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 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]…
| 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.
Timothy Scott Weber
31 sales over $1M. Strong market at the high end. Thank you as always for the great info Guy!
Guy Johnson
Thank you, Tim. Indeed. Did you see my recent analysis of the local luxury market: Reno-Sparks Luxury Home Sales Outperform in 2020?
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?
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.