July median sales price, units sold, DOM, DTC and inventory

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July 2016 median price graphThe median home sales price in Reno and Sparks, Nevada continues to climb — as we’ve seen it do all year. July’s median sales price came in at $317,600 — a 1.7 percent increase over June’s median sales price of $312,250.

Year-over-year July’s median sales price is up 9.5 percent over July 2015’s median of $290,000.

Interestingly July’s median sold price per square foot (ppsf) decreased to $173.38/sq.ft. — a 1.1 percent decrease from June’s $175.37/sq.ft. Year-over-year the median sold ppsf is up 8.8 percent.

The number of houses sold in July dropped substantially to 580 units sold. That total represents a 12.1 percent decrease from the 660 houses sold in June. Year-over-year, July’s total is also down from the 648 houses sold in July 2015. Rising home prices are having an impact on the number of houses sold.

July’s median days on market (DOM) increased by three days — coming in at 64 DOM. DOM has been slowly trending upwards over the past few months.

July’s median days to contract (DTC) metric [the number of days that a property was listed on the MLS before going into contract (e.g. pending)] came in at 5 days — the same number of days observed in June.

Available inventory continues to rise. Currently 1,434 houses are listed and available for sale. This total is up 10.4 percent over the 1,299 houses available this time last month. Available inventory has been climbing every month since January of this year.

Pending home sales again pulled back from the number of pendings this time last month. Currently, there are 1,036 houses pending sales — a 3.4 percent drop from June’s pending sales.

July sales by type break out as follows:

  • REO sales: 1% – down from June’s 2%
  • Short sales: 3% – unchanged from June’s 3%
  • Equity sales: 93% – down from June’s 94%

July 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 39 6.7%
200 – 299 216 44.0%
300 – 399 185 75.9%
400 – 499 65 87.1%
500 – 599 34 92.9%
600 – 699 14 95.3%
700 – 799 11 97.2%
800 – 899 6 98.3%
900 – 999 4 99.0%
1M+ 6 100%
total 580

July’s median sold price for houses and condos combined was $297,500 — a 0.8 percent one-month increase over June’s median sold price of $295,000 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
Jul 2016 580 $317,600 $173.38 64 1,434 1,036
Jun 2016 660 $312,250 $175.37 61 1,299 1,072
May 2016 596 $310,000 $172.22 58 1,156 1,228
Apr 2016 570 $295,000 $168.00 58 840 1,142
Mar 2016 578 $295,000 $165.09 64 833 1,037
Feb 2016 369 $290,000 $162.77 85 765 1,010
Jan 2016 387 $278,000 $153.10 87 762 853
Dec 2015 501 $290,000 $157.20 76 819 749
Nov 2015 423 $292,000 $158.97 72 925 890
Oct 2015 540 $279,950 $158.99 65 1,105 886
Sep 2015 573 $285,000 $159.42 63 1,231 931
Aug 2015 526 $290,000 $160.98 56 1,238 1,021
Jul 2015 648 $290,000 $159.38 57 1,138 991

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

Related post: June median sales price, units sold, DOM, DTC and inventory

Click here for historical data back to 1998.

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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