Existing home prices continue climb in Q2

The second quarter and June monthly report on existing home sales in Washoe County by the Reno Sparks Association of Realtors, show prices continuing to climb against the backdrop of low inventory.

“We have seen year-over-year price gains for the past four years,” said William Process, 2016 RSAR president and a Realtor with HomeGate Realty of Nevada. “With demand holding firm this spring and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale in June and ultimately brought down new signed contract activity.”

Washoe County

The second quarter report, showed Washoe County had 1,798 sales of existing single-family homes; with a less than 1 percent decrease from last year and a 35 percent increase from the previous quarter. The report listed the median sales price for an existing single family residence in Washoe County in the 2016 second quarter at $305,000; an increase of 9 percent from last year and a 5 percent increase from the first quarter of 2016.

The median sales price of existing condominium/townhomes in Washoe County in the second quarter was $178,500; an increase of 43 percent from a year ago.

The monthly report for June 2016, showed Washoe County had 636 sales of existing single-family homes; an increase of 7 percent from May 2016 and a decrease of 3 percent from June 2015. The report listed the median sales price for an existing single family residence in the county in June 2016 at $311,663; an 11 percent increase from last year and a 1 percent increase from the previous month.

The median sales price of existing condominium/townhomes in Washoe County in June was $194,125; an increase of 46 percent from last year.

Reno

During the 2016 second quarter, Reno, including North Valleys, had 1,205 sales of existing single family homes; a decrease of 1 percent from last year and a 43 percent increase from the second quarter of 2016. The median sales price in Reno for an existing single family residence in the 2016 second quarter was $320,027; an increase of 9 percent from last year and a 5 percent increase from the previous quarter.

The existing condominium/townhome median sales price for the second quarter of 2016 in Reno was $192,500; an increase of 45 percent from last year.

In June, Reno and North Valleys had 430 sales of existing single family homes; a decrease of 3 percent from last year and an 8 percent increase from May 2016. The median sales price in Reno for an existing single family residence in June 2016 was $331,000; an increase of 10 percent from June 2015 and a 1 percent increase from the previous month.

The existing condominium/townhome median sales price for June 2016 in Reno was $205,000; an increase of 38 percent from last year.

Sparks

Sparks, including Spanish Springs, had 593 sales of existing single family homes in the second quarter of 2016; an increase of 2 percent from last year and a 20 percent increase from the previous quarter. The Sparks median sales price for an existing single family residence in the second quarter of 2016 was $282,500; an increase of 10 percent from last year and a 3 percent increase from the first quarter of 2016.

The existing condominium/townhome median sales price for 2016’s second quarter in Sparks was $130,000; an increase of 25 percent from last year.

In June, Sparks and Spanish Springs experienced 206 sales of existing single family homes; a decrease of 4 percent from June 2015 and a 6 percent increase from the previous month. The Sparks’ median sales price for an existing single family residence in June 2016 was $276,000; a 10 percent increase from last year and a 4 percent decrease from the previous month.

The existing condominium/townhome median sales price for June 2016 in Sparks was $145,000; an increase of 52 percent from last year.

Fernley

The 2016 second quarter report showed Fernley had 143 sales of existing single family homes; with no change from last year and a 28 percent increase from 2016’s first quarter. The median sales price in Fernley for an existing single family residence in the 2016 second quarter was $190,000; a 13 percent increase from last year and a 12 percent increase from the previous quarter.

The June 2016 report indicated that Fernley had 50 sales of existing single family homes; an increase of 11 percent from last year and a 2 percent increase from the previous month. The median sales price for an existing single family residence in June 2016 was $203,900; an increase of 21 percent from June 2015 and a 13 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, except where specified.

RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com) and includes sales of bank-owned (foreclosure) properties.