July median sales price and other market metrics

Another month, another record high. Reno and Sparks, Nev. median home sales price hits another all-time record high — now at $405,000!

The median home price in Reno-Sparks, Nevada added an additional $5,000 in July — coming in at $405,000 for the month and setting another new record high. July’s median home price climbed 1.3 percent over June’s previous record-setting median of $400,000.

Year-over-year, July’s median sale price is up 5.2 percent.

Interestingly, while July’s median home price climbed, the median sold price per square foot (PPSF) fell slightly — receding to $218.51/sq.ft. This number is down 0.6 percent from June’s $219.84/sq.ft.

Year-over-year, July’s median sold PPSF is up 1.0 percent.

Homes Sold

The number of homes sold in July rose compared to June’s 567 homes sold. 587 homes sold in July — representing a 3.5 percent increase over June.

Year-over-year, July’s number of homes sold was up 3.5 percent over the 567 homes sold in July 2018.

Year-to-date home sales for 2019 are down 3.5 percent compared to the same period last year — 3,511 vs. 3,635, respectively.

Inventory

Regarding inventory, presently 1,367 homes are available for purchase in the Reno-Sparks market. This number is up 9.2 percent over the 1,252 homes available for sale this time last month. Year-over-year, July’s currently available inventory is up 18.5 percent.

That being said, despite the number of homes currently available for purchase, only 21.7 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains an issue.

Pending sales fell slightly in July. Presently, 906 homes are pending sale in the Reno-Sparks market. That number is down 1.0 percent over the 915 homes pending sale this time last month. However, year-over-year, current pending sales are up a healthy 8.1 percent over the number of pending sales in July 2018.

Days on Market

July’s median days on market (DOM) came in at 60 days — an increase of 5 days over June’s median DOM.

Year-over-year, July’s DOM number is up 7 days over July 2018’s number.

Sales by Type

July sales by type, break out as follows:

  • REO sales: 0.2% – down from June’s 1.3%
  • Short sales: 0.0% – unchanged from June’s 0.0%
  • Subject to Court Approval sales: 1.9% – up from June’s 1.3%
  • Relocation sales: 0.2% – down from June’s 0.8%
  • Equity sales: 97.8% – up from June’s 96.6%

Sales by Price

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 0 0.0%
100 – 199 3 0.5%
200 – 299 77 13.6%
300 – 399 200 47.7%
400 – 499 148 72.9%
500 – 599 59 83.0%
600 – 699 37 89.3%
700 – 799 24 93.4%
800 – 899 6 94.4%
900 – 999 14 96.8%
1M+ 19 100%
total 587

July’s median sold price for houses and condos combined was $377,823 — a 0.9 percent increase over June’s median sold price of $374,475 for combined sales of houses and condos.

The table below contains the past 13 months of data[1]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Jul 2019 587 $405,000 $218.51 60 1,367 906
Jun 2019 567 $400,000 $219.84 55 1,252 915
May 2019 681 $390,000 $220.20 54 1,163 911
Apr 2019 531 $375,000 $213.73 65 996 923
Mar 2019 458 $369,000 $207.92 78 867 815
Feb 2019 362 $372,150 $208.84 89 888 774
Jan 2019 325 $362,000 $210.44 86 961 655
Dec 2018 385 $365,000 $209.82 77 1,079 541
Nov 2018 469 $377,500 $211.75 71 1,237 634
Oct 2018 468 $385,000 $213.86 65 1,300 717
Sep 2018 460 $372,527 $210.74 60 1,333 725
Aug 2018 572 $370,725 $211.79 57 1,208 790
Jul 2018 567 $385,000 $216.37 53 1,154 838

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. 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 – August 3, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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