Reno/Sparks Market Update for March 2010
March offered a “bounce back” to 24 new home sales in Washoe County, versus six in February, although 24 is still low compared to the monthly numbers in 2009 that averaged 42 per month.
Prices of new homes are 28% off compared to March 2009 (Washoe County), and 21% off compared to the 1st quarter of 2009.
The bright spot in the new home market are condo sales prices. The median price of new condos in Washoe County jumped 55% March over March, and 56% quarter over quarter. The first reaction the such large price increases is the “lake effect”, but no new condo sales were recorded in Incline Village/Crystal Bay in the 1st quarter.
