May median sales price, units sold, DOM and inventory

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May 2014 mediansMay’s median sales price increased to $236,500, hitting a new high for the year. In fact, May’s median sales price is the highest median for the Reno-Sparks’ market in over five years. May’s median sales price represents a 2.8 percent one-month increase over April’s median of $230,000. Year-over-year, May’s median sales price is up 8.5 percent.

The Summer home buying season is upon us. 527 houses sold in May 2014 — down slightly from the 534 sold in April, and down 2.6 percent from the 541 houses sold in May of last year.

May’s median sold price per square foot (ppsf) came in at $133.37/sq.ft. — an increase of 2.3 percent over April’s median sold ppsf of $130.37.

Days on market (DOM) is relatively unchanged and remains low. May’s median DOM was 66 days — an increase of one day from the April’s median 65 DOM.

Available inventory jumped again in May, and continues its upward trend, however still remains at only a two-month supply. Currently, 1,076 houses are available for sale — a 13.9 percent increase from the 945 houses available for sale this time last month. Year-over-year, May’s inventory is up 42.3 percent.

May sales by type break out as follows:

  • REO sales: 6% – unchanged from April’s 6%
  • Short sales: 11% – down from April’s 15%
  • Equity sales: 82% – up from April’s 78%

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

sales price ($000’s) units sold cumulative %
0 – 99 11 2.1%
100 – 199 166 33.6%
200 – 299 199 71.3%
300 – 399 81 86.7%
400 – 499 26 91.7%
500 – 599 19 95.3%
600 – 699 7 96.9%
700 – 799 8 98.1%
800 – 899 3 98.7%
900 – 999 1 98.9%
1M+ 6 100%
total 527

Six $1M+ homes sold in May. With 25 $1M+ sales year-to-date 2014 is continuing 2013’s increasing trend of million-dollar home sales – See Million dollar (and above) home sales double in 2013

May’s median sold price for houses and condos combined was $224,950 –- a 2.9 percent increase over April’s median sold price of $218,500 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
May 2014 527 $236,500 $133.37 66 1,076 1,190
Apr 2014 534 $230,000 $130.37 65 945 1,198
Mar 2014 482 $227,499 $129.72 64 837 1,249
Feb 2014 388 $233,500 $126.42 90 864 1,169
Jan 2014 353 $220,000 $125.32 87 817 1,084
Dec 2013 492 $231,000 $120.80 76 828 953
Nov 2013 475 $224,900 $126.51 71 974 1,171
Oct 2013 537 $214,750 $125.45 63 1,052 1,224
Sep 2013 513 $224,900 $126.53 70 1,019 1,305
Aug 2013 638 $220,000 $124.56 62 1,028 1,361
Jul 2013 593 $215,000 $123.25 64 920 1,455
Jun 2013 532 $224,950 $123.60 59 859 1,527
May 2013 541 $218,000 $118.99 64 756 1,563

Note: 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 – June 2014. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: April median sales price, units sold, DOM and inventory

About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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