July median sales price and other market metrics

Share this:

Just like this summer’s heat, Reno and Sparks’ housing market continues to be hot, hot, hot. July saw home prices skyrocket more than 5 percent over June’s to bring the median sales price to $357,500. And, as I seem to be restating each month, July’s median sales price establishes another new post-bubble record high. Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006.

Year-over-year, July’s median sales price is up 12.6 percent over July 2016’s median of $317,600.

627 houses were sold in July. Though down from June’s all-time record high of 755 units sold, July’s number is up 4.2 percent, year-over-year.

July’s 627 houses sold brings this year’s total units sold to 3,887 — 3.2 percent ahead of the 3,767 total homes sold this time last year.

July’s median sold price per square foot (ppsf) also jumped for the month to $192.13/sq.ft. — a 1.7 percent one-month increase over June’s $189.01/sq.ft. Year-over-year, July’s median sold ppsf is up 10.8 percent.

July’s median days on market (DOM) came in at 57 days — adding a day to June’s median DOM.

Available inventory increased compared to June’s number. Currently there are 1,002 houses listed available for sale. That number represents a increase of 4.0 percent over the 963 houses available for sale this time last month. Year-over-year, however, July 2017’s inventory is is down 30.1 percent.

Pending home sales have pulled back. Currently, there are 1,034 houses pending sale — an 8.3 percent decrease from the 1,127 pending sales this time last month. Year-over-year, current pendings are equal to last year’s.

July sales by type, break out as follows:

  • REO sales: 1% – down from June’s 2%
  • Short sales: 1% – unchanged from June’s 1%
  • Equity sales: 97% – up from June’s 95%

July 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 0.2%
100 – 199 17 2.9%
200 – 299 173 30.5%
300 – 399 199 62.2%
400 – 499 107 79.3%
500 – 599 47 86.8%
600 – 699 22 90.3%
700 – 799 15 92.7%
800 – 899 12 94.6%
900 – 999 9 96.0%
1M+ 25 100%
total 627

Wow! A whopping 25 homes sold for over $1 million in July! That tops June’s 22 $1M sales. To put these numbers into perspective, in all of 2016, 94 homes sold for over $1M — or an average 7.8 homes per month. Currently, 2017 is averaging 12.4 per month.

July’s median sold price for houses and condos combined was $339,900 — a whopping 6.6 percent one-month increase over June’s median sold price of $319,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
July 2017 627 $357,500 $192.13 57 1,002 1,034
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 602 $317,600 $173.38 65 1,434 1,036

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 5, 2017. Note: This information is deemed reliable, but not guaranteed.

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

3 Responses to July median sales price and other market metrics

  1. Pingback: RSAR Monthly Market Report – July 2017 | Reno Real Estate Blog

  2. Pingback: Reno, Nevada median home price at record high | Reno Real Estate Blog

  3. Pingback: August median sales price and other market metrics | Reno Real Estate Blog

Leave a Reply

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