RSAR releases May 2012 existing home sales report

RSAR NEWS RELEASE

The Reno/Sparks Association of REALTORS® today released its May 2012 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 May 2012, the report showed Washoe County had 508 sales of existing single-family homes, only two homes less than a year ago in May 2011 and a slight 3 percent decrease from one month ago in April 2012. The report listed the median sales price for an existing single family residence in Washoe County in May 2012 at $165,000, an increase of 10 percent from May 2011 and an 8 percent increase from April 2012.

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 May 2012 was $77,000, an increase of 40 percent from a year ago.

In May 2012, Reno (including North Valleys) had 317 sales of existing single family homes, an increase of 1 percent from last year and an 8 percent decrease from April 2012. The median sales price in Reno for an existing single family residence in May 2012 was $175,000, a 22 percent increase from May 2011 and an increase of 14 percent 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 May 2012 in Reno was $77,000, a 36 percent increase from last year.

Sparks (including Spanish Springs) experienced 176 sales of existing single family homes in May 2012, a 3 percent decrease from May 2011 and a 3 percent increase from the previous month in April 2012. The Sparks median sales price for an existing single family residence in May 2012 was $157,250, a 2 percent increase from last year in May 2011 and a 5 percent increase from April 2012.

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 May 2012 in Sparks was $68,250, a 48 percent increase from last year.

The May 2012 report indicated that Fernley had 48 sales of existing single family homes, an increase of 14 percent from last year in May 2011 and a 4 percent decrease from the previous month in April 2012. The median sales price in Fernley for an existing single family residence in May 2012 was $90,000, a 5 percent increase from May 2011 and a 13 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.

“May 2012 is the first month in some time that we have seen an increase in year-over-year median sales price,” said Kevin Sigstad, 2012 president of the Reno/Sparks Association of REALTORS and the broker with Re/Max Premier Properties. “The upward trending median sales price coupled with the near record home sales is a positive sign that buyers and investors are taking advantage of affordable pricing and low interest rates.

“Equity sellers who are considering selling, as well as homeowners who have a hardship and are considering a short sale, should be taking advantage of the current seller’s market when we are experiencing a high demand and low inventory,” Sigstad added. “We cannot predict how long the current seller’s market will continue.”

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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