September median sales price and other market metrics

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.

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

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Reno, Nevada in the national media

I’ve linked to many of these stories on my Facebook page over the last few weeks, but wanted to compile them here for readers of this blog. Check out some of the national median attention that Reno has been garnering recently…

[And to see stories such as these as they are published, like my Facebook page.]
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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged | Leave a comment

This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged | Leave a comment

August median sales price and other market metrics

The median sales price for homes sold in Reno and Sparks, Nevada pulled back sharply in August — reversing the upward trend that has been observed all year. August’s median sales price came in at $349,000 — a 2.4% decrease from the $357,500 median seen in July.

Year-over-year, August’s median sales price is up 9.5 percent over August 2016’s median of $310,000.

A whopping 679 houses were sold in August. This number represents a 6.6 percent increase over July’s total homes sold, and a 13.9 percent year-over-year increase.

August’s 679 houses sold brings this year’s total units sold to 4,584 — 5.1 percent ahead of the 4,363 total homes sold at this time last year.

August’s median sold price per square foot (ppsf) also receded for the month to $190.45/sq.ft. — a 0.9 percent one-month decrease from July’s $192.15/sq.ft. Year-over-year, August’s median sold ppsf is up 10.4 percent.

August’s median days on market (DOM) came in at 61 days — adding four days to July’s median DOM.

Available inventory decreased compared to July’s number — likely, due in part, to the high number of homes sold for the month. Currently there are 952 houses listed available for sale. That number represents a decrease of 5.0 percent from the 1,002 houses available for sale this time last month. Year-over-year, August 2017’s inventory is down 33.9 percent.

Pending home sales remain relatively unchanged. Currently, there are 1,032 houses pending sale — very close to the 1,034 pending sales this time last month, as well as to the 1,031 pending sales this time last year.

August sales by type, break out as follows:

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

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 1 0.1%
100 – 199 24 3.7%
200 – 299 182 30.5%
300 – 399 224 63.5%
400 – 499 129 82.5%
500 – 599 45 89.1%
600 – 699 22 92.3%
700 – 799 20 95.3%
800 – 899 12 97.1%
900 – 999 8 98.2%
1M+ 12 100%
total 679

August’s median sold price for houses and condos combined was $329,000 — a 2.9 percent one-month decrease from July’s median sold price of $339,000 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
Aug 2017 679 $349,000 $190.45 61 952 1,032
Jul 2017 637 $357,500 $192.15 57 1,002 1,034
Jun 2017 761 $340,000 $188.95 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 516 $324,287 $182.94 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
Aug 2016 596 $310,000 $172.45 67 1,440 1,031

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 – September 5, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: July median sales price and other market metrics

Click here for historical data back to 1998.

Posted in Agent Insights, Market Trends | Tagged , , , , , , , , , | 2 Comments

This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

Posted in headlines, News | Tagged | Leave a comment

Reno, Nevada median home price at record high

According to yesterday’s story in the Reno-Gazette Journal, Reno median home price hits all-time high, Sparks getting closer, Reno, Nevada’s median home price has now passed the record high set in 2006.

Now before you say, “Wait, just last week you wrote that ‘Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006’, please allow me to clarify. Frequent readers of this blog know that my Monthly Market Report reports on various real estate metrics for Reno and Sparks, Nevada combined. In the RGJ piece referenced above July’s median sales prices were calculated separately for Sparks and Reno.

When looking only at Reno (and not including Sparks), it is correct that the median sold price for a house (stickbuilt, not including condos or townhouses) has surpassed the record bubble high.

Here are the current numbers and previous record highs (as of this morning)…

Sales by Price Segment
Area July 2017 Median Sold Price Previous Record Median % Change
Reno, NV $385,000 $378,500 (August 2005) +1.7%
Sparks, NV $318,500 $346,000 (September 2005) -7.9%
Reno-Sparks combined $355,000 $365,000 (January 2006) -2.7%

Note: The median home price data reported in the table above covers the cities of Reno, Nevada [NNRMLS Area #101]; Sparks, Nevada [NNRMLS Area #108]; and Reno-Sparks combined [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 – July 10, 2017. Note: This information is deemed reliable, but not guaranteed.

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