Reno, Incline Village, Sparks, Carson City, Fernley, and Northern Nevada Real Estate Blog

Reno-Sparks median sales price pulls back 3.2 percent in February; Monthly home sales up 15.4 percent; Pending sales up 14.6 percent

Median Sales Price

February’s median sold home price for Reno-Sparks was $391,975 for the month — a 3.2 percent decrease from January’s median sales price of $404,972.

Year-over-year, February’s median closed sales price was up 5.3 percent.

February’s median sold price per square foot (PPSF) also fell — coming in at $212.80, or 1.5 percent below January’s $215.99/sq.ft.

Year-over-year, February’s median sold PPSF is up 2.0 percent.

Homes Sold

Home sales rose to 450 units sold in February — representing an impressive 15.4 percent increase over January’s 380 homes sold.

Year-over-year, February’s number of homes sold was up a whopping 24.0 percent over the 363 homes sold in February 2019.

Inventory

Currently 587 homes are available for purchase in the Reno-Sparks market. This number is down 5.5 percent from the 621 homes available for sale this time last month. Year-over-year, current available inventory is down a staggering 33.9 percent.

Pending sales are showing a healthy uptick. Presently, 816 homes are pending sale in the Reno-Sparks market. That number is up 14.6 percent over the 712 homes pending sale this time last month. As pending sales rise expect unit sales to climb as well next month.

Current pending sales are up 5.4 percent over the number of pending sales this time last year.

Days on Market and Days to Contract

February’s median days on market (DOM) clocked in at 79 days — a decrease of 8 days from January’s median DOM. Year-over-year, February’s DOM number is down 11 days from February 2019’s number.

February’s median days to contract (DTC) fell substantially to 17 days — a decrease of 13 days from January’s median 30 DTC. Year-over-year, February’s DTC number is down 2 days from February 2019’s number.

Both DOM and DTC numbers indicate that the housing market is accelerating — typical as we enter the spring home buying market.

Sales by Type

February sales by type, break out as follows:

• REO sales: 0.9% – up over January’s 0.3%
• Short sales: 0.7% – up over January’s 0%
• Subject to Court Approval sales: 1.6% – up over January’s 0.8%
• Relocation sales: 0.4% – up over January’s 0%
• Equity sales: 96.4% – down from January’s 98.9%

Sales by Price

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

February’s median sold price for houses and condos combined was $367,500 — a 4.5 percent decrease from January’s median sold price of $385,000 for combined sales of houses and condos.

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

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

1. The “Past 13 Months of Home Sales Data” 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 – March 7, 2020. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data dating back to 1998 click here.

Click here to see Reno Homes for Sale.