January median sales price and other market metrics

Reno-Sparks median sales price jumps 2.8 percent in January; closed home sales median price up 12.2 percent year-over-year; pending sales rise


Median Sales Price

January’s median sold home price for Reno-Sparks was $405,000 for the month — a 2.8 percent increase over December’s median sales price of $394,000.

Year-over-year, January’s median closed sales price was up an impressive 12.2 percent.

January’s median sold price per square foot (PPSF) receded a bit — coming in at $216.01, or $0.18 below December’s $216.19/sq.ft.

Year-over-year, January’s median sold PPSF is up 2.7 percent.

Homes Sold

Home sales fell to 380 units sold in January — representing a 26.5 percent decrease from December’s 517 homes sold. However, it should be noted that unit sales typically are at their lowest point of the year in January. Several factors contribute to January’s low unit sales — weather, low inventory, etc. — but an often overlooked factor is (the preceding month of) December somewhat cannibalizing January’s sales (See The housing market’s “January Effect”).

The more informative number to which to compare January sales is the preceding January. Doing so here shows us that, year-over-year, January’s number of homes sold was up an impressive 16.6 percent over the 326 homes sold in January 2019.

Inventory

Currently 621 homes are available for purchase in the Reno-Sparks market. This number is down a sobering 20.1 percent from the 779 homes available for sale this time last month. Year-over-year, current available inventory is down a staggering 35.4 percent.

Pending sales are showing a healthy uptick. Presently, 712 homes are pending sale in the Reno-Sparks market. That number is up 31.6 percent over the 541 homes pending sale this time last month. As pending sales rise expect unit sales to climb as well.

Current pending sales are up 8.7 percent over the number of pending sales this time last year.

Days on Market

January’s median days on market (DOM) clocked in at 87 days — a increase of 5 days over December’s median DOM. Year-over-year, January’s DOM number is up 1 day over January 2019’s number.

DOM typically peaks in January/February and then begins to recede as we enter the spring home buying market.

Sales by Type

January sales by type, break out as follows:

  • REO sales: 0.3% – down from December’s 1.0%
  • Short sales: 0% – down from December’s 1.0%
  • Subject to Court Approval sales: 0.8% – down from December’s 1.2%
  • Relocation sales: 0% – down from December’s 0.6%
  • Equity sales: 98.9% – up over December’s 96.0%

Sales by Price

January sales by price band, break out as follows in the table below…

Sales by Price Segment
sales price ($000’s) units sold % of sales cumulative % of sales
0 – 99 1 0.3% 0.3%
100 – 199 5 1.3% 1.6%
200 – 299 42 11.1% 12.6%
300 – 399 133 35.0% 47.6%
400 – 499 98 25.8% 73.4%
500 – 599 36 9.5% 82.9%
600 – 699 25 6.6% 89.5%
700 – 799 12 3.2% 92.6%
800 – 899 12 3.2% 95.8%
900 – 999 6 1.6% 97.4%
1M+ 10 2.6% 100%
total 380 100%

January’s median sold price for houses and condos combined was $384,820 — a 4.0 percent increase over December’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]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Jan 2020 380 $405,000 $216.01 87 621 712
Dec 2019 517 $394,000 $216.19 82 779 541
Nov 2019 453 $400,000 $216.66 73 956 683
Oct 2019 562 $399,997 $216.64 76 1,090 773
Sep 2019 579 $395,000 $218.24 68 1,283 814
Aug 2019 623 $399,000 $213.78 64 1,342 898
Jul 2019 606 $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 363 $372,300 $208.63 90 888 774
Jan 2019 326 $361,000 $210.31 86 961 655

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


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 – February 6, 2020. 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.

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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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