September median sales price, units sold, DOM and inventory

medians September 2015The median sales price for the Reno and Sparks, Nevada housing market pulled back in September. September’s median sales price came in at $285,000 — a 1.7 percent decline from August’s median of $289,900. Despite the pull-back September’s median is 21 percent higher than it was a year ago. In dollars, that increase equates to $50,000.

September’s median sold price per square foot (ppsf) also declined to $159.54/sq.ft. — a 0.9 percent decrease from August’s $160.98/sq.ft.; however represents a 16.7 percent year-over-year increase.

The number of homes sold in September was 556 — this number totaled 35 more homes than sold in August, or a 6.5 percent increase. Year-over-year September homes sales were up 9 percent. Year-to-date, 4,836 houses have been sold in Reno-Sparks, Nevada. That number is up 7.8 percent over the same time period in 2014. That being said, pending sales pulled back in September. September’s 931 pending sales are down 8.8 percent from August’s 1,021 pendings. Look for October sales to decline.

With the onset of fall the market is beginning to slow. September’s median days on market (DOM) increased to 63 DOM — an increase of 7 days over August’s median DOM of 56.

Available inventory held relatively steady. There are 1,231 houses listed and available for sale at the moment. Compare that to the 1,238 available at this time last month. Using the 555 houses sold during the month of September, the current months-supply-of-inventory (MSI) equates to 2.2 MSI — still a Seller’s market.

September sales by type break out as follows:

  • REO sales: 3% – up from August’s 2%
  • Short sales: 3% – unchanged from August’s 3%
  • Equity sales: 94% – up from August’s 93%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 1 0.2%
100 – 199 68 12.4%
200 – 299 247 56.8%
300 – 399 143 82.6%
400 – 499 46 90.8%
500 – 599 22 94.8%
600 – 699 13 97.1%
700 – 799 6 98.2%
800 – 899 3 98.7%
900 – 999 1 98.9%
1M+ 6 100%
total 556

September’s median sold price for houses and condos combined was $266,075 — a 1.5 percent decrease from August’s median sold price of $270,000 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
Sep 2015 555 $285,000 $159.54 63 1,231 931
Aug 2015 521 $289,899 $160.98 56 1,238 1,021
Jul 2015 648 $290,735 $159.38 57 1,138 991
Jun 2015 656 $280,000 $155.33 54 1,005 1,088
May 2015 578 $283,450 $151.80 52 930 1,129
Apr 2015 567 $272,000 $150.85 57 785 1,101
Mar 2015 552 $272,195 $148.88 59 715 1,027
Feb 2015 397 $265,000 $143.66 75 630 1,044
Jan 2015 362 $253,500 $140.28 84 706 933
Dec 2014 520 $261,995 $139.97 77 806 789
Nov 2014 473 $260,000 $138.51 70 940 977
Oct 2014 489 $260,000 $140.31 73 1,083 1,075
Sep 2014 509 $239,900 $136.71 71 1,325 999
Aug 2014 578 $250,000 $138.38 61 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 – October 2015. 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

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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