October median sales price, units sold, DOM and inventory

monthly median - October 2014October saw a huge jump in the median sales price for the Reno and Sparks, Nevada housing market. October’s median sales price was $260,000; representing an 8.8 percent one-month increase over September’s median sales price of $239,000. $260,000 also represents a new high for the year. Year-over-year October’s median sales price is up 21 percent.

482 houses sold in October — representing a 4.2 percent decrease from the 503 houses sold in September. Much of this decrease can be attributed to the seasonal slowdown of home sales. That being said, October’s 482 houses sold also represents a 10.4 percent decline year-over-year.

October’s median sold price per square foot (ppsf) increased to $140.53/sq.ft. — an increase of 2.9 percent over September’s median sold ppsf of $136.63. Year-over-year October’s median sold ppsf is up 11.6 percent.

October’s median days on market (DOM) came in at 73 days — adding three days to September’s median DOM of 70. October’s median DOM is up 15.9 percent year-over-year.

Available inventory dropped considerably in October; and pending sales increased considerably. Currently, 1,083 houses are available for sale. That number is 18.3 percent lower than the 1,390 houses available for sale this time last month. Where did all these houses go? Those that didn’t sell went into a pending sale status. Currently there are 1,075 pending sales. This number is up 7.6 percent from the number of pending sales this time last month. Currently the local market has just over a two-month supply of inventory. Look for the median sales price to remain at year-highs (or higher) next month.

October sales by type break out as follows:

  • REO sales: 4% – down from September’s 7%
  • Short sales: 6% – down slightly from September’s 7%
  • Equity sales: 88% – up from September’s 85%

October 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 – 199 110 24.1%
200 – 299 193 64.1%
300 – 399 92 83.5%
400 – 499 31 89.6%
500 – 599 21 94.0%
600 – 699 7 95.4%
700 – 799 11 97.7%
800 – 899 2 98.1%
900 – 999 3 98.8%
1M+ 6 100%
total 482

Six homes sold for more than $1 Million in October. That brings the total for the year to 62 sales of $1M+ homes. At this time last year, the Reno-Sparks market had seen 52 sales of $1M and above homes. At the current rate of sales, 2014 looks to exceed 2013’s 67 sales of $1M and above homes.

October’s median sold price for houses and condos combined was $240,000 — a 6.6 percent increase over September’s median sold price of $225,000 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
Oct 2014 482 $260,000 $140.53 73 1,083 1,075
Sep 2014 503 $239,000 $136.63 70 1,325 999
Aug 2014 576 $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 538 $214,875 $125.75 63 1,052 1,224

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

Click here for historical data back to 1998.

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

About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262) 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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One Response to October median sales price, units sold, DOM and inventory

  1. Twister says:

    Same number of 1m+ houses sold as did houses under 100k last month…I wonder if that recovery a couple years ago ever took hold.lol

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