March median sales price and other market metrics

Reno-Sparks median sales price up nearly 6% in March — sets new all-time high; March home sales up nearly 10 percent; Pending sales portend weak April and May

March’s median sold home price for Reno-Sparks jumped 5.9 percent for the month to come in at $415,000 — setting a new record high home price for the Reno and Sparks’ markets.

Year-over-year, March’s median closed sales price was up a whopping 12.5 percent.

March’s median sold price per square foot (PPSF) also rose — coming in at $221.57, or 4.1 percent over February’s $212.80/sq.ft.

Year-over-year, March’s median sold PPSF is up 6.6 percent.

Homes Sold

Home sales rose to 503 units sold in March — representing an impressive 10.3 percent increase over February’s 456 homes sold.

Year-over-year, March’s number of homes sold was up 9.8 percent over the 458 homes sold in March 2019.

Inventory

Currently 774 homes are available for purchase in the Reno-Sparks market. This number is up a whopping 31.9 percent over the 587 homes available for sale this time last month. Despite the monthly increase, current available inventory is down 10.7 percent, year-over-year.

Pending sales are dramatically down. Presently, 658 homes are pending sale in the Reno-Sparks market. That number is down a staggering 19.4 percent from the 816 homes pending sale this time last month. This large decrease is likely due to decreased home buying activity caused by the corona virus pandemic, and portends much fewer home sales for April and May.

Current pending sales are down 19.3 percent from the number of pending sales this time last year.

Days on Market and Days to Contract

March’s median days on market (DOM) came in 56 days — a substantial decrease of 23 days (more than three weeks) from February’s median DOM. Year-over-year, March’s DOM number is down 22 days from March 2019’s number.

March’s median days to contract (DTC) fell to 5 days — a substantial decrease of 11 days from February’s median 16 DTC. Year-over-year, March’s DTC number is down 13 days from March 2019’s number.

Expect both DOM and DTC numbers to increase as the effects of the stay-at-home guidelines impact the home buying process.

Sales by Type

March sales by type, break out as follows:

• REO sales: 0.8% – down from February’s 0.9%
• Short sales: 0% – down February’s 0.7%
• Subject to Court Approval sales: 1.2% – down from February’s 1.6%
• Relocation sales: 0.4% – unchanged from February’s 0.4%
• Equity sales: 97.7% – up over February’s 96.4%

Sales by Price

March 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	0	0.0%	0.0%
100 – 199	6	1.2%	1.2%
200 – 299	47	9.3%	10.5%
300 – 399	174	34.6%	45.1%
400 – 499	135	26.8%	72.0%
500 – 599	63	12.5%	84.5%
600 – 699	47	9.3%	93.8%
700 – 799	5	1.0%	94.8%
800 – 899	4	0.8%	95.6%
900 – 999	3	0.6%	96.2%
1M+	19	3.8%	100%
total	503	100%

March’s median sold price for houses and condos combined was $389,000 — a 6.1 percent increase over February’s median sold price of $366,585 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
Mar 2020	503	$415,000	$221.57	56	774	658
Feb 2020	456	$391,975	$212.80	79	587	816
Jan 2020	391	$405,000	$216.01	88	621	712
Dec 2019	518	$393,500	$216.29	81	779	541
Nov 2019	455	$400,000	$216.54	72	956	683
Oct 2019	563	$399,999	$216.61	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

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 – April 7, 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.