Nevada home sales up despite COVID-19 effect

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RENO, Nev. (KOLO) -- The Reno/Sparks Association of Realtors released the March 2020 market report.

A report from the nonpartisan Legislative Audit Bureau said all state-owned residential properties that are leased to state employees hasn't been properly tracked. (Photo: MGN)

When compared to March 2019 new listings jumped 1.3 percent to 627, single-family homes sales increased 9.6 percent with 502 units sold, and the median price increased 12.5 percent leveling off at at $415,000.

Scroll to the bottom of this online report for a more complete breakdown of the numbers for the Reno/Sparks and Fernley markets.

Global Real Estate Advisor for Sierra Sotheby's International Realty Dave Johnson says the strong housing market numbers in northern Nevada amid the COVID-19 pandemic tells a deeper story, "The fundamentals of real estate are quite strong and we still have quite a lack of inventory so the demand is still there."

The biggest change for the real estate industry is the process, but especially for agents.  

"Working from home a lot now has been challenging with a near 3-year-old and an infant and a wife at home. It's sometimes hard being on those zoom meetings and you're trying to pay attention and you've got screaming right above you that's been challenging," Johnson said with a smile.

This new reality means changes for buyers and sellers too.

"If for instance my clients wanted to see a home today that has a full family in there what would probably happen if I can get it approved by all parties, I would walk in and give them a video tour of the property," Johnson says.

Social distancing means buyers are now making decisions without even stepping foot into properties. It will be the new normal for the foreseeable future.

Johnson says even if there is a housing market slow down in the coming months, industry experts are projecting the same amount of sales this calendar year, there will just be more sales in the third and fourth quarters.  
     
Johnson is a former KOLO 8 News morning anchor.  

Reno/Sparks Association of Realtors Market Report for March 2020:

Reno/Sparks

During March 2020, the report showed Reno/Sparks had 502 sales of existing single-family homes; an increase of 10
percent from February 2020 and an increase of 9.6 percent from March 2019. The report listed the median sales price for
an existing single-family residence in Reno/Sparks in March 2020 at $415,000; a 12.5 percent increase from last year and
a 6 percent increase from the previous month. All sales numbers are for existing "stick built, single-family dwellings" only
and do not include condominiums, townhomes, manufactured, modular or newly constructed homes. The median sales
price of an existing condominium/townhome in Reno/Sparks in March 2020 was $240,222; a decease of 3 percent from
last year.

Reno (including North Valleys)

In February 2020, Reno (including North Valleys) had 357 sales of existing single-family homes; an increase of 24.5
percent from last year and a 15 percent increase from February 2020. The median sales price in Reno for an existing
single-family residence in March 2020 was $430,000; an increase of 10 percent from March 2019 and a 6 percent
increase from the previous month. All sales numbers are for existing "stick built, single-family dwellings" only and do not
include condominiums, townhomes, manufactured, modular or newly constructed homes. The existing
condominium/townhome median sales price for March 2020 in Reno was $262,500; an increase of 3 percent from the
prior month.

Sparks (including Spanish Springs)

Sparks (including Spanish Springs) had 145 sales of existing single-family homes in March 2020; an decrease of 15
percent from last year and less than 1 percent decrease from the previous month. The Sparks median sales price for an
existing single-family residence in March 2020 was $389,000; an increase of 11 percent from last year and an increase of
5 percent from the previous month. All sales numbers are for existing "stick built, single-family dwellings" only and do not
include condominiums, townhomes, manufactured, modular or newly constructed homes. The existing
condominium/townhome median sales price for March 2020 in Sparks was $229,950; an increase of 28 percent from last
year.

The March report indicated that Fernley had 49 sales of existing single-family homes; a 4 percent increase
from last year and a 29 percent decrease from the previous month. The median sales price in Fernley for an
existing single-family residence in March 2020 was $278,000; an increase of 7 percent from March 2019 and
an increase of 1 percent from February 2020. All sales numbers are for existing "stick built, single-family
dwellings" only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes.

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