August Market Report for Reno and Sparks, Nevada

Reno-Sparks’ home prices continue to surge; September’s median sales price hits another all-time new high; Inventory continues to dwindle

August’s median sold home price for Reno-Sparks climbed to $444,900. August’s median sales price represents a 2.4 percent increase over July’s median of $434,450, and also sets another new record high for the market.

Year-over-year, August’s median closed sales price is up 11.5 percent.

August’s median sold price per square foot (PPSF) pulled back slightly — coming in at $228.54, or 0.2% percent below July’s $229.11/sq.ft.

Year-over-year, August’s median sold PPSF is up 6.9 percent.

Homes Sold

August home sales were strong, but were hindered by lack of affordable inventory. 642 homes sold for the month. This number was down 13.7 percent from the number of homes sold in July, however was up 2.9 percent over the 624 homes sold in August 2019.

Year-to-date home sales are down 1.3 percent from the same period last year.

Inventory

Currently 468 homes are available for purchase in the Reno-Sparks market. This number is down a hefty 20.4 percent from the 588 homes available for sale this time last month.

And year-over-year, current available inventory is down a whopping 65.1 percent!

Pending sales rose in August. Presently, 1,068 homes are pending sale in the Reno-Sparks market. That number represents a 3.0 percent increase over the 1,037 homes pending sale this time last month.

Year-over-year, pending sales are up 18.9 percent.

Days on Market and Days to Contract

August’s median days on market (DOM) came in 53 days — a decrease of 4 days from July’s median DOM. Year-over-year, August’s DOM number is down 11 days from August 2019’s number.

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

Sales by Type

August sales by type, break out as follows:

• REO sales: 0.5% – down from July’s 0.8%
• Short sales: 0% – unchanged from July’s 0%
• Subject to Court Approval sales: 0.2% – down from July’s 0.6%
• Relocation sales: 0.6% – up over July’s 0.3%
• Equity sales: 98.8% – up over July’s 98.3%

Sales by Price

August 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	0.2%	0.2%
200 – 299	32	5.0%	5.1%
300 – 399	210	32.7%	37.8%
400 – 499	182	28.3%	66.1%
500 – 599	79	12.3%	78.4%
600 – 699	44	6.8%	85.2%
700 – 799	24	3.7%	89.0%
800 – 899	21	3.7%	92.2%
900 – 999	11	1.7%	93.9%
1M+	39	6.1%	100%
total	643	100%

August’s median sold price for houses and condos combined was $415,000 — a 1.9 percent increase over July’s median sold price of $407,250 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
Aug 2020	642	$444,900	$228.54	53	468	1,068
Jul 2020	744	$434,450	$229.11	57	588	1,037
Jun 2020	562	$407,000	$222.71	58	688	1,062
May 2020	402	$399,700	$222.37	57	720	1,048
Apr 2020	392	$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	624	$399,000	$213.73	64	1,342	898

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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 – September 3, 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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