Realtors Say Area Housing Report Strong for October
If you've driven around any Washoe county neighborhood, you might have noticed a lot of homes for sale.
"It was the fourth highest October in history," said William Process, the 2016 president of the Reno/Sparks Association of Realtors. "But we are seeing our traditional seasonal trends. So sales are down a bit from September, median prices are down a bit, sales are down a bit. But so is inventory."
Earlier this week, the RSAR released their report of October home sales. In October of 2015, there were 528 sales of existing single family homes in Washoe County. That's up 8% from October 2014, but down 8% from September of this year. There are still quite a bit of homes for sale.
"So we have enough inventory right now to last 3.4 months if there are no more brought in," said Process.
The average median price for a home in Washoe County is $280,000, an 8% jump from last October, but down 2% from September of this year.
But the affordability of homes remains a concern.
There were only 71 listings that listed under $200,000. That's a 42% decline from this time last year.
And with thousands expected to move into the area, what we have now isn't cutting it.
"All the reports that are coming out right now are identifying that we need more homes in the area. And they are building them."