RENO, Nev. (July 2, 2009) – The Reno-Sparks real estate market saw a dramatic increase in home sales, with homes selling for less than $1 million making the biggest impact on the market, according to a mid-year report released by Lake Tahoe-based Chase International. The report is comprised of all home and condominium sales in the Reno-Tahoe area from Jan. 1 through June 30 and compares figures to this time last year.
Collectively, the Reno-Sparks area experienced a 42-percent jump in homes sold for less than $1 million, causing units sold to increase 40 percent. Homes sold for more than $1 million was down 41 percent and sales volume was down only four percent. The average price of a home in Reno-Sparks dropped
31 percent to $231,865 and the median price was down 30 percent to $190,000.
The nation as a whole seems to be showing signs of an upswing, as the National Association of Realtors (NAR) recently announced another gain for sales of existing homes in May, the first back-to-back monthly gain since September 2005.
"The economy has cultivated a remarkable inventory of affordable homes,"
commented Sue Lowe, corporate vice president for Chase International. "The inventory and price points are creating an opportune situation for first-time home buyers and investors."
Sparks reaped the majority of the sales with a 55 percent leap in homes sold and 14 percent increase in volume. The average home price in Sparks dropped 27 percent to $201,585 and the median dipped 24 percent to $189,000. No homes were sold for more than $1 million.
Reno saw a 33 percent increase in units sold and only a five percent decline in volume sold. Homes sold for less than $1 million were up 36 percent and homes sold above the million mark were down 41 percent. The average and median prices of a home in Reno experienced a 32 percent decrease, to
$246,856 and $192,432, respectively.
While homes sold in Carson Valley stayed relatively flat (with a one percent decline), the volume dropped 16 percent. The average price of a home in Carson Valley fell 15 percent to $300,915 and the median dropped 16 percent to $243,700.
Substantial increases were also seen in condo sales. There was a 55 percent jump in units sold in Reno-Sparks with no change in volume. Sales of condos under $500,000 leapt 59 percent with 57 and 69 percent increases in Reno and Sparks, respectively. The average price of a condo in the Reno-Sparks area is down 36 percent to $119,730 and the median is down 45 percent to $89,500.
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 has once again taken the reins of cutting edge technology by launching www.ChaseNation.com, the first interactive social networking website created by a real estate brokerage as a vehicle for direct interaction with consumers online.
With more than 160 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.