Real Estate Blog

At MyRenoSparksRealEstate.com, we want to keep you informed of trends in the Reno-Sparks, NV housing and real estate markets.

August 2015 Market Report For Greater Reno/Sparks 

• August unit sales at 505 are down 21.8% from July and down 12.6% compared to August 2014.
• The median price was down less than 1% to $290,000 compared to $290,735 in July.  Median sales price was up 16% from August 2014. 
• New listings in August are down 11.9% at 704 compared to July and up 6.0% from August 2014.   The total number of new listings reported during the peak listing season, April – August, were up 6% compared to the same five month period in 2014.
• The Reno market remains in a seller’s market with 3.8 months’ supply of inventory.  Month’s supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales. 

Market Outlook & Perspective

• Conclusions:  August 2015 sales are the lowest unit sold for an August since 2010.   August median price remained level with July at $290,000.  This continues the trend of a flattening in the median price, which we see as stabilizing of the market.
• EDAWN recently released the EPIC Report (Northern Nevada Regional Growth Study 2015-2016).  The report projects that by 2019, the five county study areas (Washoe, Storey, Carson, Douglas and Lyon counties) are forecasted to have an additional 42,395 residents for a total of 638,302 over the next 20 years. This is a jump of 7.1 percent during the five-year study period from 2015 through 2019, or 1.4 percent growth per year.  Other projectors for the area include 52,370 full- and part-time jobs, and 16,787 households.  If the projections are correct, the Northern Nevada area can look forward to strong economic drivers for the community for the next five years.  Much of this growth is a result of Tesla moving to Reno Sparks and developments in progress.