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Reno/Sparks Association of REALTORS® releases October 2020 existing home sales report (sponsored)

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Top market insights

The Reno/Sparks Association of REALTORS® (RSAR) today released its October 2020 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.

During the month of October, RSAR saw…

– A 3.4 percent increase in just one month in the median sales price of an existing single-family home in Reno or Sparks.
– Continued strong sales activity as the number of transactions was nearly 10 percent greater than the same month last year.
– Solid gains from the previous year in the median price of townhomes and condominiums across the metro area.

“Residential sales activity in the Reno-Sparks area during October was nearly 10 percent higher than the same month a year ago, and prices continue to rise steadily. Our very strong market doesn’t appear to be slowing down at all as we head into the autumn months,” said Erika Lamb, Realtor and President of the Reno/Sparks Association of REALTORS®.

Click here for Market Insights: https://www.rsar.net/market-monitors

Of particular note, the Reno/Sparks Association of REALTORS® reported that homes are under contract for sale very quickly after they are listed — 34 days on average during October.

More information, divided by region, is provided below. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.

Reno/Sparks
– In October 2020, Reno/Sparks had 616 sales of existing single-family homes, an increase of 9.4 percent from last year and a 11.1 percent decrease from the previous month.
– The median sales price for an existing single-family residence in Reno/Sparks was $455,000, an increase of 13.8 percent from last year and a 3.4 percent increase from the previous month.
– The median sales price of an existing condominium/townhome in Reno/Sparks in October 2020 was $254,500, an increase of 6 percent from last year.

Reno (including North Valleys)
– In October 2020, Reno (including North Valleys) had 435 sales of existing single-family homes, an increase of 3.8 percent from last year and a 10.7 percent decrease from the previous month.
– The median sales price for an existing single-family residence was $485,000, an increase of 16.9 percent from last year and a 5.4 percent increase from the previous month.
– The existing condominium/townhome median sales price in October 2020 was $284,000, an increase of 3.3 percent from last year.

Sparks (including Spanish Springs)
– In October 2020, Sparks (including Spanish Springs) had 181 sales of existing single-family homes: an increase of 25.7 percent from last year and a 12.1 percent decrease from the previous month.
– The median sales price for an existing single-family residence was $412,000, an increase of 12.9 percent from last year and a decrease of less than 1 percent from the previous month.
– The existing condominium/townhome median sales price for October 2020 was $236,000, an increase of 29.5 percent from last year.

Fernley
– In October 2020, Fernley had 60 sales of existing single-family homes, a 50 percent increase from last year and a 1.6 percent decrease from the previous month.
– The median sales price for an existing single-family residence was $318,000, an increase of 21.6 percent from last year and a 10.6 percent increase from the previous month.

About The Reno/Sparks Association of REALTORS® (RSAR):
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 rsar.realtor.

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