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

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october-median-sales-price-2016The median home sales price in Reno and Sparks, Nevada dropped to $307,000 for October — representing a 0.9 percent decrease from September’s median of $310,000.

Year-over-year October’s median sales price is up 9.7 percent over October 2015’s median of $279,950.

October’s median sold price per square foot (ppsf) increased slightly to $175.57/sq.ft. — a 0.1 percent increase over September’s $175.29/sq.ft. Year-over-year the median sold ppsf is up 10.4 percent.

The number of houses sold in October dropped substantially — to 490 units sold. That total represents a 22.8 percent decrease from the 635 houses sold in September. Sales typically drop as the market enters the fall and winter seasons. That being said, year-over-year, October’s total houses sold is off 9.3 percent from the 540 houses sold in October 2015.

October’s median days on market (DOM) decreased by two days — coming in at 72 DOM.

October’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 6 days — an decrease of 1 day over the 7 days observed in September.

Available inventory fell for the month. Currently 1,306 houses are listed and available for sale. Compare that number to the 1,451 houses available this time last month.

Pending home sales, on the other hand, increased. Currently, there are 956 houses pending sale. Compare that September’s 928 pending sales this time last month — a 3 percent increase.

October sales by type break out as follows:

  • REO sales: 2% – unchanged from September’s 2%
  • Short sales: 1% – down from September’s 3%
  • Equity sales: 96% – up from September’s 92%

October 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 34 6.9%
200 – 299 193 46.3%
300 – 399 162 79.4%
400 – 499 49 89.41%
500 – 599 23 94.1%
600 – 699 9 95.9%
700 – 799 10 98.0%
800 – 899 3 98.6%
900 – 999 1 98.8%
1M+ 6 100%
total 490

October’s median sold price for houses and condos combined was $290,000 — a 1.7 percent one-month decrease from September’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
Oct 2016 490 $307,000 $175.57 72 1,306 956
Sep 2016 635 $310,000 $175.29 74 1,451 928
Aug 2016 595 $310,000 $172.41 67 1,440 1,031
Jul 2016 600 $318,000 $173.38 65 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

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 – November 9, 2016. Note: This information is deemed reliable, but not guaranteed.

Related post: September 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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5 Responses to October median sales price, units sold, DOM, DTC and inventory

  1. Woodrow Stool says:

    Question – how can median days on market (DOM) be 72 if median days to contract (DTC) are only 6? Shouldn’t those two be pretty close to the same? If a property is under contract it is off the market, correct? These two numbers seem to be conflicting, or perhaps (likely) I don’t fully understand the difference between the two. Many thanks for any explanation and thanks again for posting this monthly data.

  2. Guy Johnson says:

    Great question. The days on market (DOM) metric, as used by our MLS, refers to the number of days from first being listed to the date the sale closes — therefore under contract days are included in this number. The days to contract number does not include does pending (or under contract). Thank you for your question and thank you for reading the blog.

  3. Woodrow Stool says:

    So just to follow up – can you describe a typical situation where a home goes under contract six days after listing but stays on the market for 72 days? Why would the house be go under contract so quickly yet still technically be on the market for another 66 days?

  4. Guy Johnson says:

    Another great question. 66 days pending is not typical. To determine the median days pending (or days in escrow), we would have to subtract the days to contract (DTC) from the days on market (DOM) from every sale that has occurred for the month. We would then take the median of that data set of differences to arrive at the median days pending. I suspect we’d see a number closer to 45 days currently, and not the 66 days found above by simply subtracting the median DTC from the median DOM.

    Coincidentally, I performed this very analysis in a blog post earlier this year. Take a look at Median escrow period increases by three weeks — Days to contract now less than a week for that blog.

  5. Pingback: RSAR Monthly Market Report – October 2016 | Reno Real Estate Blog

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