September median sales price and other market metrics

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Just as was observed last month, the median sales price for homes sold in Reno and Sparks, Nevada pulled back sharply for the month. September’s median sales price came in at $335,000 — representing a 3.7 percent decrease from the $347,808 median sales price seen in August. September’s median is now off 5.6 percent from the year’s high of $355,000 set in July.

Year-over-year, September’s median sales price is up 8.1 percent over September 2016’s median of $310,000.

The number of houses sold also dropped significantly for the month. 592 houses were sold in September. This number represents a 17.7 percent decrease from August’s whopping 719 homes sold, as well as a 6.5 percent decrease year-over-year.

That being said, September’s 592 houses sold brings this year’s total units sold to 5,222, which is 4.5 percent ahead of the 4,996 total homes sold at this time last year.

Despite the drop in the median sales price September’s median sold price per square foot (ppsf) rose for the month to $195.25/sq.ft. — a 2.5 percent one-month increase from August’s $190.53/sq.ft. Year-over-year, September’s median sold ppsf is up 11.5 percent.

September’s median days on market (DOM) came in at 59 days — removing two days from August’s median DOM.

Available inventory fell for the month. Currently there are 925 houses listed available for sale. That number represents a decrease of 2.8 percent from the 952 houses available for sale this time last month. Year-over-year, September 2017’s inventory is down a whopping 36.3 percent.

Pending home sales also fell. Currently, there are 889 houses pending sale — down 13.9 percent from the 1,032 pending sales this time last month. This decrease will result in fewer sales in October. Year-over-year pending sales are down 4.2 percent.

September sales by type, break out as follows:

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

September 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 0 0.0%
100 – 199 16 2.7%
200 – 299 187 34.3%
300 – 399 199 67.9%
400 – 499 97 84.3%
500 – 599 43 91.6%
600 – 699 14 93.9%
700 – 799 8 95.3%
800 – 899 10 97.0%
900 – 999 6 98.0%
1M+ 12 100%
total 592

September’s median sold price for houses and condos combined was $320,000 — a 1.9 percent one-month decrease from August’s median sold price of $325,900 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
Sep 2017 592 $335,000 $195.25 59 925 889
Aug 2017 719 $347,808 $190.53 61 952 1,032
Jul 2017 639 $355,000 $192.15 57 1,002 1,034
Jun 2017 763 $340,000 $188.82 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 518 $324,287 $183.03 60 896 1,149
Mar 2017 558 $319,000 $178.04 71 840 1,009
Feb 2017 387 $319,950 $173.78 90 857 896
Jan 2017 366 $301,975 $174.53 89 872 810
Dec 2016 531 $300,000 $173.67 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 516 $310,000 $175.24 73 1,306 956
Sep 2016 633 $310,000 $175.18 74 1,451 928

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

Related post: August 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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