The median price of an existing home in Reno-Sparks has stuck to a holding pattern in the $250,000 range. “Stabilization is the trend for home pricing in Northern Nevada and Nevada as a whole,” said Peter Counts, a graduate assistant with the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas. The institute produces a regular housing report with the Nevada Department of Business and Industry. For those who remember the crazy days of the overheated market and the resulting fallout, stable is a good thing. For the Reno/Sparks Association of Realtors, the pricing trend of the last few months could indicate something the area has not seen for quite some time: a more normal market for Sparks Real Estate and Reno Real Estate.
After seeing noticeable appreciation on the last couple of years, Sparks Real Estate prices have reached a plateau in the last few months. Since June,
“New home sales generate more economic activity than a housing move from one part of town to another,” Ashworth said. “That’s because new home buyers buy more new furniture and appliances and do more remodeling, so they generate more economic activity.”
California also continues to be a key part of the local real estate market’s equation. Androo Allen, interim president of the Builders Association of Northern Nevada, remembers the buyer mix for one high-end community project. Of the 19 homes it sold, 18 of the Sparks Real Estate buyers came from Nevada’s next door neighbor.
New homes are back: After the collapse of the housing bubble, the hum of bulldozers on new home construction sites went silent. With the value of new homes going up, however, new housing is back in business.
Demand remains healthy in relation to market supply, however. Supply for regular homes with no special conditions is at 2.5 months — 1.6 months for short sales and 2 months for foreclosure sales. There are 1,385 active listings in Reno-Sparks as of early September.
“Demand has remained constant for the year and that indicates desirability in the market,” Ashworth said.