Residential Real Estate News
Reno-Sparks Market Enjoys Uptick in Home Sales
Despite a dip in home prices, the Reno-Sparks housing market is looking up with an increase in home sales. The figures, part of a quarterly report released by Lake Tahoe-based real estate company Chase International, indicated a seven-percent jump in units sold in the Reno-Sparks area and a 14-percent rise in units sold in Carson Valley.
The median price of a home in Reno-Sparks is $155,000 (down 11 percent) and the average price is $194,270 (down ten percent). The sales and figures are compared to the third quarter of 2010 and include all sales from January 1 through September 30, 2011. The National Association of Realtors recently reported that the median price of a home in the West ($189,400) is down 13 percent from a year ago, putting the Reno-Sparks fluctuations in line with national trends. The median price of a home in Carson Valley is $195,000 (down 11 percent) and the average is $254,929 (down four percent).
There was a substantial jump in homes sold for more than $1 million. Reno saw a 22 percent jump in homes sold for more than a million and Carson Valley doubled its sale of homes over the million mark.
"Transactional markets are doing quite well in terms of sales," said Sue Lowe, corporate vice president for Chase International. "We're also seeing a return of the high-end buyer, which is obviously having a positive effect on Reno."
