February 2020 Market Report

** Data in this report reflect market activity from January 2020 compared to December 2019 and January 2020 compared to January 2019.  Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).  Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.

  • January 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined increased from $393,000 in December 2019 to $405,000 (+2.8%).  The Median Sales Price is up 12.2% from this same time last year.
  • Below is the breakdown of stats for both Reno and Sparks separately as well.

 

 

  • “Months Supply of Inventory” (MSI) is defined as the time it would take for the current inventory to be completely sold out if sales remained at their current rate.”  But do remember that this inventory supply does not factor in NEW home construction that is offered throughout the region.  A “balanced inventory market” is about 6 MSI.  The MSI in January 2020 was 2 MSI in Reno and only 1.4 MSI in Sparks, most definitely a Seller’s market.  The MSI for Reno-Sparks combined is nearly 50% lower than this same time last year!
  • 377 Listings of single-family, stick-built homes sold in Reno-Sparks combined during January 2020.  Only 10 of these homes sold over the $1M pricepoint,  As usual, the bulk of properties sold in January were between $300k and $399k.

  • January 2020 brought 67% more New Listings than December 2019.  444 homes were brought to the market!  Don’t get your heart set on a single family home priced under $200k.  Only ONE was listed in January.

SO WHERE IS NORTHERN NEVADA HEADED? 

According to the Economic Development of Western Nevada, the Economic Planning Indicators Committee (EPIC) reports that “The forecast for the next 5 years is for continued job growth of 51,585 with population growth of 54,470 for a five county region.  Housing for all of these new Nevadans will be needed more than ever and our real estate market is showing NO signs of slowing down.  Take a look at the EPIC report by clicking HERE.

  • Want to talk more about what’s happening in the Reno-Sparks market?  If you need me, I’m here to assist with your purchasing and selling needs.   Email me (dhallerbach@intero.com) or call me directly at 775-233-0682.
Posted on February 13, 2020 at 4:24 am
Denise Hallerbach | Category: Reno-Sparks Market Report | Tagged ,

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