Reno Housing Market Flat in Third Quarter, Prices Still Falling, Condo Sales Exceptionally Strong

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 five 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 six 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.

To view printable stats for Reno click here.

Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International continues to grow having added 65 Realtors® to their ranks in the past twelve months.

With 225 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International visit www.chaseinternational.com.