Home sales strong in Reno-Sparks, especially condominiums

Home sales graphic by MGN.
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RENO, NV (KOLO) - Home sales continue to be strong in the Reno-Sparks area, with the prices of condominiums and townhomes outpacing single-family homes, the Reno/Sparks Association of Realtors said Thursday in releasing July sales figures.

“July was still a seller’s market with 2.3 months’ supply of inventory and the Reno/Sparks median home price setting at $405,000,” Angelica Reyes, 2019 RSAR president and managing broker for The Right Choice Realty, said in a statement. “While the last two months have been above the $400,000 mark, the median sold price for the first six months of 2019 is at $385,000.”

For Reno condominiums and townhomes the median price in July was $258,500, a 26 percent increase from last year. In Sparks, it was $203,000, a 9 percent increase from last year. For the area combined it was $223,500, a 15 percent increase.

In July, the Reno-Sparks area had 590 existing single-family homes sold, a 4 percent increase from both a year ago and the prior month. The median price was $405,000, a 5 percent increase from a year ago and a 1 percent increase from June.

Reno, including the North Valleys, had 423 existing single-family homes sold, an 11 percent increase from last year and a 4 percent increase from June. The median sales price was $420,000, a 5 percent increase from a year ago and a 2 percent increase from June.

Sparks, including Spanish Springs, had 167 existing single-family homes sold in July; a 9 percent decrease from July 2018 and a 7 percent increase from June. In Sparks, the median sales price for an existing single-family home in July was $380,000; a 5 percent increase from July 2018 and a 2 percent increase from June.

Sales were down in Fernley, where there was 53 existing single-family homes sold in July, a decrease of 2 percent from July 2018 and a 15 percent decrease from June. The median sales price in Fernley for an existing single-family home in July was $265,100; a 5 percent increase from July 2018, and less than 1 percent decrease from June.

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