Northern Nevada regional median home prices – December 2020

Earlier this week the Reno Gazette-Journal reported that “The median sales price for an existing single-family home in the city of Reno — not including Sparks — was a record $500,000 in December”. See The median price for an existing home in the city of Reno just hit half a million dollars

For comparison let’s take a look at December’s median sales price for other areas across Northern Nevada. The table below shows December’s median home sales prices; month-over-month percent change; year-over-year percent change; and number of homes sold. [Note: Click on the column headers to sort by that column.]

Though many markets’ December’s median sales prices were off from November’s, all markets saw substantial year-over-year gains. Reno, NV (not including Sparks) exhibited the greatest year-over-year increase in 2020 — coming in with a 23.5 percent gain.

If there is an area in Northern Nevada that I have not listed above that you would like to see included, let me know and I’ll add it.


The residential sales data in the table above includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS, and Incline Board of REALTORS®, January 15, 2021. Note: This information is deemed reliable, but not guaranteed.

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This week’s real estate headlines

Here are a few real estate-related stories and news pieces that came across my screen this week…

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Incline Village / Crystal Bay Market Report – December 2020

Home sales remain very strong; Sales up 138% Y-o-Y!


Single-family homes

Home sales ended 2020 on a high note. December saw 38 homes sold for the month. That number is up 15 percent over November’s sales, and is up a whopping 138% year-over-year.

DOM (days on market) increased to 74 days — a 12-day addition to November’s number.

Available inventory remains very low — now less than a one-month supply, given current monthly home sales. At the moment there are 37 SFRs listed for sale. Of these 37 properties, only 9 (or 24.3 percent) are priced at or below the current median sales price.

That being said home buyers are still purchasing. 23 homes are currently under contract and pending sale. Expect January and February monthly sales to clock in at significantly higher year-over-year totals.

December’s median sales price came in at $1,725,000 — a 1.4 percent decrease from November’s median sales price of $1,750,000. However, year-over-year, December’s median sales price is up a hefty 21.1 percent. And the demand for luxury homes is showing no signs of slowing — see Luxury Demand — Opulent Homes Selling in Nevada

December’s median sold PPSF (price per square foot) was $612.78/sq.ft. down 4.5 percent from November’s record-setting $641.78/sq.ft. Year-over-year, December’s median sold PPSF is up 19.5 percent.

Condo/Townhomes

20 condos and townhomes sold in December — down 20.0 percent from the 25 sold in November; but up 81.1 percent year-over-year.

December’s median sales price for condos/townhomes came in at $770,000 — setting a new record high. December’s median sales price was 10.0 percent higher than November’s; and represented a 15.7 percent year-over-year increase.

December’s median sold PPSF for condos/townhomes was $463.24 — a 2.2 percent decrease from November’s number; and a whopping 27.8 percent year-over-year increase.

Median DOM for condos/townhomes was 60 days — an additional of ten days over November’s 50 DOM number; but down 38 days year-over-year.

2020

It goes without saying that 2020 was a wild year in many aspects. This was particularly true with local real estate sales. Despite depressed home sales in the early part of the year at the onset of the Coronavirus Pandemic, home sales came roaring back in big way.

For the year, sales of SFRs in 2020 were up 42.7 percent over 2019 sales. And 2020 condo/townhome sales were up a whopping 50.9 percent over 2019 total sales.

What will 2021 hold for the Incline Village real estate market? I’d love to hear your thoughts in the comments below.


Related: Two Lake Tahoe neighborhoods make list for the top 100 priciest zip codes in the US

Click here to see Incline Village and Crystal Bay homes for sale


Data courtesy of the Incline Village REALTORS® – January 5, 2020. Note: This information is deemed reliable, but not guaranteed.

Posted in Agent Insights, Crystal Bay, Incline Village, Lake Tahoe, Luxury, Market Trends | Tagged , , , , , , , , , , , | Leave a comment

December 2020 Market Report for Reno and Sparks, Nevada

Ed. Note: Data updated January 6, 2021

December home sales set a December record; December’s median sold PPSF surpasses $250/sq.ft. and sets an all-time high; Available inventory drastically low — down 72% Y-o-Y!

December’s median sold home price for Reno-Sparks came in at $449,600 — essentially unchanged from November’s median sales price of $450,000.

Year-over-year, December’s median closed sales price was up a whopping 14.1 percent! This equates to an increase of $55,600 in the median sales price year-over-year.

December’s median sold price per square foot (PPSF) jumped to $250.77/sq.ft. — a 3.4 percent increase over November’s sold PPSF of $242.43/sq.ft. December’s median sold PPSF also sets an all-time high for this metric.

Year-over-year, December’s median sold PPSF is up 15.9 percent!

Homes Sold

548 SFRs sold in December — setting a record high number of homes sold during any December [The previous record was set in December 2011 when 534 homes sold for the month.]

Though down 9.4 percent from November’s record-setting number of homes sold, December’s homes sold was up 6.0 percent year-over-year.

After catching and then surpassing 2019 year-to-date home sales in September 2020, home sales continued to outperform in the 4th quarter.

Total home sales in 2020 came in at 6,625 units. That number represents a 5.5 percent increase over the 6,279 homes sold in 2019. And 2020’s total is 2nd only to the number of 6,837 homes sold in 2017.

Inventory

Currently there are only 218 homes available for purchase in the Reno-Sparks market. This number is down 21.6 percent from the 278 homes available for sale this time last month.

And year-over-year, current available inventory is down an incredible 72.0 percent! Yes, last year at this time 779 homes were available for purchase — today there are 218!

And the picture becomes even bleaker when one looks at the available inventory of homes priced at, or below, the current median sales price of $449,700. Currently only 54 homes (24.8 percent) are priced at, or below, the median sales price.

Presently, 621 homes are pending sale in the Reno-Sparks market. That number is down 22.1 percent from November’s 797 pending sales. However, year-over-year, December’s pending sales are up 14.8 percent.

Days on Market and Days to Contract

December’s median days on market (DOM) came in at 50 days — a decrease of 2 days from November’s median DOM. Year-over-year December’s DOM is a whopping 32 days (or 39.0 percent) lower than December 2019’s DOM. These numbers show the relative velocity the current market.

December’s median days to contract (DTC) came in at 4 days — a decrease of one day from November’s median DTC. Year-over-year, December’s DTC number is 18 days lower than December 2019’s 22 DTC. Again, reflecting the velocity the current market.

Sales by Type

December sales by type, break out as follows:

  • REO sales: 0.4% – down from November’s 0.9%
  • Short sales: 0.2% – up over November’s 0%
  • Subject to Court Approval sales: 1.0% – up over November’s 0.5%
  • Relocation sales: 0.4% – up over November’s 0%
  • Equity sales: 98.1% – down from November’s 98.6%

Sales by Price

December sales by price band break out as follows…

Sales by Price Segment
sales price ($000’s) units sold % of sales cumulative % of sales
0 – 99 0 0.0% 0.0%
100 – 199 2 0.4% 0.4%
200 – 299 25 4.5% 4.9%
300 – 399 157 28.6% 33.5%
400 – 499 136 24.8% 58.3%
500 – 599 85 15.5% 73.8%
600 – 699 44 8.0% 81.8%
700 – 799 21 3.8% 85.6%
800 – 899 23 4.2% 90.0%
900 – 999 18 3.3% 93.2%
1M+ 37 6.8% 100%
total 548 100%

December’s median sold price for houses and condos combined was $425,000 — a 1.2 percent decrease from November’s median sold price of $430,000 for combined sales of houses and condos. Year-over-year, December’s number is up 14.9 percent.

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 2020 548 $449,600 $250.77 50 218 621
Nov 2020 605 $450,000 $242.43 52 278 797
Oct 2020 631 $455,000 $237.94 50 385 979
Sep 2020 700 $440,000 $239.32 49 432 1,013
Aug 2020 658 $442,250 $228.32 54 468 1,068
Jul 2020 750 $433,160 $229.14 57 588 1,037
Jun 2020 565 $407,000 $223.21 58 688 1,062
May 2020 404 $399,900 $222.46 57 720 1,048
Apr 2020 392 $415,500 $219.95 51 812 697
Mar 2020 518 $415,000 $221.74 56 774 658
Feb 2020 460 $392,750 $211.79 78 587 816
Jan 2020 394 $405,000 $215.99 89 621 712
Dec 2019 517 $394,000 $216.38 82 779 541

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 – January 3, 2021 [Data revised January 6, 2021]. 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.

Posted in Agent Insights, Market Trends, Reno, Sparks | Tagged , , , , , , , , , , , , , , , | Leave a comment

This week’s real estate headlines

Here are a few real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged , | Leave a comment

This week’s real estate headlines

Here are a few real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged , | Leave a comment

This week’s real estate headlines

Here are a few real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged , | Leave a comment

Incline Village / Crystal Bay market report – November 2020

Home sales remain very strong; Sales up 100% Y-o-Y; Median sale price median sales up 60% Y-o-Y!

Single-family homes

Despite a (seasonal?) decrease in home sales relative to the last four months’ sales numbers, November’s homes sold was double the number sold in November 2019.

Buyer demand remains unseasonably strong for homes in Incline Village and Crystal Bay. 34 homes sold during the month of November — down 33.3 percent from the number of homes sold in October, but a 100.0 percent year-over-year increase.

DOM (days on market) increased to 62 days — an 11 day addition to October’s number.

Available inventory remains very low — sitting at a little over a one-month supply, given current monthly home sales. At the moment there are 41 SFRs currently for sale. Of these 41 properties, only 11 (or 26.8 percent) are priced at or below the current median sales price.

That being said home buyers are still purchasing. 42 homes are currently under contract and pending sale. Expect December and January monthly sales to clock in at significantly higher year-over-year totals. In fact, recent reports predict that there may not be a winter slowdown in home sales at all this year. [See Why This Winter’s ‘Slow’ Home-Selling Season May Be Hotter Than Ever]

November’s median sales price came in at $1,723,000 — a 20.5 percent jump over October’s median sales price of $1,430,000. Year-over-year, November’s median sales price is up an incredible 60.3 percent. And the demand for luxury homes is showing no signs of slowing — see Luxury Demand — Opulent Homes Selling in Nevada

November’s median sold PPSF (price per square foot) was $635.32/sq.ft. — a new record high sold PPSF. November’s sold PPSF is up 19.1 percent over October’s, and up 35.3 percent year-over-year.

Condo/Townhomes

25 condos and townhomes sold in November — down 10.7 percent from the 28 sold in October; but up 92.3 percent year-over-year.

November’s median sales price for condos/townhomes was $700,000 — a 4.8 percent decrease from October’s number; and a 15.7 percent year-over-year increase.

November’s median sold PPSF for condos/townhomes was $463.24 — a 2.2 percent decrease from October’s number; and a 4.5 percent year-over-year increase.

Median DOM for condos/townhomes was 50 days — just one additional day over October’s 49 DOM number; but down 46.8 percent year-over-year.


Click here to see Incline Village and Crystal Bay homes for sale


Data courtesy of the Incline Village REALTORS® – December 4, 2020. Note: This information is deemed reliable, but not guaranteed.

Posted in Agent Insights, Crystal Bay, Incline Village, Lake Tahoe, Luxury, Market Trends | Tagged , , , , , , , , , , , | Leave a comment