August median sales price and other market metrics

Reno-Sparks median closed sales price pulls back in August

The median home sales price in Reno-Sparks, Nevada pulled back in August — coming in at $399,000 for the month. That number represents a $6,000, or 1.5 percent, drop from July’s record-setting median sales price of $405,000.

Note: It is fairly typical for our local market to see a pullback in home sale prices in the month of August. In fact, last year at this time our market saw one of its largest drop in the median sales price on record. See September 9th, 2018’s post: August’s drop in the median sales price is one of the largest on record — should we be worried?

Despite the slight pullback for the month, year-over-year, August’s median sale price is up 7.6 percent.

August’s median sold price per square foot (PPSF) also fell — receding to $213.92/sq.ft. This number is down 1.6 percent from July’s $217.42/sq.ft.

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

Homes Sold

605 homes sold in August — representing a slight 0.5 percent increase over July’s 602 homes sold.

Year-over-year, August’s number of homes sold was up a robust 5.8 percent over the 572 homes sold in August 2018.

Year-to-date home sales for 2019 are down 1.8 percent compared to the same period last year — 4,132 vs. 4,207, respectively.

Inventory

Regarding inventory, presently 1,342 homes are available for purchase in the Reno-Sparks market. This number is down 1.8 percent from the 1,367 homes available for sale this time last month. However, year-over-year, currently available inventory is up 11.1 percent.

That being said, despite the number of homes currently available for purchase, only 31.7 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains an issue.

Pending sales fell slightly in August. Presently, 898 homes are pending sale in the Reno-Sparks market. That number is down 0.9 percent from the 906 homes pending sale this time last month. However, year-over-year, current pending sales are up a healthy 13.7 percent over the number of pending sales this time last year.

Days on Market

August’s median days on market (DOM) came in at 65 days — an increase of 5 days over July’s median DOM.

Year-over-year, August’s DOM number is up 8 days over August 2018’s number.

Sales by Type

August sales by type, break out as follows:

  • REO sales: 1.3% – up over July’s 0.2%
  • Short sales: 0.0% – unchanged from July’s 0.0%
  • Subject to Court Approval sales: 1.5% – down from July’s 1.9%
  • Relocation sales: 1.2% – up over July’s 0.2%
  • Equity sales: 96.0% – down from July’s 97.8%

Sales by Price

August 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 2 0.3%
200 – 299 81 13.7%
300 – 399 226 51.1%
400 – 499 150 75.9%
500 – 599 60 85.8%
600 – 699 31 90.9%
700 – 799 14 93.2%
800 – 899 12 95.2%
900 – 999 6 96.2%
1M+ 23 100%
total 605

Wow! 23 homes sold for $1M, or more, during the month of August.

August’s median sold price for houses and condos combined was $370,000 — a 2.4 percent decrease from July’s median sold price of $379,250 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
Aug 2019 605 $399,000 $213.92 63 1,342 898
Jul 2019 602 $405,000 $217.42 60 1,367 906
Jun 2019 568 $400,000 $219.78 55 1,252 915
May 2019 680 $390,000 $220.27 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

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 – September 6, 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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