The median sales price for the Reno and Sparks, Nevada housing market continues to climb. June’s median sales price rose to $250,000, hitting another new high for the year. In fact, June’s median sales price is the highest median for the Reno-Sparks’ market in over five years. June’s median sales price represents a 4.2 percent one-month increase over May’s median of $240,000. Year-over-year, June’s median sales price is up 11 percent.
The Summer home buying season is in full swing. 550 houses sold in June 2014 — up 1.5 percent from the 542 sold in May, and up 3.6 percent from the 531 houses sold in June of last year.
June’s median sold price per square foot (ppsf) came in at $135.90/sq.ft. — an increase of 1.6 percent over May’s median sold ppsf of $133.75.
June’s median days on market (DOM) dropped to 61 days — a decrease of five days from the May’s median 66 DOM.
Available inventory continues to climb, but remains at a “Seller’s market” level at the lower price points. Currently, 1,234 houses are available for sale — a 14.7 percent increase from the 1,076 houses available for sale this time last month. Year-over-year, June’s inventory is up 43.7 percent.
June sales by type break out as follows:
- REO sales: 7% – up slightly from May’s 6%
- Short sales: 10% – down slightly from May’s 11%
- Equity sales: 82% – unchanged from May’s 82%
June sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 11 | 2.0% |
| 100 – 199 | 161 | 31.3% |
| 200 – 299 | 199 | 67.5% |
| 300 – 399 | 105 | 86.5% |
| 400 – 499 | 33 | 92.5% |
| 500 – 599 | 19 | 96.0% |
| 600 – 699 | 11 | 98.0% |
| 700 – 799 | 4 | 98.7% |
| 800 – 899 | 0 | 98.7% |
| 900 – 999 | 1 | 98.9% |
| 1M+ | 6 | 100% |
| total | 550 |
Six $1M+ homes sold in June. With 31 $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
June’s median sold price for houses and condos combined was $235,000–- a 4.4 percent increase over May’s median sold price of $225,000 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 |
| June 2014 | 550 | $250,000 | $135.90 | 61 | 1,234 | 1,098 |
| May 2014 | 542 | $240,000 | $133.75 | 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 | 531 | $225,000 | $123.57 | 59 | 859 | 1,527 |
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 – July 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: May median sales price, units sold, DOM and inventory
Random Residential Real Estate Investor
Thanks as always for the valuable info Guy!