The Reno/Sparks Association of REALTORS® (RSAR) today released its November 2016 report on existing home sales in Washoe County, including median sales price and number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).
During November 2016, the report showed Washoe County had 518 sales of existing single-family homes; an increase of 23 percent from a year ago in November 2015 and a 3 percent increase from one month ago in October 2016. The report listed the median sales price for an existing single family residence in Washoe County in November 2016 at $310,000; an increase of 6 percent from November 2015 and no change from October 2016. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The median sales price of existing condominium/townhomes in Washoe County in November 2016 was $131,000; a 21 percent decrease from a year ago.
In November 2016, Reno (including North Valleys) had 326 sales of existing single family homes; an increase of 12 percent from last year and a 1 percent decrease from October 2016. The median sales price in Reno for an existing single family residence in November 2016 was $322,000; a 6 percent increase from November 2015, and a 2 percent increase from the previous month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for November 2016 in Reno was $130,000; a 27 percent decrease from last year.
Sparks (including Spanish Springs) experienced 192 sales of existing single family homes in November 2016; a 46 percent increase from November 2015 and an 11 percent increase from the previous month in October 2016. The Sparks median sales price for an existing single family residence in November 2016 was $283,500; a 5 percent increase from last year in November 2015 and a 6 percent decrease from October 2016. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for November 2016 in Sparks was $150,000; a 15 percent increase from last year.
The November 2016 report indicated that Fernley had 42 sales of existing single family homes; a 14 percent increase from November 2015 and a 2 percent increase from the previous month in October 2016. The median sales price in Fernley for an existing single family residence in November 2016 was $190,000; up 29 percent from November 2015 and a 10 percent increase from last month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes.
“Housing affordability is still the hot topic in the Reno-Sparks housing market,“ said William Process, 2016 RSAR president and REALTOR® with HomeGate of Nevada Realty. “The leveling in the increases in median price continued into November. We have also anticipated a hike in interest rates during the last quarter of the year. This year, it happened with interest rates moving close to 4 percent in November. Both Freddie Mac and NAR Chief Economist predict interest rates will hover at around the 4 percent level in 2017.”
The Reno/Sparks Association of REALTORS® is an organization providing services to its members to ensure their success as real estate professionals, as well as protecting and promoting the consumer's dream of homeownership. For more information visit www.rsar.net.
