer about. Mortgage rates are near historical lows, with the 30-year fixed rate hovering under 4 percent.
That may not last much longer.
“People are waking up to the fact that this is the time to buy,” Hansen said of the possibility the Federal Reserve could raise rates. “We don’t know if interest rates are going to go up in June or September.”
Other figures in the Fourth Quarter/March 2015 report include:
First Quarter 2015:
Washoe County sales of existing condominiums/townhouses:
Median price was $105,000; up 19 percent over the same period last year and up 5 percent over the previous quarter.
Reno (including North Valleys):
815 homes were sold; no change compared to the first quarter of 2014 and down 17 percent compared to the fourth quarter of 2014.
Median sales price was $275,000; an increase of 18 percent from last year and up 2 percent compared to the previous quarter.
Reno sales of existing condominiums/townhouses:
Median sale price was $118,250; up 34 percent over last year and up 7 percent over last quarter.
Sparks (including Spanish Springs):
429 homes sold; up 11 percent over last year and decrease of 7 percent compared to the previous quarter.
Median sales price $252,000; up 15 percent over last year and up 1 percent over fourth quarter of 2014.
Sparks sales of existing condominiums/townhouses:
Median sales price $93,500; up 5 percent over last year and up 4 percent over last quarter.
Fernley:
114 homes sold; up 25 percent compared to last year and down 17 percent compared to last quarter.
Median sales price $152,250; up 17 percent from last year and up 2 percent from the previous quarter.
No data available for sales of existing condominiums/townhouses in Fernley
March 2015
Washoe County sales of existing condominiums/townhouses:
Median sales price $109,950; up 10 percent over March of 2014.
Reno (including North Valleys):
325 homes sold; up 5 percent compared to March 2014 and up 26 percent compared February 2015
Median sales price was $280,000; up 17 percent compared to a year ago and up 2 percent compared to the previous month.
Reno sales of existing condominiums/townhouses:
In March, the median sale price was $135,00; a 26 percent increase over last year.
Sparks (including Spanish Springs) March 2015:
185 homes sold; up 10 percent over March 2014 and up 43 percent over February 2015.
Median sales price $255,000; up 17 percent over March 2014 and no change compared to the previous month.
Sparks sales of existing condominiums/townhouses
Median sales price $93,500; up 7 percent over last year.
Fernley:
52 homes sold; up 33 percent from last year and up 73 percent over the previous month.
Median sales price $149,325; up 15 percent from March 2014 and up 8 percent compared to February 2015.
