Overall Home Sales Falter Slightly at End of 2018, Million-Dollar Home Sales Remain Strong
Posted by Lora Lashbrook — January 7, 2019
RENO, NV – The Reno-Sparks real estate market saw a slight decline in sales in 2018. Overall sales volume dropped one percent and the number of homes sold dropped 13 percent. Million-dollar home sales drove the market and saw a 52 percent increase from last year. The number of homes sold for under one million dollars declined 14 percent.
These figures are part of a quarterly report released by Lake Tahoe-based real estate agency, Chase International. The data compares all MLS home sales from Jan. 1, 2018 through Dec. 31, 2018 to the same timeframe in 2017.
Regional median home prices saw an 11 percent uptick to $375,000. Carson Valley home sales volume was down one percent, while median home prices rose by 13 percent to $418,000. Carson City home sales volume was down 13 percent, while median home prices rose by 14 percent to $328,487.
Home prices across the nation are up. According to the National Association of Realtors, home values rose 5.1 percent from Nov. 2017 to Nov. 2018. The association also recently reported an uptick in inventory across more markets, indicating that a buyer’s market is on the horizon.
“Inventory remains tight driving median and average prices higher,” said Susan Lowe, corporate vice president of Chase International. “We are expecting another strong year in the Reno-Sparks region.”
Condo sales increased 11 percent in Reno-Sparks and 63 percent in Carson City.
About Chase International
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Truckee, South Lake Tahoe, Carson Valley, Sparks and Reno) and a public relations office in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With over 350 professional Realtors®, Chase's agents boast an array of industry certifications and the highest volume per sales agent in the area. With a heart-centered approach to their business, Chase International successfully represents homes at all price levels. For more information about Chase International, visit ChaseInternational.com.