December median sales price and other market metrics

Reno-Sparks unit home sales climb in December; median sales price recedes; inventory plummets

Median Sales Price

December’s median sold home price for Reno-Sparks was $394,000 for the month — a 1.5 percent drop from November’s median sales price of $400,000.

Year-over-year, December’s median closed sales price was up a healthy 7.95 percent.

December’s median sold price per square foot (PPSF) was essentially unchanged — coming in at $216.61, or $0.05 below November’s $216.66/sq.ft.

Year-over-year, December’s median sold PPSF is up 3.2 percent.

Homes Sold

Home sales rose to a robust 503 units sold in December — representing an 11.0 percent increase over November’s 453 homes sold. However, it should be noted that unit sales typically pop in December as many home buyers desire to close prior to the end of the tax year.

Year-over-year, December’s number of homes sold was up a whopping 30.6 percent over the 385 homes sold in December 2018.

For the 2019 calendar year, home sales were up a healthy 4.5 percent compared to the same period last year — 6,258 vs. 5,990, respectively.

Inventory

Currently 776 homes are available for purchase in the Reno-Sparks market. This number is down a staggering 18.8 percent from the 956 homes available for sale this time last month. Year-over-year, current available inventory is down a sobering 27.8 percent.

Pending sales also fell in December. Presently, 541 homes are pending sale in the Reno-Sparks market. That number is down 20.8 percent from the 683 homes pending sale this time last month. As pendings continue to decline, expect unit sales to decline as well.

Despite its monthly decline, year-over-year, current pending sales are unchanged from the number of pending sales this time last year.

Days on Market

December’s median days on market (DOM) clocked in at 81 days — a increase of 8 days over November’s median DOM. Year-over-year, December’s DOM number is up 4 days over December 2018’s number.

Sales by Type

December sales by type, break out as follows:

  • REO sales: 1.0% – up over November’s 0.9%
  • Short sales: 1.0% – up over November’s 0%
  • Subject to Court Approval sales: 1.2% – down from November’s 1.6%
  • Relocation sales: 0.6% – up from November’s 0%
  • Equity sales: 96.0% – down from November’s 97.5%

Sales by Price

December sales by price band, break out as follows in the table below…

Sales by Price Segment
sales price ($000’s) units sold cumulative % of sales
0 – 99 0 0%
100 – 199 6 1.2%
200 – 299 97 20.5%
300 – 399 163 52.9%
400 – 499 113 75.3%
500 – 599 41 83.5%
600 – 699 26 88.7%
700 – 799 18 92.2%
800 – 899 12 94.6%
900 – 999 7 96.0%
1M+ 20 100%
total 503

December’s median sold price for houses and condos combined was $370,000 — a 0.3 percent decrease from November’s median sold price of $371,000 for combined sales of houses and condos.

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
Dec 2019 503 $394,000 $216.61 81 779 541
Nov 2019 453 $400,000 $216.66 73 956 683
Oct 2019 561 $399,995 $216.67 76 1,090 773
Sep 2019 578 $395,000 $218.87 68 1,283 814
Aug 2019 623 $399,000 $213.78 64 1,342 898
Jul 2019 605 $406,000 $217.39 60 1,367 906
Jun 2019 570 $400,000 $219.78 55 1,252 915
May 2019 680 $390,000 $220.27 54 1,163 911
Apr 2019 531 $375,000 $213.73 65 996 923
Mar 2019 458 $369,000 $207.92 78 867 815
Feb 2019 362 $372,150 $208.84 89 888 774
Jan 2019 325 $362,000 $210.44 86 961 655
Dec 2018 385 $365,000 $209.82 77 1,079 541

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. The medians 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 – January 7, 2020. Note: This information is deemed reliable, but not guaranteed.

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

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

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About the weather


Courtesy of the National Weather Service…

  • Reno’s highest temperature in 2019 was 100° — set on August 15, 2019
  • Reno’s lowest temperature in 2019 was 10° — set on February 11, 2019
  • Total calendar year precipitation in 2019 was 11.14” — 3.74” above normal

If you’re curious about other Reno, NV annual climate stats, go to the National Weather Service Forecast Office for Reno, NV and select “annual climate report” for Reno and “most recent” for the time frame. Lots of good data there.

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Incline Village housing market

From the most recent housing market report for Incline Village, Nevada…

This week the median list price for Incline Village, NV is $2,195,000 with the market action index hovering around 25. This is less than last month’s market action index of 29. Inventory has held steady at or around 37.

The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer’s market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.

Click on the Market Segments table below to access the entire market report for Incline Village.

Click here to see homes for sale in Incline Village.

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this past week…

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Gorgeous Lake Tahoe video

Check out this beautiful video from the Tahoe Fund recapping 35 environmental improvement projects around Lake Tahoe.

Narrated by Olympic and World Cup champion, Jonny Moseley, this video features gorgeous cinematography of Lake Tahoe and the surrounding lakes, meadows and mountains of the Sierra Nevada.

Tahoe Fund and the Power of Philanthropy from Tahoe Fund on Vimeo.

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this past week…

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Who is moving to Reno, Nevada?

Here is a great infographic from the National Association of Realtors® showing the characteristics of domestic migration to Reno, Nevada.

Lots of interesting numbers here. For example…

  • The median age of recent movers to Reno, NV is 29 years old
  • 32% of recent movers are single males
  • 71% of recent movers are renters; while 29% are homeowners

If you’d like to explore migration flows for other metros, check out this tool below…

These stats are compiled from the American Community Survey (ACS) 2013 – 2017 migration flows.

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