RSAR releases July 2011 existing home sales report

SUBMITTED NEWS RELEASE

The Reno/Sparks Association of REALTORS® (RSAR) today released its July 2011 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) and includes sales of bank-owned (foreclosure) properties.

During July 2011, the report showed Washoe County had 494 sales of existing single-family homes; an increase of 19 percent from a year ago in July 2010 and a 8 percent decrease from one month ago in June 2011. The report listed the median sales price for an existing single family residence in Washoe County in July 2011 at $150,000; a decrease of 17 percent from July 2010 and a 2 percent decrease from June 2011. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales not reported in the Multiple Listing Service. The median sales price of existing condominium/townhomes in Washoe County in July 2011 was $54,000; a decrease of 33 percent from a year ago.

In July 2011, Reno (including North Valleys) had 321 sales of existing single family homes; an increase of 14 percent from last year and a 8 percent decrease from June 2011. The median sales price in Reno for an existing single family residence in July 2011 was $154,600; an 18 percent decrease from July 2010 and less than a 1 percent decrease 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 new home sales not reported in the Multiple Listing Service. The existing condominium/townhome median sales price for July 2011 in Reno was $57,000; a 29 percent decrease from last year.

Sparks (including Spanish Springs) experienced 164 sales of existing single family homes in July 2011; a 26 percent increase from July 2010 and a 4 percent decrease from the previous month in June 2011. The Sparks median sales price for an existing single family residence in July 2011 was $139,950; a 14 percent decrease from last year in July 2010 and a slight 1 percent decrease from June 2011. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales not reported in the Multiple Listing Service. The existing condominium/townhome median sales price for July 2011 in Sparks was $50,200; a 34 percent decrease from last year.

The July 2011 report indicated that Fernley had 56 sales of existing single family homes; an increase of 27 percent from last year in July 2010 and a 7 percent increase from the previous month in June 2011. The median sales price in Fernley for an existing single family residence in July 2011 was $85,565; a 20 percent decrease from July 2010 and a 1 percent increase from last month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or new home sales not reported in the Multiple Listing Service.

“Our year-over-year number of homes sales indicates more buyers and investors are realizing it is an opportune time to purchase a home versus a year ago,” said Sherrie Cartinella, 2011 president of the Reno/Sparks Association of REALTORS and a REALTOR with Coldwell Banker Select Real Estate. “In fact, in a recent story by ‘Business Insider,’ Reno was named as the 8th best housing market for the next five years. The data provided by Case Shiller Indexes projected an annual growth from 2011 to 2016 to be 9.3 percent.”

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.

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