January 2021 Market Report for Reno and Sparks, Nevada

Sales plummet to lowest levels in two years! Available inventory at lowest level ever!

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January’s median sold home price for Reno-Sparks came in at $446,702. That number is down 0.7 percent from December’s median sales price of $449,900.

Year-over-year, January’s median closed sales price was up a respectable 10.3 percent.

January’s median sold price per square foot (PPSF) increased to $253.23/sq.ft. — a 0.7 percent increase over December’s sold PPSF of $251.31/sq.ft. January’s median sold PPSF also sets an all-time high for this metric.

Year-over-year, January’s median sold PPSF is up a whopping 17.24 percent!

Homes Sold

Coming off of December’s record-setting number homes sold for any month of December, January’s home sales saw a big drop — coming in at only 372 units sold for the month.

January’s 372 home sales were off 32.7 percent from December’s 553 homes sold; and were down 5.6 percent year-over-year.

January’s home sales were the lowest observed in two years.

Inventory

Currently there are only 167 homes available for purchase in the Reno-Sparks market! This number is the lowest observed for this metric since I began tracking it.

January’s available inventory is down 23.4 percent from December’s available inventory. And year-over-year, current available inventory is down a staggering 73.1 percent! Yes, last year at this time 621 homes were available for purchase — today there are 167!

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 $446,702. Currently only 34 homes (20.4 percent) are priced at, or below, the median sales price in the entire Reno-Sparks market.

Surprisingly (given the dismal inventory), 628 homes are presently pending sale in the Reno-Sparks market. That number is up a slight 1.1 percent over December’s 621 pending sales this time last month. However, year-over-year, January’s pending sales are down 11.8 percent.

Days on Market and Days to Contract

January’s median days on market (DOM) came in at 54 days — an increase of 4 days over December’s median DOM. Year-over-year January’s DOM is a whopping 35 days (or 39.3 percent) lower than January 2020’s DOM. These numbers show the relative velocity the current market.

January’s median days to contract (DTC) came in at 4 days — unchanged from December’s median DTC. Year-over-year, January’s DTC number is 26 days lower than January 2020’s 30 DTC.

Sales by Type

January sales by type, break out as follows:

• REO sales: 0.5% – up over December’s 0.4%
• Short sales: 0.5% – up over December’s 0.2%
• Subject to Court Approval sales: 3.0% – up over December’s 1.0%
• Relocation sales: 0% – down from December’s 0.4%
• Equity sales: 96.0% – down from December’s 98.1%

Sales by Price

January 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	23	6.2%	6.2%
300 – 399	109	29.3%	35.5%
400 – 499	99	26.6%	62.1%
500 – 599	33	8.9%	71.0%
600 – 699	36	9.7%	80.6%
700 – 799	18	4.8%	85.4%
800 – 899	15	4.0%	89.5%
900 – 999	8	2.2%	91.7%
1M+	31	8.3%	100%
total	372	100%

January’s median sold price for houses and condos combined was $417,995 — a 1.6 percent decrease from December’s median sold price of $425,000 for combined sales of houses and condos. Year-over-year, January’s number is up 8.1 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
Jan 2021	372	$446,702	$253.25	54	167	628
Dec 2020	553	$449,900	$251.31	50	218	621
Nov 2020	605	$452,500	$242.95	52	278	797
Oct 2020	630	$455,500	$237.11	50	385	979
Sep 2020	699	$440,000	$239.25	49	432	1,013
Aug 2020	658	$442,450	$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

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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 – February 3, 2021 [Data revised February 7, 2021]. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data dating back to 1998 click here.

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