May median sales price and other market metrics

The Reno-Sparks median home price came in at $373,000 for the month of May — pulling back slightly from April’s $374,000 median sales price. Despite the slight 0.3 percent month-over-month decline, May’s median sales prices is up 11.4 percent year-over-year.

Although May’s median sales price fell slightly, May’s median sold price per square foot (PPSF) climbed to $208.95/sq.ft. This number is 1.8 percent higher than April’s median sold PPSF of $205.34/sq.ft., and is 14.5 precent higher year-over-year.

Lack of available for-sale inventory is taking its toll on the number of homes sold in the Reno and Sparks markets. Units sales in May totaled 553 homes sold for the month. While May’s number of homes sold is up 12.6 percent over the 491 homes sold in April; year-over-year May sales are down a whopping 18.6 percent.

The good news is currently available inventory shows an increase over the number of homes available this time last month. Presently 725 homes are available for purchase in the Reno-Sparks market. That number is up a hefty 13.6 percent over the 638 homes for sales this time last month; however is down 19.7 percent from the 903 homes available for sale in May 2017.

Given current buyer demand, this increase in available inventory should yield slightly higher unit sales in June. Presently there are 920 homes pending sale in the Reno-Sparks market. That number is up 3.3 percent over the 891 homes pending sale this time last month. That being said, year-over-year, current pending sales are down a staggering 25.8 percent from May 2017.

May’s median days on market (DOM) came in at 49 days — a decrease of two days from April’s median DOM.

May sales by type, break out as follows:

  • REO sales: 0% – down from April’s 1%
  • Short sales: 0% – unchanged from April’s 0%
  • Equity sales: 99% – up from April’s 96%

May 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 3 0.7%
200 – 299 107 20.1%
300 – 399 208 57.7%
400 – 499 117 78.8%
500 – 599 47 87.3%
600 – 699 22 91.3%
700 – 799 11 93.3%
800 – 899 11 95.3%
900 – 999 9 96.9%
1M+ 17 100%
total 553

A whopping 17 homes sold for over $1,000,000 in May. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month. Thus far, year-to-date, 89 $1M+ homes sales have occurred. If this pace continues, 2018 will see over 200 sales of $1M+ homes.

May’s median sold price for houses and condos combined was $350,000 — down 1.4 percent over April’s median sold price 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
May 2018 553 $373,000 $208.95 49 725 920
Apr 2018 491 $374,000 $205.34 51 638 891
Mar 2018 549 $375,000 $200.73 50 529 814
Feb 2018 443 $370,000 $194.48 61 528 796
Jan 2018 405 $360,000 $191.42 68 514 782
Dec 2017 494 $345,000 $194.36 69 605 578
Nov 2017 534 $353,000 $197.03 61 767 713
Oct 2017 555 $345,000 $191.48 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 679 $335,000 $182.41 60 903 1,240

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 – June 5, 2018. Note: This information is deemed reliable, but not guaranteed.

Related post: April 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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