July median sales price, units sold, DOM and inventory

july 2014 mediansJuly’s median sales price for the Reno and Sparks, Nevada housing market was unchanged from June’s $250,000. The current $250,000 median sales price remains the high for the year — as well as the highest median for the Reno-Sparks’ market in over five years. Year-over-year, July’s median sales price is up 14 percent.

Units sold in July fell from June’s high for the year. July’s 520 houses sold represents a 7.1 percent drop from June’s 560 houses sold, and a drop of 12.3 percent from the 593 houses sold in July of last year.

Despite July’s median sales price remaining unchanged, its median sold price per square foot (ppsf) rose to $140.38/sq.ft. — an increase of 3.1 percent over June’s median sold ppsf of $136.19.

July’s median days on market (DOM) came in at 62 days — adding one day to June’s median 61 DOM.

Available inventory continues to climb, but remains at a “Seller’s market” level at the lower price points. Currently, 1,365 houses are available for sale — a 10.6 percent increase from the 1,234 houses available for sale this time last month. Year-over-year, July’s inventory is up 48.4 percent.

July sales by type break out as follows:

  • REO sales: 4% – down from June’s 7%
  • Short sales: 8% – down from June’s 10%
  • Equity sales: 86% – up from June’s 82%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 4 0.8%
100 – 199 125 24.8%
200 – 299 210 65.2%
300 – 399 94 83.3%
400 – 499 33 89.6%
500 – 599 21 93.7%
600 – 699 12 96.0%
700 – 799 3 96.5%
800 – 899 6 97.7%
900 – 999 3 98.3%
1M+ 9 100%
total 520

July saw a number of high-end sales. 18 houses (or 3.5% of units sold) sold for over $800,000 — and half of those 18 sold for more than $1,00,000. With 40 $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

July’s median sold price for houses and condos combined was $235,000. This number was also unchanged from June’s median sold price of $235,000 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
July 2014 520 $250,000 $140.38 62 1,365 1,117
June 2014 560 $250,000 $136.19 61 1,234 1,098
May 2014 542 $240,000 $133.75 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

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

Click here for historical data back to 1998.

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

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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