RSAR releases February 2017 existing home sales report

The Reno/Sparks Association of REALTORS® (RSAR) released its February 2017 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 February 2017, the report showed Washoe County had 374 sales of existing single-family homes; an increase of 2 percent from a year ago in February 2016 and a 3 percent increase from one month ago in January 2017. The report listed the median sales price for an existing single family residence in Washoe County in February 2017 at $320,000; an increase of 10 percent from February 2016 and a 6 percent increase from January 2017. 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 February 2017 was $157,250; a 9 percent increase from a year ago. In February 2017, Reno (including North Valleys) had 254 sales of existing single family homes; an increase of 11 percent from last year and a 12 percent increase from January 2017. The median sales price in Reno for an existing single family residence in February 2017 was $332,750; a 9 percent increase from February 2016, and a 4 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 February 2017 in Reno was $171,500; a 3 percent increase from last year.

Sparks (including Spanish Springs) experienced 120 sales of existing single family homes in February 2017; a 14 percent decrease from February 2016 and an 11 percent decrease from the previous month in January 2017. The Sparks median sales price for an existing single family residence in February 2017 was $301,500; a 12 percent increase from last year in February 2016 and an 8 percent increase from January 2017. 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 February 2017 in Sparks was $143,250; a 14 percent increase from last year. The February 2017 report indicated that Fernley had 25 sales of existing single family homes; a 22 percent decrease from February 2016 and a 38 percent decrease from the previous month in January 2017. The median sales price in Fernley for an existing single family residence in February 2017 was $202,000; up 22 percent from February 2016 but a 2 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 Reno market remains a seller’s market, with just four months supply of inventory,” said John Graham, 2017 RSAR President and REALTOR® with Re/Max Premier Properties. “With the continued increase in pricing and projected increases in interest rates, buyers may have to look at alternatives - either in the rental market or purchasing in surrounding communities." 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.