February 2021 Market Report for Reno and Sparks, Nevada

February’s median sold home price for Reno-Sparks held steady at $450,000 — Nearly unchanged from January’s median sales price of $449,900 and December’s $449,800.

Year-over-year, February’s median closed sales price was up a hefty 14.6 percent.

February’s median sold price per square foot (PPSF) increased to $258.57/sq.ft. — a 2.2 percent increase over January’s sold PPSF of $253.12/sq.ft. February’s median sold PPSF also sets an all-time high for this metric.

Year-over-year, February’s median sold PPSF is up a whopping 22.1 percent!

Homes Sold

381 homes sold in February. This number was up just slightly, 1.1 percent, over the 377 homes sold in January.

Year-over-year, February’s home sales were down a notable 17.2 percent — due to extreme low inventory.

Inventory

Currently only 257 homes are available for purchase in the Reno-Sparks market. Although the current available inventory is up 53.9 percent over January’s record-setting low inventory, it still represents less than a one-month supply of homes for sale.

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 $450,000. Currently only 90 homes (35.0 percent) are priced at, or below, the median sales price in the Reno-Sparks market.

Year-over-year, current available inventory is down a whopping 56.2 percent.

Surprisingly (given the dismal inventory), 698 homes are presently pending sale in the Reno-Sparks market. That number is up 11.1 percent over January’s 628 pending sales this time last month. However, year-over-year, January’s pending sales are down 14.5 percent.

Days on Market and Days to Contract

February’s median days on market (DOM) came in at 43 days — a substantial reduction of 11 days from January’s median DOM of 54 days. Year-over-year, February’s DOM is a whopping 35 days (or 44.9 percent) lower than February 2020’s DOM. These numbers show the velocity the current market.

February’s median days to contract (DTC) came in at 4 days — unchanged from January’s median DTC. Year-over-year, February’s DTC number is 12 days lower than February 2020’s 16 DTC.

Sales by Type

February sales by type, break out as follows:

• REO sales: 0.5% – unchanged from January’s 0.5%
• Short sales: 0.3% – down from January’s 0.5%
• Subject to Court Approval sales: 1.3% – down from January’s 3.0%
• Relocation sales: 0.7% – up over January’s 0%
• Equity sales: 97.1% – up over January’s 96.0%

Sales by Price

February 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	0.5%	0.5%
200 – 299	16	4.2%	4.7%
300 – 399	105	27.6%	32.3%
400 – 499	106	27.8%	60.1%
500 – 599	57	15.0%	75.1%
600 – 699	34	8.9%	84.0%
700 – 799	17	4.4%	88.5%
800 – 899	9	2.4%	90.8%
900 – 999	8	2.1%	92.9%
1M – 1.5M	15	3.9%	96.8%
1.5M+	12	3.1%	100%
total	381	100%

February’s median sold price for houses and condos combined was $416,000 — a 0.7 percent decrease from January’s median sold price of $418,997 for combined sales of houses and condos. Year-over-year, February’s number is up 7.6 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
Feb 2021	381	$450,000	$258.57	43	257	698
Jan 2021	377	$449,900	$253.12	54	167	628
Dec 2020	554	$449,800	$251.44	50	218	621
Nov 2020	606	$452,520	$242.69	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

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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 – March 13, 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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