November median sales price, units sold, DOM and inventory

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November 2015 mediansWow! November saw a 4.3 percent increase in the median sold home price! November’s median sales price was $292,000 — a more than $12,000 increase over October’s median sales price of $279,950.

November’s median of $292,000 represents a new high for 2015 and erases the declines observed in September and October.

Year-over-year November’s median sales price is up 12.3 percent, or $32,000. Reno’s and Sparks’ median home price is now at a level not seen since 2007.

November’s median sold price per square foot (ppsf) increased to $159.85/sq.ft. — a 0.7 percent increase over October’s $158.73/sq.ft. Year-over-year the median sold ppsf is up 15.4 percent.

The number of houses sold in November fell to 419 units. That number is down a substantial 21.8 percent from the 536 houses sold in October; and is also off 11.4 percent from the 473 houses sold in November 2014. However, despite the substantial drop in the number of homes sold for the month, year-to-date 5,868 houses have been sold in Reno-Sparks, Nevada. That YTD total is up 5.7 percent over the same time period in 2014.

November’s median days on market (DOM) increased to 72 DOM — an increase of 7 days over October’s median DOM of 65 days. The large increase in the DOM (listed to close) is likely attributed to the new TRID rules that recently went into effect.

New this month: Yesterday I published a blog post introducing a new metric available on our MLS [See MLS adds “Days to Contract” metric for more details] This new Days to Contract metric reflects the number of days that a property was listed on the MLS before going into contract (e.g. pending).

Beginning this month and going forward I will include the median Days to Contract (DTC) metric in this monthly market report. November’s median DTC was 25 days. It will be interesting to watch the market trends concerning this new metric.

Available inventory declined in November. Currently 925 houses are listed and available for sale. Compare that to the 1,105 available at this time last month. Using the 419 houses sold during the month of November as the divisor, the current months-supply-of-inventory (MSI) equates to 2.2 MSI — still a Seller’s market — particularly at the lower price points.

November sales by type break out as follows:

  • REO sales: 4% – up from October’s 3%
  • Short sales: 4% – unchanged from October’s 4%
  • Equity sales: 90% – down from October’s 92%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 0 0.0%
100 – 199 51 12.2%
200 – 299 172 53.2%
300 – 399 115 80.7%
400 – 499 37 89.5%
500 – 599 19 94.0%
600 – 699 9 96.2%
700 – 799 6 97.6%
800 – 899 6 99.0%
900 – 999 1 99.3%
1M+ 3 100%
total 419

November’s median sold price for houses and condos combined was $275,000 — a 3.8 percent increase over October’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
Nov 2015 419 $292,000 $159.85 72 925 890
Oct 2015 536 $279,950 $158.73 65 1,105 886
Sep 2015 573 $285,000 $159.42 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

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

Click here for historical data back to 1998.

Related post: October 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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One Response to November median sales price, units sold, DOM and inventory

  1. DERRICK says:

    Damn im good! My prediction (on here) of a $290k year end median pricing was flat out just right.

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