October Market Report for Reno and Sparks, Nevada

October’s median sales price hit another record high — the fifth this year! Available inventory drastically low — down 65% Y-o-Y!

October’s median sold home price for Reno-Sparks rose to $459,000 — setting another all-time high and shattering the previous record high of $444,900 set in August of this year.

Year-over-year, October’s median closed sales price was up a whopping 14.8 percent!

October’s median sold price per square foot (PPSF) pulled back slightly to $239.09/sq.ft. — a 0.4 percent decrease from September’s sold PPSF of $239.97/sq.ft,

Year-over-year, October’s median sold PPSF is up 10.4 percent.

Homes Sold

Home sales continue to exceed year-over-year numbers. 598 homes were sold in October. And although that number was down 13.6 percent from the record-setting number of homes sold in September, October sales set an all-time high for the number of homes sold in the month of October.

Year-over-year, October home sales were up 6.2 percent!

After catching and then surpassing 2019 year-to-date home sales in September, 2020 year-to-date home sales are now up 2.3 percent from the same period last year — effectively wiping out the Coronavirus pandemic’s negative impact on home sales observed in March and April of this year. [See What happened on September 21, 2020?]

How long can these record-breaking monthly sales numbers last? Well, read on…

Inventory

Currently there are only 385 homes available for purchase in the Reno-Sparks market. This number is down 10.9 percent from the 432 homes available for sale this time last month.

And year-over-year, current available inventory is down an incredible 64.7 percent! Yes, last year at this time 1,090 homes were available for purchase — today there are 385!

And the picture becomes even bleaker when one looks at the available inventory of homes priced at, or below, the currently median sales price of $459,000. Currently only 81 homes (21 percent) are priced at, or below, the median sales price.

This drastically low amount of inventory has been, and will continue to, negatively impact the number of homes sold. However, that impact may not be readily apparent in monthly home sales totals until December or even January. That is because current pending sales are up substantially year-over-year.

Presently, 979 homes are pending sale in the Reno-Sparks market. Year-over-year, that number is up 26.6 percent over the number of pending sales this time last year. If only half of these pending sales close by the end of November [and likely more than half will close by the end of the month], then November sales will still exceed November 2019 home sales.

However, as I mentioned above, December may tell a different story.

Days on Market and Days to Contract

October’s median days on market (DOM) came in at 50 days — an increase of 1 day over September’s median DOM. However, year-over-year October’s DOM is a whopping 26 days (or 34.2 percent) lower than October 2019’s DOM. These numbers show the velocity the current market.

October’s median days to contract (DTC) came in at 5 days — unchanged from September’s median DTC. Year-over-year, October’s DTC number is 16 days lower than October 2019’s 21 DTC — again, reflecting the velocity the current market.

Sales by Type

October sales by type, break out as follows:

  • REO sales: 0.2% – down from September’s 0.3%
  • Short sales: 0.2% – up over September’s 0%
  • Subject to Court Approval sales: 0.7% – down from September’s 1.2%
  • Relocation sales: 0.7% – up over September’s 0.6%
  • Equity sales: 98.3% – up over September’s 97.9%

Sales by Price

October 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 0 0.0% 0.0%
200 – 299 37 6.2% 6.2%
300 – 399 168 28.1% 34.3%
400 – 499 160 26.8 61.1%
500 – 599 82 13.7 74.8%
600 – 699 54 9.0% 83.8%
700 – 799 29 4.8% 88.6%
800 – 899 16 2.8% 91.4%
900 – 999 7 1.2% 92.6%
1M+ 45 7.5% 100%
total 598 100%

October’s median sold price for houses and condos combined was $421,820 — a 0.4 percent increase over September’s median sold price of $420,000 for combined sales of houses and condos, and an 11.6 percent year-over-year increase.

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
Oct 2020 598 $459,000 $239.09 50 385 979
Sep 2020 692 $440,000 $239.97 49 432 1,013
Aug 2020 656 $444,900 $228.25 54 468 1,068
Jul 2020 748 $433,160 $229.14 57 588 1,037
Jun 2020 565 $407,000 $223.21 58 688 1,062
May 2020 403 $399,900 $222.43 57 720 1,048
Apr 2020 392 $415,500 $219.95 51 812 697
Mar 2020 516 $415,000 $221.74 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

Please post your comments and questions below, and thank you for reading this post.


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 – November 1, 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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