April median sales price and other market metrics

Reno-Sparks median sales price remains unchanged in April — Sales down substantially

April’s median sold home price for Reno-Sparks held steady at $415,000 — unchanged from March’s record-setting high.

Year-over-year, April’s median closed sales price is up a whopping 10.1 percent.

April’s median sold price per square foot (PPSF) receded a bit — coming in at $220.65, or 0.4 percent down from March’s $221.57/sq.ft.

Year-over-year, April’s median sold PPSF is up 3.4 percent.

Homes Sold

Home sales plummeted to 381 units sold in April — a whopping 24.9 percent decrease from March’s 507 homes sold.

Year-over-year, April’s number of homes sold is down 28.5 percent from the 533 homes sold in April 2019.

Inventory

Currently 812 homes are available for purchase in the Reno-Sparks market. This number is up 4.9 percent over the 774 homes available for sale this time last month. Despite the monthly increase, current available inventory is down 18.5 percent, year-over-year.

Pending sales are dramatically lower than where they historically are. Presently, 697 homes are pending sale in the Reno-Sparks market. And though that number is 5.9 percent higher than 658 homes pending sale this time last month, year-over-year, pending sales are down 24.5 percent.

This large decrease is due to decreased home buying activity caused by the corona virus pandemic, and portends fewer home sales for May and June.

Days on Market and Days to Contract

April’s median days on market (DOM) came in 52 days — a decrease of 4 days from March’s median DOM. Year-over-year, April’s DOM number is down 13 days from April 2019’s number.

April’s median days to contract (DTC) dropped to 4 days — a decrease of 1 day from March’s median 5 DTC. Year-over-year, April’s DTC number is down 1 day from April 2019’s number.

For those home buyers ready and able to purchase, speed appears to be key.

Sales by Type

April sales by type, break out as follows:

  • REO sales: 1.3% – up over March’s 0.8%
  • Short sales: 0.3% – up over March’s 0%
  • Subject to Court Approval sales: 1.0% – down from March’s 1.2%
  • Relocation sales: 0.8% – up over March’s 0.4%
  • Equity sales: 96.6% – down from March’s 97.7%

Sales by Price

April 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 4 1.0% 1.0%
200 – 299 31 8.1% 9.2%
300 – 399 126 33.1% 42.3%
400 – 499 106 27.8% 70.1%
500 – 599 48 12.6% 82.7%
600 – 699 21 5.5% 88.2%
700 – 799 21 5.5% 93.7%
800 – 899 3 0.8% 94.5%
900 – 999 8 2.1% 96.6%
1M+ 13 3.4% 100%
total 381 100%

April’s median sold price for houses and condos combined was $400,388 — a 3.8 percent increase over March’s median sold price of $385,870 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
Apr 2020 381 $415,000 $220.65 52 812 697
Mar 2020 507 $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 533 $377,000 $213.49 65 996 923

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 – May 8, 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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