Home prices remain strong, inventory drops sharply, as market velocity cools
Reno-Sparks home prices regained some of the ground lost during the previous two months. October’s median sold home price was $399,995 for the month — a 1.3 percent increase over September’s median sales price of $395,000.
Year-over-year, October’s median closed sales price was up 3.9 percent.
Despite the increase in the median sales price, October’s median sold price per square foot (PPSF) saw a decrease for the month. October’s median sold PPSF fell to $216.08/sq.ft. — down 1.3 percent from September’s $218.87/sq.ft.
Year-over-year, October’s median sold PPSF is up 1.0 percent.
Homes Sold
Home sales fell to 554 units sold in October — representing a 4.0 percent decrease from September’s 577 homes sold.
That being said, year-over-year, October’s number of homes sold was up a whopping 18.4 percent over the 468 homes sold in October 2018.
Year-to-date home sales for 2019 are now up 3.0 percent compared to the same period last year — 5,290 vs. 5,135, respectively.
Inventory
Currently 1,090 homes are available for purchase in the Reno-Sparks market. This number is down 15 percent from the 1,283 homes available for sale this time last month. Year-over-year, current available inventory is down 16.2 percent.
Pending sales also fell in October. Presently, 773 homes are pending sale in the Reno-Sparks market. That number is down 5.0 percent from the 814 homes pending sale this time last month. Expect homes sales to continue to decline as the market enters the fall and winter seasons.
Despite its monthly decline, year-over-year, current pending sales are up 7.8 percent over the number of pending sales this time last year.
Days on Market
October’s median days on market (DOM) clocked in at 76 days — an increase of 8 days over September’s median DOM. Increasing DOM is indicative of a cooling fall market.
Year-over-year, October’s DOM number is up 11 days over October 2018’s number.
Sales by Type
October sales by type, break out as follows:
- REO sales: 1.1% – down from September’s 1.4%
- Short sales: 0.4% – up over September’s 0.2%
- Subject to Court Approval sales: 0.9% – down from September’s 1.3%
- Relocation sales: 0.2% – unchanged from September’s 0.2%
- Equity sales: 97.5% – up over September’s 97.0%
Sales by Price
October sales by price band, break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 1 | 0.2% |
| 100 – 199 | 3 | 0.7% |
| 200 – 299 | 82 | 15.5% |
| 300 – 399 | 193 | 50.4% |
| 400 – 499 | 130 | 73.8% |
| 500 – 599 | 68 | 86.1% |
| 600 – 699 | 33 | 92.1% |
| 700 – 799 | 12 | 94.2% |
| 800 – 899 | 8 | 95.7% |
| 900 – 999 | 4 | 96.4% |
| 1M+ | 20 | 100% |
| total | 554 |
October’s median sold price for houses and condos combined was $379,900 — a 2.7 percent increase over September’s median sold price of $370,000 for combined sales of houses and condos.
The table below contains the past 13 months of data[1]…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Oct 2019 | 554 | $399,995 | $216.08 | 76 | 1,090 | 773 |
| Sep 2019 | 577 | $395,000 | $218.87 | 68 | 1,283 | 814 |
| Aug 2019 | 623 | $399,000 | $213.78 | 64 | 1,342 | 898 |
| Jul 2019 | 605 | $406,000 | $217.39 | 60 | 1,367 | 906 |
| Jun 2019 | 570 | $400,000 | $219.78 | 55 | 1,252 | 915 |
| May 2019 | 680 | $390,000 | $220.27 | 54 | 1,163 | 911 |
| Apr 2019 | 531 | $375,000 | $213.73 | 65 | 996 | 923 |
| Mar 2019 | 458 | $369,000 | $207.92 | 78 | 867 | 815 |
| Feb 2019 | 362 | $372,150 | $208.84 | 89 | 888 | 774 |
| Jan 2019 | 325 | $362,000 | $210.44 | 86 | 961 | 655 |
| Dec 2018 | 385 | $365,000 | $209.82 | 77 | 1,079 | 541 |
| Nov 2018 | 469 | $377,500 | $211.75 | 71 | 1,237 | 634 |
| Oct 2018 | 468 | $385,000 | $213.86 | 65 | 1,300 | 717 |
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 – November 7, 2019. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data back to 1998 click here.
