For the third consecutive month the median sales price has held at $250,000. August’s $250,000 median sales price remains the high for the year — as well as the highest median for the Reno-Sparks’ housing market in over five years. Year-over-year, August’s median sales price is up 13.6 percent.
Units sold in August jumped 7.4 percent from July’s number. August’s 565 houses sold also sets a new high for the year, edging out the 563 houses sold in June. Year-over-year units sold are down 11.6 percent.
Despite August’s median sales price remaining unchanged, its median sold price per square foot (ppsf) dropped to $138.36/sq.ft. — an decrease of 1.4 percent from July’s median sold ppsf of $140.38.
August’s median days on market (DOM) came in at 60 days — shedding two days off July’s median of 62 DOM.
Available inventory continues to climb slowly, but remains at a “Seller’s market” level at the lower price points. Currently, 1,390 houses are available for sale — a 1.8 percent increase from the 1,365 houses available for sale this time last month. Year-over-year, August’s inventory is up 35.2 percent.
August sales by type break out as follows:
- REO sales: 4% – unchanged from July’s 4%
- Short sales: 8% – unchanged from July’s 8%
- Equity sales: 86% – unchanged from July’s 86%
August sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 9 | 1.6% |
| 100 – 199 | 150 | 28.1% |
| 200 – 299 | 224 | 67.8% |
| 300 – 399 | 113 | 87.8% |
| 400 – 499 | 28 | 92.7% |
| 500 – 599 | 15 | 95.4% |
| 600 – 699 | 7 | 96.6% |
| 700 – 799 | 5 | 97.5% |
| 800 – 899 | 8 | 98.9% |
| 900 – 999 | 1 | 99.1% |
| 1M+ | 5 | 100% |
| total | 565 |
As can seen by the cumulative numbers above, two-thirds of the homes sold in our market sell for less that $300,000; and 88% sell for less than $400,000.
August’s median sold price for houses and condos combined was $237,000 — a 0.9 percent increase over July’s median sold price of $234,900 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 |
| Aug 2014 | 565 | $250,000 | $138.36 | 60 | 1,390 | 1,015 |
| Jul 2014 | 526 | $250,000 | $140.38 | 62 | 1,365 | 1,117 |
| Jun 2014 | 563 | $250,000 | $136.03 | 61 | 1,234 | 1,098 |
| May 2014 | 545 | $240,000 | $133.75 | 66 | 1,076 | 1,190 |
| Apr 2014 | 535 | $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 | 639 | $220,000 | $124.42 | 62 | 1,028 | 1,361 |
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 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: July median sales price, units sold, DOM and inventory
