January 2021 Market Report for Reno and Sparks, Nevada

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


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

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.

Click here to see Reno Homes for Sale.

4 comments

  1. Avatar
    Timothy Scott Weber

    31 sales over $1M. Strong market at the high end. Thank you as always for the great info Guy!

  2. Avatar
    JR

    With the record low inventory, will median pricing be 20% higher ($540k-ish) by July? The bidding wars must be crazy! I’ve been hearing that some new homebuilders are raising pricing $20 – $30k / month and still selling all homes at release. Resale homes near the median home price are receiving multiple offers within hours of coming online (so sight unseen). Trend sure feels like the stories of 2005, yet this time it’s real demand & real qualifications to purchase. Is this sustainable?

  3. Avatar
    Guy Johnson

    Good questions, JR. Yes, the stories of 2005 appear to be repeating. Regarding sustainability, it appears the Buyers are there to pay the market prices. Will be interesting to see how high they go.

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