June median sales price, units sold, DOM and inventory

June mediansThe skyrocketing median sales price finally took a breather in June. The Reno-Sparks median home price dropped to $279,500 for June — a 1.9 percent drop from May’s $285,000 median sales price. That being said the current median home price is up 11.8 percent year-over-year.

Surprisingly, June’s median sold price per square foot (ppsf) did not decrease in concert. Junes median ppsf came in at $155.20/sq.ft. — a 1.2 percent one-month increase over the $152.57/sq.ft. seen in May; and a 14.2 percent year-over-year increase.

The number of homes sold in June was the standout metric in June. 632 houses sold in June; representing a 10.1 percent increase over the 574 houses sold in May. Our market hasn’t seen that many sales in one month since August 2013. June’s sales were up 11.9 percent year-over-year.

June’s median days on market (DOM) increased a bit, moving from 52 DOM in May to 55 DOM in June.

For the 4th consecutive month available inventory has risen. [That is a good thing.] After having declined every month since August 2014 available inventory in the Sparks and Reno real estate markets finally turned the corner in March of this year. Currently, 1,005 houses are available for sale — up 8.1 percent over May’s 930 houses for sale. However, available for-sale inventory remains low. June’s number is down 18.6 percent from this time last year.

Pending sales receded a bit in June. June’s 1,088 pending sales is down 3.6 percent from May’s 1,129 pendings.

June sales by type break out as follows:

  • REO sales: 3% – down from May’s 4%
  • Short sales: 5% – unchanged from May’s 5%
  • Equity sales: 90% – up from May’s 89%

Distressed sales now make up less than 10 percent of the monthly sales.

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 3 0.5%
100 – 199 94 15.3%
200 – 299 263 57.0%
300 – 399 155 81.5%
400 – 499 50 89.4%
500 – 599 29 94.0%
600 – 699 12 95.9%
700 – 799 9 97.3%
800 – 899 3 97.8%
900 – 999 5 98.6%
1M+ 9 100%
total 632

June’s median sold price for houses and condos combined was $262,000 — a 1.9 percent decrease from May’s median sold price of $267,000 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
Jun 2015 632 $279,500 $155.20 55 1,005 1,088
May 2015 574 $285,000 $152.57 52 930 1,129
Apr 2015 568 $272,000 $150.81 57 785 1,101
Mar 2015 551 $273,391 $149.01 59 715 1,027
Feb 2015 395 $265,000 $143.43 75 630 1,044
Jan 2015 363 $252,000 $140.12 85 706 933
Dec 2014 518 $261,990 $139.98 78 806 789
Nov 2014 473 $260,000 $138.51 70 940 977
Oct 2014 490 $260,000 $140.04 73 1,083 1,075
Sep 2014 507 $239,000 $136.90 70 1,325 999
Aug 2014 578 $250,000 $138.38 60 1,390 1,015
Jul 2014 530 $249,950 $140.26 61 1,365 1,117
Jun 2014 565 $250,000 $135.91 61 1,234 1,098

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 – July 2015. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: May 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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