Reno-Sparks median sales price pulls back slightly in July
After four months of incredible gains the median sales price for the Reno-Sparks housing market finally took a breather in July. July’s median sales price of $526,000 represents a 0.8 percent pullback from June’s record high of $530,000.
July’s median sales price is up 21.7 percent year-over-year — with the majority of those gains occurring in just the past few months (see chart above).
July’s median sold price per square foot (PPSF) also receded — coming in at $288.46/sq.ft.
July’s median sold PPSF was down 0.6 percent from June’s sold PPSF, however is up a remarkable 25.9. percent year-over-year.
Homes Sold
638 homes sold in July. This number was down a slight 0.5 percent from the 641 homes sold in June. Year-over-year, July’s home sales are down 15.0 percent.
Inventory
Currently only 426 homes are available for purchase in the Reno-Sparks market — representing less than a one-month supply of homes for sale. That being said, the current available inventory is up 28.3 percent from this time last month.
Year-over-year, available inventory is down a hefty 27.6 percent.
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 $526,000. Currently only 100 homes (or 23.5 percent of available inventory) are priced at, or below, the median sales price in the Reno-Sparks market.
Despite the low inventory, 805 homes are presently pending sale in the Reno-Sparks market. That number is down a slight 1.0 percent from June’s 813 pending sales this time last month; and is down 22.4 percent year-over-year.
Days on Market and Days to Contract
July’s median days on market (DOM) came in at 42 days — unchanged from June’s median DOM. Year-over-year, July’s DOM is 15 days lower than July 2020’s DOM. These numbers show the velocity the current market.
Sales by Type
July sales by type, break out as follows:
- REO sales: 0.2% – down from June’s 0.3%
- Short sales: 0.2% – up over June’s 0%
- Subject to Court Approval sales: 2.6% – up over June’s 1.4%
- Relocation sales: 0.3% – up over June’s 0.1%
- Auction sales: 0% – unchanged from June’s 0%
- Equity sales: 97.8% – down from June’s 98.1%
Sales by Price
July 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 | 1 | 0.2% | 0.0% |
| 200 – 299 | 8 | 1.3% | 1.5% |
| 300 – 399 | 85 | 13.3% | 14.8% |
| 400 – 499 | 175 | 27.4% | 42.2% |
| 500 – 599 | 134 | 21.0% | 63.2% |
| 600 – 699 | 72 | 11.3% | 74.5% |
| 700 – 799 | 52 | 8.2% | 82.7% |
| 800 – 899 | 33 | 5.2% | 87.9% |
| 900 – 999 | 20 | 3.1% | 91.0% |
| 1M – 1.5M | 40 | 6.3% | 97.3% |
| 1.5M+ | 18 | 2.8% | 100% |
| total | 638 | 100% |
July’s median sold price for houses and condos combined was $500,000 — a 3.1 percent increase over June’s median sold price of $485,000 for combined sales of houses and condos. Year-over-year, July’s number is up 22.7 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 |
| Jul 2021 | 638 | $526,000 | $288.46 | 42 | 426 | 805 |
| Jun 2021 | 641 | $530,000 | $290.08 | 42 | 332 | 813 |
| May 2021 | 541 | $501,000 | $284.21 | 42 | 246 | 857 |
| Apr 2021 | 585 | $492,000 | $272.44 | 41 | 211 | 778 |
| Mar 2021 | 475 | $480,000 | $261.58 | 42 | 226 | 768 |
| Feb 2021 | 386 | $450,000 | $258.20 | 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 |
1. The residential housing market data reported on above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Market data includes SFR (Single Family Residence) properties only. Data excludes Condo/Townhouse, Manufactured/Modular properties. Data courtesy of the Northern Nevada Regional MLS – August 10, 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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