RSAR releases October 2016 existing home sales report

The Reno/Sparks Association of REALTORS (RSAR) released its October 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 October 2016, the report showed Washoe County had 484 sales of existing single-family homes; a decrease of 10 percent from a year ago in October 2015 and a 24 percent decrease from one month ago in September 2016. The report listed the median sales price for an existing single family residence in Washoe County in October 2016 at $306,425; an increase of 10 percent from October 2015 and a 1 percent decrease from September 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 October 2016 was $170,500; a 28 percent increase from a year ago.

In October 2016, Reno (including North Valleys) had 314 sales of existing single family homes; a decrease of 13 percent from last year and a 29 percent decrease from September 2016. The median sales price in Reno for an existing single family residence in October 2016 was $308,500; a 5 percent increase from October 2015, and a 4 percent decrease 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 October 2016 in Reno was $180,000; a 10 percent increase from last year.

Sparks (including Spanish Springs) experienced 194 sales of existing single family homes in October 2016; a 5 percent decrease from October 2015 and a 12 percent decrease from the previous month in September 2016. The Sparks median sales price for an existing single family residence in October 2016 was $302,470; a 17 percent increase from last year in October 2015 and a 1 percent increase from September 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 October 2016 in Sparks was $150,900; a 21 percent increase from last year.

The October 2016 report indicated that Fernley had 40 sales of existing single family homes; a 20 percent decrease from October 2015 and an 11 percent decrease from the previous month in September 2016. The median sales price in Fernley for an existing single family residence in October 2016 was $193,450; up 12 percent from October 2015 and a 3 percent decrease 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.

“The leveling in the median price, along with the increase in this month’s supply of inventory are all indicators that the market may be softening during the winter season,” said William Process, 2016 RSAR President and a REALTOR with HomeGate Realty of Nevada in a press release. “To help ensure a sale during the winter slowdown, sellers should be in conversations with their Realtor to make sure the house is priced appropriately for today’s market.”

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.