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 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]…
| 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.
