May’s median sales price increased to $236,500, hitting a new high for the year. In fact, May’s median sales price is the highest median for the Reno-Sparks’ market in over five years. May’s median sales price represents a 2.8 percent one-month increase over April’s median of $230,000. Year-over-year, May’s median sales price is up 8.5 percent.
The Summer home buying season is upon us. 527 houses sold in May 2014 — down slightly from the 534 sold in April, and down 2.6 percent from the 541 houses sold in May of last year.
May’s median sold price per square foot (ppsf) came in at $133.37/sq.ft. — an increase of 2.3 percent over April’s median sold ppsf of $130.37.
Days on market (DOM) is relatively unchanged and remains low. May’s median DOM was 66 days — an increase of one day from the April’s median 65 DOM.
Available inventory jumped again in May, and continues its upward trend, however still remains at only a two-month supply. Currently, 1,076 houses are available for sale — a 13.9 percent increase from the 945 houses available for sale this time last month. Year-over-year, May’s inventory is up 42.3 percent.
May sales by type break out as follows:
- REO sales: 6% – unchanged from April’s 6%
- Short sales: 11% – down from April’s 15%
- Equity sales: 82% – up from April’s 78%
May sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 11 | 2.1% |
| 100 – 199 | 166 | 33.6% |
| 200 – 299 | 199 | 71.3% |
| 300 – 399 | 81 | 86.7% |
| 400 – 499 | 26 | 91.7% |
| 500 – 599 | 19 | 95.3% |
| 600 – 699 | 7 | 96.9% |
| 700 – 799 | 8 | 98.1% |
| 800 – 899 | 3 | 98.7% |
| 900 – 999 | 1 | 98.9% |
| 1M+ | 6 | 100% |
| total | 527 |
Six $1M+ homes sold in May. With 25 $1M+ sales year-to-date 2014 is continuing 2013’s increasing trend of million-dollar home sales – See Million dollar (and above) home sales double in 2013
May’s median sold price for houses and condos combined was $224,950 –- a 2.9 percent increase over April’s median sold price of $218,500 for combined sales of houses and condos.
The table below contains the past 13 months of data…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| May 2014 | 527 | $236,500 | $133.37 | 66 | 1,076 | 1,190 |
| Apr 2014 | 534 | $230,000 | $130.37 | 65 | 945 | 1,198 |
| Mar 2014 | 482 | $227,499 | $129.72 | 64 | 837 | 1,249 |
| Feb 2014 | 388 | $233,500 | $126.42 | 90 | 864 | 1,169 |
| Jan 2014 | 353 | $220,000 | $125.32 | 87 | 817 | 1,084 |
| Dec 2013 | 492 | $231,000 | $120.80 | 76 | 828 | 953 |
| Nov 2013 | 475 | $224,900 | $126.51 | 71 | 974 | 1,171 |
| Oct 2013 | 537 | $214,750 | $125.45 | 63 | 1,052 | 1,224 |
| Sep 2013 | 513 | $224,900 | $126.53 | 70 | 1,019 | 1,305 |
| Aug 2013 | 638 | $220,000 | $124.56 | 62 | 1,028 | 1,361 |
| Jul 2013 | 593 | $215,000 | $123.25 | 64 | 920 | 1,455 |
| Jun 2013 | 532 | $224,950 | $123.60 | 59 | 859 | 1,527 |
| May 2013 | 541 | $218,000 | $118.99 | 64 | 756 | 1,563 |
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 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: April median sales price, units sold, DOM and inventory
