2018 Washoe County home sales by zip code

Methodology

Washoe County, Nevada encompasses 41 zip codes, however many of these zip codes are for P.O. boxes only and contain no homes. The analysis below applies to only those zip codes containing homes. Data in the charts and tables below covers both site/stick built and condo/townhouse sales in Washoe County, Nev. for the 2018 year. Data excludes manufactured/modular homes.

Additionally, due to very low number of total annual sales in the following zip codes: 89442 (Wadsworth — 4 sales); 89402 (Crystal Bay — 5 sales); 89439 (Verdi — 19 sales); and 89510 (Pyramid Lake – 27 sales), these zip codes have been excluded from the rankings charted below.

To see all the zip codes within Washoe County click here.

For an interactive zip code boundary map for Washoe County click here. Use the + and – buttons to zoom in and out, respectively, on the map.


How did home sales in 2018 compare across Washoe County’s zip codes? Let’s take a look.

Number of Homes Sold

Of the nearly 7,200 houses and condos sold throughout Washoe County in 2018, five zip codes accounted for half of the units sold.

The table below shows the top zip codes in terms of unit sales. 89436 (Wingfield Springs) in Sparks, Nevada took the top spot (as it also did the previous year) with 936 home sales in 2018.

Highest Median Sales Price

The table below shows the top zip codes in terms of median sales price in 2018. 89451 (Incline Village, Nevada) took the top spot in the county with a median sales price of $750,000. In the Reno-Sparks metro area, 89511 (Reno – South Suburban and Southwest Suburban) took the top spot with a median sales price of $715,000 for 2018 — double the median for the county as a whole in 2018. [Note: Washoe County’s 2018 median sales price was $355,000.]

Lowest Median Sales Price

The table below shows the zip codes with the lowest median sales price in 2018. With a median sales price of $220,000, zip code 89512 (Reno – North) exhibited the lowest median sales price in the county.

Home Price Appreciation

For the year, home prices in Washoe County increased 10.9 percent overall year-over-year. However, this increase was not uniform across all areas.

The table below shows the top zip codes in terms of year-over-year median sales price increase. 89501 (Reno – Downtown Core) took the top spot with a nearly 22 percent year-over-year sales price increase — twice the 2018 median sales price for the county as a whole.

Data Set

The table below shows the data for all Washoe County Zip Codes. Click on the table to enlarge.

Have additional questions regarding home sales by Washoe County Zip Codes? Post your question in the comment below. And thank you for reading!


Note: The home price reported above covers the zip codes of Washoe County, Nevada. Residential data includes Site/Stick Built and Condo/Townhouse properties only. Data excludes Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – January 10, 2018. This information is deemed reliable, but not guaranteed.

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Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How did the name Tahoe originate and what does it mean?

The name Tahoe comes from a mispronunciation of the Washoe Native American name for Lake Tahoe, da ow a ga, which means, “edge of the lake.”

Fact credit: TahoeFacts.com

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All-cash sales increase in 2018

Reversing a downward trend observed since 2015, the portion of all-cash home sales in the Reno and Sparks, Nevada market climbed to 21.0 percent in 2018.

Of the 5,972 homes sold in the Reno-Sparks area in 2018, 1,254 were cash purchases (as opposed to financed), equating to 21.0 percent. That number is three percentage points higher than the 18.1 percent cash purchases portion observed in 2017.

This 21.0 percent is also consistent with the portion of cash sales observed nationally.

Interestingly, though cash sales accounted for 21.0 percent of residential home sales in the Reno-Sparks market, volume-wise those cash sales accounted for 25.0 percent of overall sold volume in 2018. That indicates a greater proportion of higher-priced homes being purchased for cash relative to being financed.

Looking at the median price points for cash purchases vs. non-cash (i.e. financed) home purchases, we find:

  • 2018 median sales price for cash purchases: $410,000
  • 2018 median sales price for non-cash purchases: $365,890

…or more than a $44,000 differential. [Incidentally, the median sales price for all home sales in 2018, regardless of how purchased, was $375,000.]

How were non-cash home purchases financed?

Financing, of course, remains the predominate means of purchasing a home. In 2018, 60.0 percent of home purchases were financed with a conventional mortgage. This number was up over the 54.9 percent observed in 2017 for conventional financing.

FHA and VA financing accounted for another 18.0 percent of home purchases. See the table below for the breakouts going back to 2012.

1 “Other” encompasses other, less-frequently utilized, types of financing, including: assumption, contract of sale, owner financing, credit tenant lease, and more.

Another trend I notice from the data in the table above is the increase in the portion of home purchases being financed by conventional mortgages. What is driving this growth? Rising interest rates would seem to hinder, not spur conventional financing. Are lending guidelines changing? Are borrowers becoming increasingly credit-worthy?

If you work in the residential lending side and are reading this post, I’d love to hear your insights in the comments below.

——

Note: The home sales data reported above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – January 8, 2019. This information is deemed reliable, but not guaranteed.

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Nevada again ranked as a top “inbound” state

United Van Lines has released the results of its 2018 National Movers Study, which reports the ratio of inbound vs. outbound moves for every state in the country, as well as demographic data (age, income, reason for moving) of those moving.

Not surprisingly, Nevada again ranked as a top “inbound” state. [See my recent post on migration patterns to and from Nevada]

According to the United Van Lines 2018 study, the top Inbound states were…

Data courtesy of United Van Lines Movers Study © 2019

Who is moving to Nevada?

The tables below show various demographic data for those moving to/from Nevada.

Data courtesy of United Van Lines Movers Study © 2019

Moving to Nevada for work was the primary reason people moved to the state — with 46 percent of those surveyed citing Job. Retirement, at 29 percent, was the 2nd most given reason.

Job and Retirement were the top two reasons given in the 2017 Movers Study, as well — coming in at 36 percent and 34 percent, respectively. [See last year’s Why are people moving to Nevada]

The age range with the greatest percentage of inbound movers was 55 – 64-years-old — responsible for more than 30 percent of those surveyed. 65-years-old and older was 2nd with 26 percent.

Regarding the Income demographic, 40 percent of those moving to Nevada reported incomes of $150,000, or more. Those high income levels are likely what is fueling the growth of our market’s luxury home segment [See Reno-Sparks luxury home prices skyrocket in 2018]

If you’d like to see the inbound and outbound demographics for other states (as well as other years), check out this cool interactive map provided by United Van Lines…


Have you recently moved to Nevada? If so, Welcome! What was your primary reason for moving here? I would love to see your comments below.

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Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

Why is Lake Tahoe called the “Lake of the Sky?”

The water surface of Lake Tahoe sits at an average elevation of 6,225.1 ft or 1.2 miles above sea level. This creates the metaphorical and poetic name, “Lake of the Sky,” for a lake that is so high in elevation; it literally and figuratively resides in the heavens. In addition, the name “Lake of the Sky” comes from the many moods of the sky reflected on the surface of the Lake.

Fact credit: TahoeFacts.com

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December median sales price and other market metrics

Whoa! December’s median sales price for Reno and Sparks, Nevada dropped to nearly its lowest level of the year!

December’s median finished 2018 at $360,000. This number is:

  • nearly equal to January 2018’s median sales price of $359,950
  • down a whopping 4.8 percent one-month drop from November’s median of $377,500
  • and up only 4.3 percent year-over-year

Also noteworthy, December’s was the second one-month decline of 4 percent or more that was observed this year. The first occurred in August. [See: August median sales price and other market metrics]

Despite the big drop in the median sales price December’s median sold price per square foot (PPSF) fell less than 1.0 percent — coming in at $209.82/sq.ft. Year-over-year, December’s median sold PPSF is up 8.0 percent.

Perhaps even more startling than December’s huge decline in the median sales price was its drop in the number of homes sold for the month. Units sales in December totaled a paltry 361 homes — down a sobering 22.7 percent from November’s 467 units sold. December’s number is not only the fewest number of homes sold in any month in 2018, but also is the fewest number of homes sold in a single month since January 2017. Year-over-year, home sales are down 26.7 percent from the 493 homes sold in December 2017.

Regarding inventory, presently 1,079 homes are available for purchase in the Reno-Sparks market. Given the current rate of home sales, available inventory equates to about a 3-month supply. Currently, available inventory is down 12.8 percent from the 1,237 homes for sales this time last month. Year-over-year, the current number of available homes for purchase is up a whopping 78.3 percent from this time last year.

However, despite the gains in the number of homes available for purchase only 30.1 percent are priced at, or below, the current median sales price.

Pending sales also fell in December. Presently, 541 homes are pending sale in the Reno-Sparks market. That number is down 14.1 percent from the 634 homes pending sale this time last month. Look for low unit sales in January. Year-over-year, current pending sales are down 6.4 percent from December 2017.

December’s median days on market (DOM) came in at 75 days — an increase of four days over November’s DOM. December’s DOM is up 8.7 percent year-over-year.

December sales by type, break out as follows:

  • REO sales: 2.2% – up from November’s <1%
  • Short sales: 0% – down from November’s <1%
  • Subject to Court Approval sales: 0.6% – down from November’s 1%
  • Relocation sales: 0.6% – unchanged from November’s <1%
  • Equity sales: 96.7% – down from November’s 97%

December sales by price band, break out as follows in the table below…

Sales by Price Segment
sales price ($000’s) units sold cumulative % of sales
0 – 99 0 0.2%
100 – 199 1 1.8%
200 – 299 84 19.7%
300 – 399 145 55.0%
400 – 499 63 77.6%
500 – 599 32 88.6%
600 – 699 13 93.2%
700 – 799 5 95.2%
800 – 899 3 96.3%
900 – 999 3 97.4%
1M+ 12 100%
total 361

December’s median sold price for houses and condos combined was $335,000 — down 5.6 percent from November’s median sold price for combined sales of houses and condos.

The table below contains the past 13 months of data[1]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Dec 2018 361 $360,000 $209.82 75 1,079 541
Nov 2018 467 $377,000 $211.68 71 1,237 634
Oct 2018 468 $385,000 $213.84 65 1,300 717
Sep 2018 458 $372,777 $210.92 60 1,333 725
Aug 2018 569 $370,000 $211.79 57 1,208 790
Jul 2018 566 $387,000 $216.32 53 1,154 838
Jun 2018 602 $381,950 $215.88 49 923 906
May 2018 575 $375,000 $209.12 49 725 920
Apr 2018 491 $374,000 $205.34 51 638 891
Mar 2018 549 $375,000 $200.86 50 529 814
Feb 2018 444 $370,000 $193.90 61 528 796
Jan 2018 406 $359,950 $191.74 68 514 782
Dec 2017 493 $345,000 $194.35 69 605 578

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. The medians table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – January 3, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

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Reno-Sparks luxury home prices skyrocket in 2018


While the growth rate of luxury home prices slowed across the country [See Redfin’s recent Luxury Home Prices Up 3.2 Percent Annually in the Third Quarter, the Lowest Growth Rate in Nearly Two Years], the story for luxury homes in the Reno-Sparks market is much different.

The luxury home segment [defined as the top five percent of home sales] is the fastest growing segment in the Reno-Sparks market. Let’s take a look at the numbers.

In 2017, the entry price point to the top five percent of sales was $769,000. In 2018, the entry price point to luxury home segment had climbed to $885,000 — a staggering increase of $116,000, or more than 15 percent.

Compare that to the prior year’s increase when the entry price point had risen only 1 percent from 2016 to 2017.

2018’s gains in luxury home sales are even more pronounced when looking at the median sales price for the segment. In 2018, the median sales price for luxury homes was $1,177,500 — an increase of $227,500, or a whopping 23.9 percent over 2017’s luxury home median price of $950,000.

Again, compare this increase to the prior year’s increase when the Reno-Sparks luxury median price had increased only 1.1 percent from 2016 to 2017. (See table above.)

What about the lower 95% of home sales?

The lower 95% also saw gains in 2018, but not nearly as great as those in the luxury segment. The 2018 median sales price of the lower 95% of home sales increased 11.4% over 2017’s median – less than half the increase of the median price for luxury homes. Incidentally, the median sales price for the lower 95% of home sales was $367,500 for the year.

Despite the relatively smaller growth rate for home sales prices in the lower 95% of home sales, 2018’s 11.4% increase was a significant increase over the 1.2% observed in 2017. (See table above.)

Higher record sales

2018 also saw higher record sales in the Reno-Sparks housing market. The most expensive home sold for $4.9M in 2018. Compare that to 2017’s most expensive home sale of $3.5M. In fact, there were five home sales in 2018 that exceeded 2017’s record sold price. See the Reno Gazette-Journal’s The 15 most expensive home sales in Reno in 2018.

These top-tier sales impacted the sales volume as well. In 2017, the sales volume of the luxury segment totaled $378.4M and accounted for 14.2 percent of the overall market volume for the year. In 2018, the sales volume of the luxury segment totaled $403.2M and accounted for 15.2 percent of the overall market volume for the year — an increase of 7.0 percent over 2017’s luxury market share.

Other luxury segment metrics

Where are luxury sales happening?

The Northern Nevada Regional MLS divides the Reno-Sparks real estate market into 42 different areas. 2018’s luxury home sales occurred in 14 of these 42 areas – with just five areas accounting for more than 86 percent of luxury home sales (see table below).

Reno’s South Suburban area (ArrowCreek, Saddlehorn, Fieldcreek) accounted for 31 percent of luxury home sales — more than any other MLS area. Reno’s Southwest Suburban area (Montreux, St. James’ Village, Galena Forest) took the second spot — accounting for more than a quarter of luxury home sales in 2018.

Note: Click here for an interactive Google map of the MLS areas.

What will 2019 bring?

While no one has a crystal ball, the current pending sales seem to indicate continued growth in the luxury segment.

Additionally, people relocating to Reno, Nevada are generally moving from areas of higher household income [See this blog’s A closer look at Nevada’s and Washoe County’s population migration]

A recent Redfin analysis showed that 45.3 percent of people searching for Reno area homes are from San Jose, followed by 13.9 percent from Los Angeles, 9.3 percent from Sacramento, 4.5 percent from San Diego, 2.9 percent from Seattle, and 2.0 percent from Portland. [See Redfin’s 2018 Migration Trends accelerate as more people look to leave Denver, San Francisco, and Los Angeles]

The table below shows the median household income of these areas compared to Reno’s median household income.

Source: 2013-2017 American Community Survey 5-Year Estimates

People moving to the Reno-Sparks area with higher than median incomes can presumably afford to purchase higher than median priced homes.

Look for Reno-Sparks’ luxury segment to continue to grow in 2019. The question is by how much. What are your thoughts?


Thank you for reading. I would love to see your comments and thoughts below. Also, let me know if you have specific questions regarding the above information.

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Incline Village, Nevada housing market report

Below please find the current housing market report for Incline Village, Nevada, provided by our friends at First Centennial Title.

From this week’s report…

This week the median list price for Incline Village, NV is $1,622,500 with the market action index hovering around 24. This is less than last month’s market action index of 29. Inventory has held steady at or around 30. [Note: The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.]

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Click on the chart below to access the entire report.

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