December median sales price and other market metrics

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December’s median sales price pulled back from November’s to end the year at $345,000. December’s median sales price for homes sold in Reno and Sparks, Nevada fell 2.7 percent from November’s median of $353,000. Year-over-year however, December’s median is up a whopping 15.0 percent over December 2016’s median sales price of $300,000.

On a price-per-square foot basis the median sales price ended the year at $194.83/sq.ft. That number is a 0.9 percent decrease from November’s median sold price per square foot of $196.60/sq.ft., but is an 11.8 percent increase year-over-year.

Lack of available inventory continues to be the major issue plaguing the Reno-Sparks housing market. Presently there are only 605 homes available for purchase in the Reno-Sparks market. Not only is that number down 21.1 percent from the 767 homes available for sale this time last month, but even more telling, year-over-year, available inventory is off a staggering 41.4 percent. Yes, last year at this time 1,032 homes were available for sale, presently there are 605. For a more detailed analysis of the inventory problem our market is experiencing, see Reno, Nevada’s Housing Shortage — How Bad Is It?

Pending home sales are also down substantially. Presently there are 578 homes pending sale in the Reno-Sparks Market. That number is down 18.9 percent from the 713 homes pending sale this time last month. As is typically the case, expect January unit sales to be quite low. Year-over-year, current pending sales are down 14.4 percent.

Speaking of the number of houses sold, for December sales dropped for the month. December’s 459 houses sold was 13.4 percent fewer than the 530 houses sold in November; and 13.9 percent fewer year-over-year.

December’s median days on market (DOM) came in at 70 days — adding nine days to November’s median DOM.

December sales by type, break out as follows:

  • REO sales: 1% – unchanged from November’s 1%
  • Short sales: <1% – unchanged from November’s <1%
  • Equity sales: 97% – unchanged from November’s 97%

December 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 14 3.1%
200 – 299 140 33.6%
300 – 399 153 66.9%
400 – 499 89 86.3%
500 – 599 21 90.8%
600 – 699 18 94.8%
700 – 799 6 96.1%
800 – 899 5 97.2%
900 – 999 4 98.0%
1M+ 9 100%
total 459

Nine homes sold for over $1,000,000 in December — bringing the year-to-date total to 143 $1M+ sales, and greatly surpassing the 94 $1M+ sales that occurred in 2016. In fact, the number of $1M and above home sales in 2017 was 52.1 percent higher than 2016.

December’s median sold price for houses and condos combined was $325,011 — a 3.0 percent one-month decrease from November’s median sold price of $334,950 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Happy New Year!

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Dec 2017 459 $345,000 $194.83 70 605 578
Nov 2017 530 $353,000 $196.60 61 767 713
Oct 2017 554 $345,000 $191.54 64 851 843
Sep 2017 613 $336,900 $194.62 59 925 889
Aug 2017 721 $347,900 $190.53 61 952 1,032
Jul 2017 641 $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 364 $301,975 $174.53 89 872 810
Dec 2016 533 $300,000 $174.30 83 1,032 675

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 – January 1, 2018. Note: This information is deemed reliable, but not guaranteed.

Related post: November 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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3 Responses to December median sales price and other market metrics

  1. Vale Trujillo says:

    Hello Guy,

    Why is there a difference between the data shown here and the corresponding month in the historical data?

    Thanks for all of your analysis.

  2. Guy Johnson says:

    Hello Vale,

    Thank you for the heads up. I have now updated the historical data table to accurately reflect the most recent data.

    Thank you for reading the blog.

  3. Pingback: 2017 Reno Housing Market Recap | Reno Real Estate Blog

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