Reno-Sparks unit home sales climb in December; median sales price recedes; inventory plummets
Median Sales Price
December’s median sold home price for Reno-Sparks was $394,000 for the month — a 1.5 percent drop from November’s median sales price of $400,000.
Year-over-year, December’s median closed sales price was up a healthy 7.95 percent.
December’s median sold price per square foot (PPSF) was essentially unchanged — coming in at $216.61, or $0.05 below November’s $216.66/sq.ft.
Year-over-year, December’s median sold PPSF is up 3.2 percent.
Homes Sold
Home sales rose to a robust 503 units sold in December — representing an 11.0 percent increase over November’s 453 homes sold. However, it should be noted that unit sales typically pop in December as many home buyers desire to close prior to the end of the tax year.
Year-over-year, December’s number of homes sold was up a whopping 30.6 percent over the 385 homes sold in December 2018.
For the 2019 calendar year, home sales were up a healthy 4.7 percent compared to the same period last year — 6,273 vs. 5,990, respectively.
Inventory
Currently 776 homes are available for purchase in the Reno-Sparks market. This number is down a staggering 18.8 percent from the 956 homes available for sale this time last month. Year-over-year, current available inventory is down a sobering 27.8 percent.
Pending sales also fell in December. Presently, 541 homes are pending sale in the Reno-Sparks market. That number is down 20.8 percent from the 683 homes pending sale this time last month. As pendings continue to decline, expect unit sales to decline as well.
Despite its monthly decline, year-over-year, current pending sales are unchanged from the number of pending sales this time last year.
Days on Market
December’s median days on market (DOM) clocked in at 81 days — a increase of 8 days over November’s median DOM. Year-over-year, December’s DOM number is up 4 days over December 2018’s number.
Sales by Type
December sales by type, break out as follows:
- REO sales: 1.0% – up over November’s 0.9%
- Short sales: 1.0% – up over November’s 0%
- Subject to Court Approval sales: 1.2% – down from November’s 1.6%
- Relocation sales: 0.6% – up from November’s 0%
- Equity sales: 96.0% – down from November’s 97.5%
Sales by Price
December 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 | 6 | 1.2% |
| 200 – 299 | 97 | 20.5% |
| 300 – 399 | 163 | 52.9% |
| 400 – 499 | 113 | 75.3% |
| 500 – 599 | 41 | 83.5% |
| 600 – 699 | 26 | 88.7% |
| 700 – 799 | 18 | 92.2% |
| 800 – 899 | 12 | 94.6% |
| 900 – 999 | 7 | 96.0% |
| 1M+ | 20 | 100% |
| total | 503 |
December’s median sold price for houses and condos combined was $370,000 — a 0.3 percent decrease from November’s median sold price of $371,000 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 |
| Dec 2019 | 503 | $394,000 | $216.61 | 81 | 779 | 541 |
| Nov 2019 | 453 | $400,000 | $216.66 | 73 | 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 |
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 – January 7, 2020. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
