December 2020 Market Report for Reno and Sparks, Nevada

Ed. Note: Data updated January 6, 2021

December home sales set a December record; December’s median sold PPSF surpasses $250/sq.ft. and sets an all-time high; Available inventory drastically low — down 72% Y-o-Y!

December’s median sold home price for Reno-Sparks came in at $449,600 — essentially unchanged from November’s median sales price of $450,000.

Year-over-year, December’s median closed sales price was up a whopping 14.1 percent! This equates to an increase of $55,600 in the median sales price year-over-year.

December’s median sold price per square foot (PPSF) jumped to $250.77/sq.ft. — a 3.4 percent increase over November’s sold PPSF of $242.43/sq.ft. December’s median sold PPSF also sets an all-time high for this metric.

Year-over-year, December’s median sold PPSF is up 15.9 percent!

Homes Sold

548 SFRs sold in December — setting a record high number of homes sold during any December [The previous record was set in December 2011 when 534 homes sold for the month.]

Though down 9.4 percent from November’s record-setting number of homes sold, December’s homes sold was up 6.0 percent year-over-year.

After catching and then surpassing 2019 year-to-date home sales in September 2020, home sales continued to outperform in the 4th quarter.

Total home sales in 2020 came in at 6,625 units. That number represents a 5.5 percent increase over the 6,279 homes sold in 2019. And 2020’s total is 2nd only to the number of 6,837 homes sold in 2017.

Inventory

Currently there are only 218 homes available for purchase in the Reno-Sparks market. This number is down 21.6 percent from the 278 homes available for sale this time last month.

And year-over-year, current available inventory is down an incredible 72.0 percent! Yes, last year at this time 779 homes were available for purchase — today there are 218!

And the picture becomes even bleaker when one looks at the available inventory of homes priced at, or below, the current median sales price of $449,700. Currently only 54 homes (24.8 percent) are priced at, or below, the median sales price.

Presently, 621 homes are pending sale in the Reno-Sparks market. That number is down 22.1 percent from November’s 797 pending sales. However, year-over-year, December’s pending sales are up 14.8 percent.

Days on Market and Days to Contract

December’s median days on market (DOM) came in at 50 days — a decrease of 2 days from November’s median DOM. Year-over-year December’s DOM is a whopping 32 days (or 39.0 percent) lower than December 2019’s DOM. These numbers show the relative velocity the current market.

December’s median days to contract (DTC) came in at 4 days — a decrease of one day from November’s median DTC. Year-over-year, December’s DTC number is 18 days lower than December 2019’s 22 DTC. Again, reflecting the velocity the current market.

Sales by Type

December sales by type, break out as follows:

  • REO sales: 0.4% – down from November’s 0.9%
  • Short sales: 0.2% – up over November’s 0%
  • Subject to Court Approval sales: 1.0% – up over November’s 0.5%
  • Relocation sales: 0.4% – up over November’s 0%
  • Equity sales: 98.1% – down from November’s 98.6%

Sales by Price

December 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 2 0.4% 0.4%
200 – 299 25 4.5% 4.9%
300 – 399 157 28.6% 33.5%
400 – 499 136 24.8% 58.3%
500 – 599 85 15.5% 73.8%
600 – 699 44 8.0% 81.8%
700 – 799 21 3.8% 85.6%
800 – 899 23 4.2% 90.0%
900 – 999 18 3.3% 93.2%
1M+ 37 6.8% 100%
total 548 100%

December’s median sold price for houses and condos combined was $425,000 — a 1.2 percent decrease from November’s median sold price of $430,000 for combined sales of houses and condos. Year-over-year, December’s number is up 14.9 percent.

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
Dec 2020 548 $449,600 $250.77 50 218 621
Nov 2020 605 $450,000 $242.43 52 278 797
Oct 2020 631 $455,000 $237.94 50 385 979
Sep 2020 700 $440,000 $239.32 49 432 1,013
Aug 2020 658 $442,250 $228.32 54 468 1,068
Jul 2020 750 $433,160 $229.14 57 588 1,037
Jun 2020 565 $407,000 $223.21 58 688 1,062
May 2020 404 $399,900 $222.46 57 720 1,048
Apr 2020 392 $415,500 $219.95 51 812 697
Mar 2020 518 $415,000 $221.74 56 774 658
Feb 2020 460 $392,750 $211.79 78 587 816
Jan 2020 394 $405,000 $215.99 89 621 712
Dec 2019 517 $394,000 $216.38 82 779 541

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 – January 3, 2021 [Data revised January 6, 2021]. 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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