May median sales price and other market metrics

Reno-Sparks median sales price drops — Pending sales up substantially

May’s median sold home price for Reno-Sparks fell to $399,900 — a 3.8 percent decrease from April’s record-setting high.

Year-over-year, May’s median closed sales price is up 2.5 percent.

May’s median sold price per square foot (PPSF) increased — coming in at $222.30, or 1.1 percent up over April’s $219.95/sq.ft.

Year-over-year, May’s median sold PPSF is up 1.0 percent.

Homes Sold

Home sales rose to 403 units sold in May. And though this number is 3.3 percent higher than the number of homes sold in April, year-over-year, May’s home sales are off a whopping 40.9 percent from 682 homes sold in May 2019.

Inventory

Currently 720 homes are available for purchase in the Reno-Sparks market. This number is down 11.3 percent from the 812 homes available for sale this time last month. Year-over-year, current available inventory is down 38.1 percent.

Pending sales rose substantially in May. Presently, 1,048 homes are pending sale in the Reno-Sparks market. That number represents a 50.4 percent increase over the 697 homes pending sale this time last month.

Year-over-year, pending sales are up 15.0 percent.

Days on Market and Days to Contract

May’s median days on market (DOM) came in 57 days — an increase of 6 days over April’s median DOM. Year-over-year, May’s DOM number is up 3 days over May 2019’s number.

May’s median days to contract (DTC) came in at 5 days — an increase of 1 day over April’s median 4 DTC. Year-over-year, May’s DTC number is up 1 day over May 2019’s number.

Sales by Type

May sales by type, break out as follows:

  • REO sales: 0.2% – down from April’s 1.3%
  • Short sales: 0.2% – down from April’s 0.3%
  • Subject to Court Approval sales: 2.0% – up over April’s 1.0%
  • Relocation sales: 0.2% – down from April’s 0.8%
  • Equity sales: 97.3% – up over April’s 96.6%

Sales by Price

May 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 1 0.2% 0.2%
200 – 299 43 10.7% 10.9%
300 – 399 159 39.5% 50.4%
400 – 499 105 26.1% 76.4%
500 – 599 46 11.4% 87.8%
600 – 699 16 4.0% 91.8%
700 – 799 9 2.2% 94.0%
800 – 899 5 1.2% 95.3%
900 – 999 4 1.0% 96.3%
1M+ 15 3.7% 100%
total 403 100%

May’s median sold price for houses and condos combined was $385,500 — a 3.6 percent decrease from April’s median sold price of $400,000 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
May 2020 403 $399,900 $222.30 57 720 1,048
Apr 2020 390 $415,500 $219.95 51 812 697
Mar 2020 513 $415,000 $221.31 56 774 658
Feb 2020 459 $392,500 $211.63 78 587 816
Jan 2020 393 $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 682 $390,000 $220.13 54 1,163 911

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 19, 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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