It remains a seller’s market for home sales as the Nevada economy continues to improve.
The Reno/Sparks Association of REALTORS® (RSAR) released this week July figures on home sales in Washoe County.
Existing home sales prices are the second highest in Washoe County’s history, according to Dave Hansen, RSAR president for 2015.
“Even with the month-over-month decline in July sales, July 2015 units are the second highest in history in Washoe County, exceeded only by July 2005,” he said. “Both the Reno and Fernley market remain in a seller’s market. We are continuing to see low inventory levels that are keeping the market in the seller’s court. Homes priced right move quickly and often receive offers at or near the list price.”
Washoe County had 593 sales of single-family homes in July, RSAR reports, which is “an increase of 12 percent from a year ago in July 2014 and a 9 percent decrease from one month ago in June 2015.”
The median sales price for an existing single family residence in July 2015 was listed at $291,990. This is an increase of 17 percent from July 2014 and a 5 percent increase from June 2015, the report states.
The median price is the middle number between the top half of sales prices and the bottom half. The median is used in housing sales to buffer against possibly skewed low or high sales figures.
The sales are for “stick built single family dwellings.” Figures do not include new construction, modular homes, town homes or condominiums.
RSAR gets its information from the Northern Nevada Regional Multiple Listing Service.