June median sales price and other market metrics

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Hello Reno Realty Blog Readers, I trust everyone is enjoying their summers. I wanted to apologize for my tardiness in getting June’s Real Estate Market Report published. Between the current market activity (as you will see below) and summer activities I am kept quite busy at the moment. That being said, I appreciate hearing from those of you wanting to know when June’s report was going to be posted. It pleases me that you find the housing information I post on this blog useful. So, without further ado, here is June’s median sales price and other real estate market metrics. Enjoy!

Just like this summer’s heat, Reno and Sparks’ housing market continues to be hot, hot, hot. June saw prices increase another 1.5 percent to bring the median sales price to $340,000. And at the risk of sounding like a broken record, yes, June’s median sales price establishes another new post-bubble high.

Year-over-year June’s median sales price is up 8.7 percent over June 2016’s median of $312,800.

Among other things, each month’s increase in home prices brings us closer to the housing bubble record high of $365,000 set in January 2006. With June’s new high, home prices in Reno and Sparks, Nevada are now off only 6.8 percent from the housing bubble record.

Let’s talk about number of houses sold in June. As you may recall, in last month’s market report I noted that the signs were favorable for June to set a new record for unit sales. Did June deliver? It sure did, and in a BIG way!

755 houses were sold in June setting an all-time record for the most number of homes sold in a single month — smashing the previous record of 679 units sold set during the height of the housing bubble in June 2005. This, folks, is one for the books!

June’s 755 houses sold represents a huge 9.9 percent increase over the 680 houses sold in May […and that was on top of May’s total, which was 32 percent higher than the 515 houses sold in April.]

To be sure, there is some seasonality at play here, but even so, year-over-year, June’s sales were up more than 17 percent year-over-year.

June’s median sold price per square foot (ppsf) also jumped for the month to a remarkable $189.01/sq.ft. — a 3.6 percent one-month increase over May’s $182.46/sq.ft. Year-over-year, June’s median sold ppsf is up 7.1 percent.

June’s median days on market (DOM) came in at 56 days — subtracting four days from May’s median DOM.

Available inventory increased compared to May’s number. Currently there are 963 houses listed available for sale. That number represents a increase of 6.6 percent over the 903 houses available for sale this time last month. Year-over-year, however, June 2017’s inventory is is down 25.9 percent.

Pending home sales have pulled back. Currently, there are 1,127 houses pending sale — a 9.1 percent decrease from the 1,240 pending sales this time last month. Year-over-year, current pendings are up 5.1 percent.

June sales by type, break out as follows:

  • REO sales: 2% – unchanged from May’s 2%
  • Short sales: 1% – down from May’s 2%
  • Equity sales: 95% – down from May’s 96%

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

Sales by Price Segment
sales price ($000’s) units sold cumulative % of sales
0 – 99 1 0.1%
100 – 199 28 3.7%
200 – 299 245 35.4%
300 – 399 233 65.4%
400 – 499 125 81.5%
500 – 599 44 87.2%
600 – 699 28 90.8%
700 – 799 16 92.9%
800 – 899 10 94.2%
900 – 999 3 94.6%
1M+ 22 100%
total 755

Wow, a whopping 22 homes sold for over $1 million in June! That is the largest single-month total I think I have seen. To put that into perspective, in all of 2016, 94 homes sold for over $1M — or an average 7.8 homes per month.

June’s median sold price for houses and condos combined was $318,500 — a slight 0.2 percent increase over May’s median sold price of $318,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
June 2017 755 $340,000 $189.01 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 515 $323,990 $183.02 60 896 1,149
Mar 2017 556 $319,000 $178.04 71 840 1,009
Feb 2017 386 $319,470 $173.90 90 857 896
Jan 2017 365 $302,000 $174.73 88 872 810
Dec 2016 531 $300,000 $173.67 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 514 $310,000 $175.57 73 1,306 956
Sep 2016 632 $310,000 $175.02 74 1,451 928
Aug 2016 596 $310,000 $172.45 67 1,440 1,031
Jul 2016 600 $318,000 $173.38 65 1,434 1,036
Jun 2016 661 $312,800 $175.54 61 1,299 1,072

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 – July 17, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: May median sales price and other market metrics

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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