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

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August 2016 median price graphThe median home sales price in Reno and Sparks, Nevada receded sharply in August. August’s median sales price came in at $310,000 — a 2.8 percent decrease from July’s median sales price of $319,000.

Year-over-year August’s median sales price is up 6.9 percent over August 2015’s median of $290,000.

August’s median sold price per square foot (ppsf) also decreased; to $172.37/sq.ft. — a 0.7 percent decrease from July’s $173.65/sq.ft. Year-over-year the median sold ppsf is up 7.1 percent.

The number of houses sold in August also dropped; to 574 units sold. That total represents a 3.5 percent decrease from the 595 houses sold in July. Year-over-year, however, August’s total is up 9.3 percent from the 525 houses sold in August 2015.

August’s median days on market (DOM) increased by two more days — coming in at 66 DOM. DOM has been slowly trending upwards over the past few months.

August’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 July.

Available inventory is holding relatively steady. Currently 1,440 houses are listed and available for sale. Compare that number to the 1,434 houses available this time last month.

Similarly, pending home sales are also holding steady. Currently, there are 1,031 houses pending sale. Compare that July’s 1,036 pending sales this time last month.

August sales by type break out as follows:

  • REO sales: 2% – unchanged from July’s 2%
  • Short sales: 3% – unchanged from July’s 3%
  • Equity sales: 93% – unchanged from July’s 93%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 3 0.5%
100 – 199 37 7.5%
200 – 299 230 47.0%
300 – 399 186 79.4%
400 – 499 47 87.6%
500 – 599 25 92.0%
600 – 699 13 94.3%
700 – 799 11 96.2%
800 – 899 1 96.3%
900 – 999 8 97.7%
1M+ 13 100%
total 574

A whopping 13 $1M+ homes sold in August. To put that number in perspective, through July 44 $1M+ properties had been sold since the 1st of the year — or a little over 6 on average per month. August’s number more than doubled that average.

August’s median sold price for houses and condos combined was $289,000 — a 3.3 percent one-month decrease from July’s median sold price of $299,000 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
Aug 2016 574 $310,000 $172.37 66 1,440 1,031
Jul 2016 595 $319,000 $173.65 64 1,434 1,036
Jun 2016 660 $312,250 $175.37 61 1,299 1,072
May 2016 599 $310,000 $172.15 58 1,156 1,228
Apr 2016 571 $295,000 $167.86 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 525 $290,000 $160.99 56 1,238 1,021

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 – September 6, 2016. Note: This information is deemed reliable, but not guaranteed.

Related post: July 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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