Despite the pandemic Reno-Sparks home sales surge in July; Median sales price hits an all-time new high
July’s median sold home price for Reno-Sparks rocketed to $435,000! Not only was this a whopping 7.4 percent increase over June’s median sales price, but also July’s median sets an all-time record high for our market.
Year-over-year, July’s median closed sales price is up 7.1 percent.
July’s median sold price per square foot (PPSF) increased as well — coming in at $230.41, or 2.9 percent up over June’s $223.98/sq.ft.
Year-over-year, July’s median sold PPSF is up 6.0 percent.
Homes Sold
Home sales surged as well — coming in at 723 units sold for the month. The number of homes sold in July was 29.8 percent higher than the 557 homes sold in June.
Year-over-year, July’s home sales were up an impressive 18.9 percent from the 607 homes sold in July 2019.
Year-to-date home sales are down 2.9 percent from the same period last year.
Inventory
Currently 588 homes are available for purchase in the Reno-Sparks market. This number is down 14.5 percent from the 688 homes available for sale this time last month.
Year-over-year, current available inventory is down a whopping 57.0 percent!
Pending sales declined in July. Presently, 1,037 homes are pending sale in the Reno-Sparks market. That number represents a 2.4 percent decrease from the 1,062 homes pending sale this time last month.
Year-over-year, pending sales are up 14.5 percent.
Days on Market and Days to Contract
July’s median days on market (DOM) came in 57 days — a decrease of 1 day from June’s median DOM. Year-over-year, July’s DOM number is down 3 days from July 2019’s number.
July’s median days to contract (DTC) came in at 5 days — unchanged from June’s median DTC. Year-over-year, July’s DTC number is unchanged from July 2019’s number.
Sales by Type
July sales by type, break out as follows:
- REO sales: 0.8% – up over June’s 0.6%
- Short sales: 0% – down from June’s 0.2%
- Subject to Court Approval sales: 0.6% – down from June’s 1.5%
- Relocation sales: 0.3% – down from June’s 0.7%
- Equity sales: 98.3% – up over June’s 97.0%
Sales by Price
July sales by price band break out as follows…
| sales price ($000’s) | units sold | % of sales | cumulative % of sales |
| 0 – 99 | 0 | 0.0% | 0.0% |
| 100 – 199 | 2 | 0.3% | 0.3% |
| 200 – 299 | 52 | 7.2% | 7.5% |
| 300 – 399 | 221 | 30.1% | 38.0% |
| 400 – 499 | 210 | 29.0% | 67.1% |
| 500 – 599 | 84 | 11.6% | 78.7% |
| 600 – 699 | 60 | 8.3% | 87.0% |
| 700 – 799 | 27 | 3.7% | 90.7% |
| 800 – 899 | 21 | 2.9% | 93.6% |
| 900 – 999 | 12 | 1.7% | 95.3% |
| 1M+ | 34 | 4.7% | 100% |
| total | 723 | 100% |
July’s median sold price for houses and condos combined was $408,710 — a 4.9 percent increase over June’s median sold price of $389,617 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 |
| Jul 2020 | 722 | $435,000 | $230.41 | 57 | 588 | 1,037 |
| Jun 2020 | 557 | $405,000 | $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 | 607 | $406,000 | $217.39 | 60 | 1,367 | 906 |
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 – August 5, 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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