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

Share this:

median-sales-price-september-2016The median home sales price in Reno and Sparks, Nevada remained unchanged in September. September’s median sales price came in at $310,000 — the same as August’s median sales price.

Year-over-year September’s median sales price is up 8.8 percent over September 2015’s median of $285,000.

September’s median sold price per square foot (ppsf) increased; to $174.52/sq.ft. — a 1.1 percent increase over August’s $172.67/sq.ft. Year-over-year the median sold ppsf is up 9.5 percent.

The number of houses sold in September also increased — to 620 units sold. That total represents a 5.9 percent increase over the 590 houses sold in August. Year-over-year, September’s total houses sold is up 8.2 percent from the 573 houses sold in September 2015.

September’s median days on market (DOM) increased by a week — coming in at 73 DOM. DOM has been trending upwards over the past few months. Compare September’s 73 DOM to May’s 58 DOM.

September’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 7 days — an increase of 2 days over the 5 days observed in August.

Available inventory rose slightly. Currently 1,451 houses are listed and available for sale. Compare that number to the 1,440 houses available this time last month.

Pending home sales are off more sharply. Currently, there are 928 houses pending sale. Compare that August’s 1,031 pending sales this time last month — a 10 percent decrease.

September sales by type break out as follows:

  • REO sales: 2% – unchanged from August’s 2%
  • Short sales: 3% – unchanged from August’s 3%
  • Equity sales: 92% – down from August’s 93%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 2 0.3%
100 – 199 33 5.6%
200 – 299 254 46.6%
300 – 399 180 75.6%
400 – 499 77 88.1%
500 – 599 26 92.3%
600 – 699 18 95.2%
700 – 799 8 96.5%
800 – 899 8 97.7%
900 – 999 4 98.4%
1M+ 10 100%
total 620

September’s median sold price for houses and condos combined was $296,750 — a 2.9 percent one-month increase over August’s median sold price of $289,000 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
Sep 2016 620 $310,000 $174.52 73 1,451 928
Aug 2016 590 $310,000 $172.67 66 1,440 1,031
Jul 2016 596 $319,250 $173.60 64 1,434 1,036
Jun 2016 660 $312,650 $175.49 61 1,299 1,072
May 2016 600 $310,000 $172.09 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

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 – October 5, 2016. Note: This information is deemed reliable, but not guaranteed.

Related post: August 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.
This entry was posted in Agent Insights, Market Trends and tagged , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *