Top Market Insights
The Reno/Sparks Association of REALTORS® (RSAR) today released its November 2020 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.
During the month of November, RSAR saw…
- The median selling price of an existing single-family home was essentially unchanged from October to November, standing at $453,750 in the Reno/Sparks area.
- The volume of closed transactions, 550 sales, was 21 percent above the same month a year ago even with less inventory.
- The inventory of homes for sale continues to drop sharply — down 12 percent from October’s already-tight supply of homes for sale.
“Our region’s continued strong sales activity combined with a significant drop in new listings is creating a very strong sellers’ market,” said REALTOR Erika Lamb, President of the Reno/Sparks Association of REALTORS®. “On average during November, homes were under contract only 34 days after they were listed for sale. There is a strong need for listings. Most sellers choose to wait till after the holidays to list for sale. With the low inventory, we encourage sellers to consider listing sooner”
Click here for Market Insights: https://www.rsar.net/market-monitors
The strong demand for homes in the Reno/Sparks area means that members of Reno/Sparks Association of REALTORS® are working harder than ever to help sellers position themselves to list their homes for sale so they can take advantage of a highly favorable market.
More information, divided by region, is provided below. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.
Reno/Sparks
- In November 2020, Reno/Sparks had 550 sales of existing single-family homes, an increase of 20.9 percent from last year and a decrease of 12 percent from the previous month.
- The median sales price for an existing single-family residence in Reno/Sparks was $453,750, an increase of 13.4 percent from last year and a decline of less than 1 percent from the previous month.
- The median sales price of an existing condominium/townhome in Reno/Sparks in November 2020 was $275,000, an increase of 19.4 percent from last year.
Reno (including North Valleys)
- In November 2020, Reno (including North Valleys) had 384 sales of existing single-family homes, an increase of 19.3 percent from last year and a 12.7 percent decrease from the previous month.
- The median sales price for an existing single-family residence was $485,000, an increase of 17 percent from last year and unchanged from the previous month.
- The existing condominium/townhome median sales price in November 2020 was $278,000, an increase of 12.8 percent from last year.
Sparks (including Spanish Springs)
- In November 2020, Sparks (including Spanish Springs) had 166 sales of existing single-family homes, an increase of 24.8 percent from last year and 10.3 percent decrease from the previous month.
- The median sales price for an existing single-family residence was $410,000, an increase of 11 percent from last year and a decline of less than 1 percent from the previous month.
- The existing condominium/townhome median sales price for November 2020 was $238,000, an increase of 10.2 percent from last year.
Fernley
- In November 2020, Fernley had 53 sales of existing single-family homes, an 8 percent increase from last year and a 10 percent decrease from the previous month.
- The median sales price for an existing single-family residence was $302,000, an increase of 10 percent from last year and a 5 percent decrease from the previous month.
About The Reno/Sparks Association of REALTORS® (RSAR):
The Reno/Sparks Association of REALTORS® is an organization providing services to its members to ensure their success as real estate professionals, as well as protecting and promoting the consumer’s dream of homeownership. For more information, visit rsar.realtor.
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