Reno Condo Sales Exceptionally Strong
LAKE TAHOE, Nev. – The sales volume of homes on the market in the Reno-Sparks area over the past quarter remain relatively flat, with a one percent gain in Reno and a one percent drop in Sparks, however the number of single family homes sold has jumped 5 percent in Reno and Sparks. “What it means is that the consumer sees the value and is still taking advantage of the opportunity,” noted Sue Lowe, corporate broker and senior vice president of Chase International.
The median home price in Reno still remains at long-time lows – down an additional 6 percent from $191,000 in 2009 to a current median price of $180,000. “The message we’re sending to buyers who’ve been sitting on the fence is don’t wait too long. Pricing seems to be evening out and total sales volume is flat. Inventory is being gobbled up at a rapid pace, which means prices will inevitably go up. Over 40% of the active listings in the MLS are currently in escrow,” said Lowe.
In contrast to single-family homes, sales of condominiums in the Reno-Sparks area are exploding. With the median condo price dropping a whopping 19 percent over 2009, condo sales are way up. Condo sales jumped 47 percent in Reno and 35 percent in Sparks over 2009. Buyers are taking advantage of the incredible opportunities in the condo market as well.
A complete breakdown of Chase International’s year-end sales report can be viewed at www.Chasenation.com
