September median sales price, units sold, DOM and inventory

medians 2014-10-06September’s median sales price took a big drop. For the prior three months (June, July and August) the Reno-Sparks’ median home sales price had held steady at $250,000, however for September the median sales price fell to $239,000 — equivalent to a 4.4 percent decrease. Year-over-year September’s median sales price is up 6.7 percent.

Units sold in September fell 14.5 percent from August’s number — much of this decrease can be attributed to the seasonal slowdown of home sales. That being said, September’s 491 houses sold is also down 4.3 percent year-over-year.

September’s median sold price per square foot (ppsf) dropped to $136.71/sq.ft. — a decrease of 1.2 percent from August’s median sold ppsf of $138.38. Year-over-year September’s median sold ppsf is up 8 percent.

September’s median days on market (DOM) came in at 71 days — adding a whopping 11 days to August’s median DOM of 60. However, this increase may also have a seasonal component to it as we saw a similar jump in DOM last year at this time.

Available inventory fell a bit, and remains at a “Seller’s market” level at the lower price points. Currently, 1,325 houses are available for sale — a 4.7 percent decrease from the 1,390 houses available for sale this time last month. Year-over-year, September’s inventory is up 30 percent.

September sales by type break out as follows:

  • REO sales: 7% – up from August’s 4%
  • Short sales: 7% – down slightly from August’s 8%
  • Equity sales: 85% – down slightly from August’s 86%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 6 1.2%
100 – 199 134 28.5%
200 – 299 209 71.1%
300 – 399 78 87.0%
400 – 499 31 93.3%
500 – 599 7 94.7%
600 – 699 5 95.7%
700 – 799 7 97.1%
800 – 899 4 98.0%
900 – 999 0 98.0%
1M+ 10 100%
total 491

A whopping ten homes sold for more than $1 Million in September. That brings the total for the year, thus far, to 56 sales of $1M+ homes. At this time last year, the Reno-Sparks market had seen 43 sales of $1M and above homes. At the current rate of sales, 2014 looks to beat 2013’s 67 sales of $1M and above homes.

September’s median sold price for houses and condos combined was $225,000 — a 5 percent decrease from August’s median sold price of $236,850 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
Sep 2014 491 $239,000 $136.71 71 1,325 999
Aug 2014 574 $250,000 $138.38 60 1,390 1,015
Jul 2014 530 $249,950 $140.26 61 1,365 1,117
Jun 2014 564 $250,000 $135.97 61 1,234 1,098
May 2014 546 $240,000 $134.60 65 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

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: August 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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3 Responses to September median sales price, units sold, DOM and inventory

  1. Avatar Sliced Rye says:

    So the median price of a house in Reno today is down 35% from January of 2006. In real terms, adjusting for inflation, the median price of a house in Reno is down about 65% from January of 2006.
    Housing in Reno has been one hell of an investment, hasn’t it?

  2. Avatar james says:

    Sliced rye ;
    i just sold a property for $57k more than I paid in 2009. Another property i bought in 2010 at auction is conservtively valued 40k more that caps out at 9%/year.

    So yea! It has been a great investment for me. Sorry you are bitter. Sad face 🙁

  3. Avatar Lynne says:

    In late July we sold our home for over asking price, all cash @ $352k, we bought it in 99 for 218k. I’m very happy with that

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