Home prices rise as number of sales drops

The Reno/Sparks Association of Realtors (RSAR) on Tuesday released its April 2017 report on existing home sales in Washoe County, including median sales price and number of home sales in the region.

The report showed Washoe County had 508 sales of existing single-family homes; a decrease of 11 percent from a year ago in April 2016 and an 8 percent decrease from one month ago in March. The report listed the median sales price for an existing single family residence in Washoe County for the month at $323,695; an increase of 10 percent from April 2016 and a 2 percent increase from this March.

All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes.

Inventory in Reno-Sparks region in April stood at 1,937, up 7.2 percent compared to March but down 9.2 percent compared to April 2016.

The median sales price of existing condominium/townhomes in Washoe County in April 2017 was $158,000; a 10 percent decrease from a year ago.

“As we head into May, June and July, which are historically our peak listing months, we are cautiously optimistic that the pace of new listings will increase,” John Graham, 2017 RSAR president and Realtor with Re/Max Premier Properties, said in a press release. “The Reno market remains a seller’s market and we anticipate that lasting through the end of the year.”

The city reports showed similar trends to Washoe County.

Reno, including North Valleys, had 334 sales of existing single family homes; a decrease of 11 percent from last year and a 9 percent decrease from March 2017. The median sales price in Reno for an existing single family residence in April 2017 was $342,475; a 12 percent increase from April 2016, and a 3 percent increase from the previous month.

The existing condominium/townhome median sales price for April 2017 in Reno was $190,000; a 3 percent increase from last year.

Sparks, including Spanish Springs, experienced 174 sales of existing single family homes in April; a 9 percent decrease from April 2016 and a 7 percent decrease from the previous month in March 2017. The Sparks median sales price for an existing single family residence in May 2017 was $295,500; a 4 percent increase from last year in April 2016 and a 2 percent increase from March 2017.

The existing condominium/townhome median sales price for April 2017 in Sparks was $141,500; a 16 percent increase from last year.

The April 2017 report indicated that Fernley, in Lyon County, had 57 sales of existing single family homes; a 30 percent increase from April 2016 and a 46 percent increase from the previous month in March 2017. The median sales price in Fernley for an existing single family residence in April 2017 was $216,000; up 11 percent from April 2016 and a 9 percent increase from last month.

RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.

For more information, visit www.rsar.net.