December median sales price, units sold, DOM and inventory

monthly medians December 2015December’s median sales price pulled back ever so slightly from November’s. December’s median sales price was $289,500 — or off a mere 0.17 percent from November’s median of $290,000. Year-over-year December’s median represents a 10.5 percent increase from December 2014’s median sales price of $261,995.

Interestingly, Reno and Sparks monthly median sales price reached $290,000 in three different months during 2015 — July, August and November — but never surpassed it.

December’s median sold price per square foot (ppsf) dropped to $157.40/sq.ft. — a 1.1 percent decrease from November’s $159.15/sq.ft. Year-over-year the median sold ppsf is up 12.5 percent.

The number of houses sold in December rose to 488 units. That number is up 15.4 percent over the 423 houses sold in November; however is off 6.2 percent year-over-year from the 520 houses sold in December 2014.

For the year, 6,316 houses were sold in 2015. 2015’s total houses sold is up 5.8 percent from the 5,970 houses sold in 2014.

December’s median days on market (DOM) increased to 75 DOM — adding 3 more days to November’s median DOM of 72 days. The large increase in the DOM (listed to close) is likely attributed to the new TRID rules that recently went into effect.

A new metric: Last month 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). December’s median DTC was 12 days. Compare that to November’s median DTC of 24 days.

Available inventory continued to decline in December. Currently 819 houses are listed and available for sale. Compare that to the 925 available at this time last month. Using the 488 houses sold during the month of December as the divisor, the current months-supply-of-inventory (MSI) stands at less than two months — a Seller’s market — particularly at the lower price points.

December sales by type break out as follows:

  • REO sales: 2% – down from November’s 4%
  • Short sales: 4% – unchanged from November’s 4%
  • Equity sales: 92% – up from November’s 90%

December 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 56 11.7%
200 – 299 205 53.7%
300 – 399 140 82.0%
400 – 499 34 89.3%
500 – 599 19 93.2%
600 – 699 12 95.7%
700 – 799 3 96.3%
800 – 899 6 97.5%
900 – 999 4 98.4%
1M+ 8 100%
total 488

December’s median sold price for houses and condos combined was $277,000 — a 0.7 percent increase over November’s median sold price of $275,000 for combined sales of houses and condos. Of note, December’s median sold price for houses and condos combined represented the high combined median for 2015.

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
Dec 2015 488 $289,500 $157.40 75 819 749
Nov 2015 423 $290,000 $159.15 72 925 890
Oct 2015 541 $279,900 $158.88 65 1,105 886
Sep 2015 574 $285,000 $159.42 62 1,231 931
Aug 2015 526 $290,000 $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

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 – January 8, 2016. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: November 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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