Rancharrah development gets approval from Reno Council

Washoe County saw its second best July for single-family home sales as limited supply is fueling a seller’s market. Washoe posted 593 sales of existing single-family homes in July down 9 percent from the previous month, but up 12 percent from the same period last year, according to the Reno/Sparks Association of Realtors. Only July 2005 had higher unit sales for the same month. The figures do not include condominiums, townhomes, manufactured homes and new houses.

In addition to the greater Reno-Sparks metro area, Fernley is also seeing a seller’s market, said Dave Hansen, RSAR president. “We are continuing to see low inventory levels that are keeping the market in the seller’s court,” Hansen said. “Homes priced right move quickly and often receive offers at or near the list price.”

The July numbers come along the heels of a similar trend in June, which also saw the second highest unit sales for the month since the 2005 boom. Reno accounted for the bulk of existing home sales in Washoe at 419 units. Reno sales were down 5 percent from June but up by 19 percent from July 2014. Sparks sales, meanwhile, were down across the board. Its 158 sales represent a 20 percent decrease from the previous month and a 7 percent drop from the same period last year. Fernley’s 44 sales were down 2 percent from June but up 13 percent from July 2014.

Home values also were up overall for Washoe County. The median price for an existing single-family home in July was $291,990, a 5 percent increase from the previous month and up 17 percent year-over-year. Here’s how median price broke down for Reno, Sparks and Fernley:

Reno, $300,000, up 1 percent from June and 20 percent from July 2014
Sparks, $269,000, up 4 percent from June and 8 percent from July 2014
Fernley, $179,250, up 6 percent from June and 28 percent from July 2014

Housing supply will continue to be a key issue moving forward as Northern Nevada continues to distance itself from the recession. The Economic Development Authority of Western Nevada, for example, expects 50,000 new jobs in the next few years as more high profile projects such as Tesla Motors’ gigafactory and Switch’s SUPERNAP data center come to the area.

http://www.rgj.com/story/news/2015/05/13/rancharrah-development-gets-approval-reno-council/27270501/