November home sales up 23 percent over a year ago

The Reno/Sparks Association of Realtors (RSAR) November 2016 report released in December on existing home sales in Washoe County, showed there were 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.

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.

“Housing affordability is still the hot topic in the Reno-Sparks housing market,“ William Process, 2016 RSAR president and Realtor with HomeGate of Nevada Realty, said in a press release. “The leveling in the increases in median price continued into November. ... Both Freddie Mac and NAR chief economist predict interest rates will hover at around the 4 percent level in 2017.”

Reno, including North Valley, had 326 sales of existing single family homes in November; 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.

The existing condominium/townhome median sales price for November 2016 in Sparks was $150,000; a 15 percent increase from last year.

Fernley had 42 sales of existing single family homes, according to the November report; a 14 percent increase from the same month a year ago 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.

For more information visit http://www.rsar.net.

RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service, at www.nnrmls.com.