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 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]…
| 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.
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