November median sales price and other market metrics

Reno-Sparks home prices remain stable; Units sold drops sharply, Inventory down

Median Sales Price

November’s median sold home price for Reno-Sparks was $400,000 for the month — essentially unchanged from October’s median sales price of $399,995.

Year-over-year, November’s median closed sales price was up 6.0 percent.

November’s median sold price per square foot (PPSF) saw a slight increase for the month. November’s median sold PPSF rose to $216.95/sq.ft. — up 0.1 percent over October’s $216.67/sq.ft.

Year-over-year, November’s median sold PPSF is up 2.5 percent.

Homes Sold

Home sales fell to 447 units sold in November — representing a whopping 20.3 percent decrease from October’s 561 homes sold.

Year-over-year, November’s number of homes sold was down 4.7 percent from the 469 homes sold in November 2018.

Year-to-date home sales for 2019 are up 2.5 percent compared to the same period last year — 5,746 vs. 5,604, respectively.

Inventory

Currently 956 homes are available for purchase in the Reno-Sparks market. This number is down 12.3 percent from the 1,090 homes available for sale this time last month. Year-over-year, current available inventory is down 22.7 percent.

Pending sales also fell in November. Presently, 683 homes are pending sale in the Reno-Sparks market. That number is down 11.6 percent from the 773 homes pending sale this time last month. As pendings continue to decline, expect unit sales to decline as well as the market enters winter.

Despite its monthly decline, year-over-year, current pending sales are up 7.7 percent over the number of pending sales this time last year.

Days on Market

November’s median days on market (DOM) clocked in at 72 days — a decrease of 4 days from October’s median DOM. Year-over-year, November’s DOM number is up just 1 day over November 2018’s number.

Sales by Type

November sales by type, break out as follows:

  • REO sales: 0.9% – down from October’s 1.1%
  • Short sales: 0% – down from October’s 0.4%
  • Subject to Court Approval sales: 1.6% – up over October’s 0.9%
  • Relocation sales: 0% – down from October’s 0.2%
  • Equity sales: 97.5% – unchanged from October’s 97.5%

Sales by Price

November 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%
100 – 199 1 0.2%
200 – 299 57 13.0%
300 – 399 164 50.0%
400 – 499 106 73.4%
500 – 599 46 83.7%
600 – 699 27 89.7%
700 – 799 11 92.2%
800 – 899 13 95.1%
900 – 999 5 96.2%
1M+ 17 100%
total 447

November’s median sold price for houses and condos combined was $372,000 — a 1.2 percent decrease from October’s median sold price of $376,500 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
Nov 2019 447 $400,000 $216.95 72 956 683
Oct 2019 561 $399,995 $216.67 76 1,090 773
Sep 2019 578 $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

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 – December 8, 2019. Note: This information is deemed reliable, but not guaranteed.

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

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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