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Home prices up in Washoe County
by Tribune Staff
Jul 18, 2012 | 2213 views | 0 0 comments | 4 4 recommendations | email to a friend | print
RENO — Home prices are up in Washoe County, according to numbers released Wednesday by the Reno/Sparks Association of Realtors.

In the second quarter of 2012, the report showed Washoe County had 1,560 sales of existing single-family homes; an increase of 6 percent from last year and an 8 percent increase from the previous quarter. The report listed the median sales price for an existing single-family residence in Washoe County at $163,500, an increase of 8 percent from last year and an increase of 13 percent from the first quarter of 2012.

All sales numbers are for existing single-family dwellings only and do not include condominium, townhome, manufactured, modular or new home sales. The median sales price of condominium/townhomes in Washoe County was $72,250, an increase of 31 percent from a year ago.

In June, the report showed 492 sales of single-family homes, a 5 percent decrease from May and a decrease of 9 percent from June 2011. It also listed the median sales price for an existing home in June at $170,000, a 10 percent increase from last year and a 3 percent increase from the previous month. The median sales price of condominium/townhomes in June was $71,000, an increase of 27 percent from last year.

During the second quarter, Reno and North Valleys had 1,055 home sales, an increase of 10 percent from last year and an 8 percent increase from the first quarter. The median sales price was $169,000, a 15 percent increase from the previous quarter. The condominium/townhome median sales price was $73,500, an increase of 35 percent from last year.

“Demand and buyer confidence is strong, but inventory levels remain low for homes in the price ranges up to $250,000 with increasing inventory at the higher price levels,” said Kevin Sigstad, president of the Reno/Sparks Association of Realtors and broker with Re/Max Premier Properties. “For example, there is in excess of an eight-month supply of homes priced over $400,000 price range. We also saw that June is the second consecutive month that the median sales price was up significantly year-over-year.”

In June, Reno had 349 sales of single-family homes showing a slight decrease of 1 percent from last year and an 8 percent increase from May. The median sales price was $172,000. The condominium/townhome median sales price was $83,000, an increase of 44 percent from last year.

Sparks and Spanish Springs had 483 home sales in the second quarter, which is a decrease of 3 percent from last year and a 1 percent increase from the previous quarter. The Sparks median sales price was $158,500.

The condominium/townhome median sales price was $47,500, a decrease of 5 percent from last year.

“The median price has been trending up for the past five consecutive months as the volume of lower priced homes declines. We have not seen the signs of this trend since 2004-05,” Sigstad said.

Sparks and Spanish Springs experienced 129 home sales, a decrease of 25 percent from June 2011 and a 30 percent decrease from the previous month. The Sparks median sales price for was $164,900. Condominium/townhome median sales in Sparks were $45,000, which was down 15 percent from last year.

The second quarter report showed Fernley had 143 home sales and a median sales price of $89,300.

“Sales for June remain at near record levels which is where it has been for the past three months,” Sigstad said. “We have seen a decline in the number of sales month-over-month during the same time period.”

The Reno/Sparks Association of Realtors obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com) and includes sales of bank-owned (foreclosure) properties.

For more information visit www.rsar.net.
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