July median sales price, units sold, DOM and inventory

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monthly medians - July 2015June’s breather was short lived. The Reno-Sparks median sales price hit a new high in July coming in at $291,990. That number is $12,490 higher than June’s median of $279,500 — a 4.5 percent one-month increase in the sales price. Year-over-year July’s median home price is up 16.8 percent.

July’s median sold price per square foot (ppsf) increased to $159.87/sq.ft. — a 5.0 percent one-month increase over June’s $152.20/sq.ft.; and a 14.0 percent year-over-year increase.

The number of homes sold in July was another standout metric for the month with 627 houses sold in July. And although July’s 627 units sold was down from June’s 652 units sold, July’s number was 18.3 percent higher than the 530 houses sold in July 2014. In fact, the Reno/Sparks Association of REALTORS® reports that “unit sales are the second highest for a July in history, exceeded only by July 2005.”

July’s median days on market (DOM) increased a bit, moving from 54 DOM in June to 57 DOM in July.

For the 5th consecutive month available inventory has risen. 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, 1,138 houses are available for sale — up 13.2 percent over June’s 1,005 houses for sale. However, available for-sale inventory remains low. July’s number is down 16.6 percent from this time last year.

Pending sales pulled back in July. July’s 981 pending sales is down 9.8 percent from June’s 1,088 pendings.

July sales by type break out as follows:

  • REO sales: 2% – down from June’s 3%
  • Short sales: 3% – down from June’s 5%
  • Equity sales: 93% – up from June’s 90%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 2 0.3%
100 – 199 61 10.0%
200 – 299 264 52.2%
300 – 399 180 80.9%
400 – 499 54 89.5%
500 – 599 22 95.0%
600 – 699 15 95.4%
700 – 799 10 97.0%
800 – 899 6 97.9%
900 – 999 5 98.7%
1M+ 8 100%
total 627

July’s median sold price for houses and condos combined was $276,222 — a 5.2 percent increase from June’s median sold price of $262,500 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
Jul 2015 627 $291,990 $159.87 57 1,138 991
Jun 2015 652 $279,500 $155.20 54 1,005 1,088
May 2015 577 $285,000 $152.46 53 930 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

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 2015. 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

About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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