October median sales price, units sold, DOM and inventory

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October 2015 mediansThe median sales price for the Reno and Sparks, Nevada housing market continued to recede in October. October’s median sales price was $280,000 — a 1.8 percent decline from September’s median of $285,000. Recall that September’s median was off 1.7 percent from August’s median sales price. After three consecutive monthly declines, the current median sales price for homes in the Reno-Sparks market is off 3.4% from its high of $290,000 reached in July of this year.

Year-over-year October’s median sales price is up 7.7 percent.

October’s median sold price per square foot (ppsf) also declined to $158.57/sq.ft. — a 0.6 percent decrease from September’s $159.48/sq.ft.; however represents a 13 percent year-over-year increase.

The number of houses sold in October was 528. That number is down 7.7 percent from the 572 houses sold in September, but represents an 8 percent increase over the 489 houses sold in October 2014. Year-to-date, 5,420 houses have been sold in Reno-Sparks, Nevada. That total is up 8.2 percent over the same time period in 2014.

With the onset of fall the market continues to slow. October’s median days on market (DOM) increased to 66 DOM — an increase of 4 days over September’s median DOM of 62. Compare those numbers to the low of 52 DOM set in May of this year.

Available inventory declined in October. Currently 1,105 houses are listed and available for sale. Compare that to the 1,231 available at this time last month. Using the 528 houses sold during the month of October, the current months-supply-of-inventory (MSI) equates to 2.1 MSI — still a Seller’s market — particularly at the lower price points.

October sales by type break out as follows:

  • REO sales: 3% – unchanged from September’s 3%
  • Short sales: 4% – up from September’s 3%
  • Equity sales: 92% – down from September’s 94%

October 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 63 12.1%
200 – 299 226 54.9%
300 – 399 129 79.4%
400 – 499 52 89.0%
500 – 599 26 94.1%
600 – 699 5 95.1%
700 – 799 9 96.8%
800 – 899 6 97.9%
900 – 999 1 98.1%
1M+ 10 100%
total 528

October’s median sold price for houses and condos combined was $265,990 — a 0.3 percent increase from September’s median sold price of $265,000 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 2015 528 $280,000 $158.57 66 1,105 886
Sep 2015 572 $285,000 $159.48 62 1,231 931
Aug 2015 525 $289,899 $160.98 56 1,238 1,021
Jul 2015 650 $290,000 $159.31 57 1,138 991
Jun 2015 657 $280,000 $155.22 54 1,005 1,088
May 2015 578 $283,450 $152.71 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

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 2015. 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® 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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