June median sales price and other market metrics

Reno-Sparks home sales post big gains; Median sales price up!

June’s median sold home price for Reno-Sparks climbed to $407,000 — a 1.8 percent increase from May’s median sales price.

Year-over-year, June’s median closed sales price is also up 1.8 percent.

June’s median sold price per square foot (PPSF) increased — coming in at $223.98, or 0.7 percent up over May’s $222.37/sq.ft.

Year-over-year, June’s median sold PPSF is up 2.0 percent.

Homes Sold

Home sales rebounded nicely in June — coming in at 537 units sold for the month. The number of homes sold in June was 32.9 percent higher than the number of homes sold in May.

Year-over-year, June’s home sales are down 6.1 percent from the 572 homes sold in June 2019.

Year-to-date home sales are down 8.1 percent from the same period last year.

Inventory

Currently 688 homes are available for purchase in the Reno-Sparks market. This number is down 4.4 percent from the 720 homes available for sale this time last month.

Year-over-year, current available inventory is down a whopping 45.0 percent!

Pending sales rose slightly in June. Presently, 1,062 homes are pending sale in the Reno-Sparks market. That number represents a 1.3 percent increase over the 1,048 homes pending sale this time last month.

Year-over-year, pending sales are down 15.2 percent.

Lack of inventory is hampering overall home sales.

Days on Market and Days to Contract

June’s median days on market (DOM) came in 58 days — an increase of 1 day over May’s median DOM. Year-over-year, June’s DOM number is up 3 days over June 2019’s number.

June’s median days to contract (DTC) came in at 5 days — unchanged from May’s median DTC. Year-over-year, June’s DTC number is unchanged from June 2019’s number.

Sales by Type

June sales by type, break out as follows:

  • REO sales: 0.6% – up over May’s 0.2%
  • Short sales: 0.2% – unchanged from May’s 0.2%
  • Subject to Court Approval sales: 1.5% – down from May’s 2.0%
  • Relocation sales: 0.7% – up over May’s 0.2%
  • Equity sales: 97.0% – down from May’s 97.3%

Sales by Price

June sales by price band break out as follows…

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 0.3% 0.3%
200 – 299 54 10.1% 10.2%
300 – 399 202 37.6% 47.9%
400 – 499 130 24.2% 72.1%
500 – 599 49 9.1% 81.2%
600 – 699 38 7.1% 88.3%
700 – 799 26 4.8% 93.1%
800 – 899 8 1.5% 94.6%
900 – 999 6 1.1% 95.7%
1M+ 23 4.3% 100%
total 537 100%

June’s median sold price for houses and condos combined was $390,000 — a 1.3 percent increase over May’s median sold price of $385,000 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
Jun 2020 537 $407,000 $223.98 58 688 1,062
May 2020 404 $399,900 $222.37 57 720 1,048
Apr 2020 390 $415,500 $219.95 51 812 697
Mar 2020 514 $415,000 $221.44 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 572 $400,000 $219.54 55 1,252 915

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 – July 5, 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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