August median sales price, units sold, DOM and inventory

August 2014 median sales price - Reno NevadaFor the third consecutive month the median sales price has held at $250,000. August’s $250,000 median sales price remains the high for the year — as well as the highest median for the Reno-Sparks’ housing market in over five years. Year-over-year, August’s median sales price is up 13.6 percent.

Units sold in August jumped 7.4 percent from July’s number. August’s 565 houses sold also sets a new high for the year, edging out the 563 houses sold in June. Year-over-year units sold are down 11.6 percent.

Despite August’s median sales price remaining unchanged, its median sold price per square foot (ppsf) dropped to $138.36/sq.ft. — an decrease of 1.4 percent from July’s median sold ppsf of $140.38.

August’s median days on market (DOM) came in at 60 days — shedding two days off July’s median of 62 DOM.

Available inventory continues to climb slowly, but remains at a “Seller’s market” level at the lower price points. Currently, 1,390 houses are available for sale — a 1.8 percent increase from the 1,365 houses available for sale this time last month. Year-over-year, August’s inventory is up 35.2 percent.

August sales by type break out as follows:

  • REO sales: 4% – unchanged from July’s 4%
  • Short sales: 8% – unchanged from July’s 8%
  • Equity sales: 86% – unchanged from July’s 86%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 9 1.6%
100 – 199 150 28.1%
200 – 299 224 67.8%
300 – 399 113 87.8%
400 – 499 28 92.7%
500 – 599 15 95.4%
600 – 699 7 96.6%
700 – 799 5 97.5%
800 – 899 8 98.9%
900 – 999 1 99.1%
1M+ 5 100%
total 565

As can seen by the cumulative numbers above, two-thirds of the homes sold in our market sell for less that $300,000; and 88% sell for less than $400,000.

August’s median sold price for houses and condos combined was $237,000 — a 0.9 percent increase over July’s median sold price of $234,900 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
Aug 2014 565 $250,000 $138.36 60 1,390 1,015
Jul 2014 526 $250,000 $140.38 62 1,365 1,117
Jun 2014 563 $250,000 $136.03 61 1,234 1,098
May 2014 545 $240,000 $133.75 66 1,076 1,190
Apr 2014 535 $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 639 $220,000 $124.42 62 1,028 1,361

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

Click here for historical data back to 1998.

Related post: July 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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