** Data in this report reflect market activity from NOVEMBER 2020 compared to the previous month and year. 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.
- For the second straight month, the Median Sales Price for single-family, re-sale properties in Reno and Sparks, held steady at $455,000. This represents a 13.8% increase compared to the same time last year.
- The Average Sold Price per Square Foot has leaped 14.5% during November 2020 compared to November 2019, and has inched up 1.5% month-over-month. This average represents properties sold over ALL price ranges. For a breakdown of the Average Sold Price per Square Foot by Price Range, refer to the chart below.
- Homes that sold in November 2020 under $1M averaged around $245/square foot, while the upper price ranges cashed-in at $327/square foot for the 25 homes that sold in the $1M to $1.5 M range, and $492/square foot for the 13 homes that sold over $1.5M.
- The # of Units Sold dropped 12% month-over-month from 616 to 551. However, 21% more units sold in November 2020 compared to November 2019. The inventory that sold in November most likely went into contract sometime in October.
- Sales in the $300k to $500k price range accounted for 55% of the total market share for the second straight month.
- The extremely low Absorption Rate in Reno/Sparks holds steady at 0.7% Months Supply of Inventory. The Absorption Rate has declined a massive 73% year-over-year. MSI absorption rate represents the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale if no new listings were added to the market. A balanced market is around 5-6 months of supply, therefore, we are still very much in a “Seller’s Market.”
- The Absorption Rate across all all price-points is well-below a balanced market. The rate of sales in the high end luxury market over $1.5M is 3.5 months supply, also quick-moving in today’s hot real estate market.
- Properties across all price points are accepting offers and going into contract an average of 34 days from listing to acceptance. Single Family Residences are receiving acceptable offers 45% more quickly than this same time last year.
- In November 2020, the fastest moving properties, again, were those priced between $300k and $500K, spending an average of only 18.5 days on market.
- The # of New Contracts month-over-month dropped a whopping 29% from 612 New Contracts to 434. However, the number of new contracts posted in November 2020 was only 5.5% less than last year.
- As typically experienced each winter, we are beginning to see a drop in the # of New Contracts. See the chart above that indicates this cyclical trend. Also, please note that a premature drop was noted in April, likely due to the economic shut related to COVID-19. We saw a significant drop of 29% for New Contracts month-over-month, and 5.5% fewer New Contracts in November 2020 compared to November 2019.
- The # of New Listings to come to market during November 2020 declined 35% since October 2020. There were also 12.5% fewer New Listings this November compared to November 2019.
- While the number of New Listings and New Contracts has dropped since October which is typical for this time of year, the rate of sales continues to be on-par with the activity we have seen in 2020. Much to the surprise of many, the real estate market has fared extremely well during this crazy pandemic.
- As a result of low inventory and high buyer demand, prices have held steady with the median sales price remaining at $455,000 for a single-family residences. New construction, condominiums, and condos/townhouses are not included in this statistic.
- The Average Sold Price per Square Foot is 14.5% higher than November 2019.
- Single-family residences continue to move very quickly at an average of 34 days from listing to contract over all price ranges.
- If you are considering selling your home to upsize, downsize or relocate, I am here to assist you with experienced, professional services to make your transition as smooth as possible. Email direct firstname.lastname@example.org or reach me by cell at 775-233-0682. I am so happy to help!
- Buying a home in Northern Nevada? Whether it’s your first home, second or third, vacation home or investment property, I have the knowledge and highest level of skill to navigate you through the process. Call me at 775-233-0682.