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 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]…
| 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.
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