September median sales price, units sold, DOM and inventory

September’s median sales price took a big drop. For the prior three months (June, July and August) the Reno-Sparks’ median home sales price had held steady at $250,000, however for September the median sales price fell to $239,000 — equivalent to a 4.4 percent decrease. Year-over-year September’s median sales price is up 6.7 percent.

Units sold in September fell 14.5 percent from August’s number — much of this decrease can be attributed to the seasonal slowdown of home sales. That being said, September’s 491 houses sold is also down 4.3 percent year-over-year.

September’s median sold price per square foot (ppsf) dropped to $136.71/sq.ft. — a decrease of 1.2 percent from August’s median sold ppsf of $138.38. Year-over-year September’s median sold ppsf is up 8 percent.

September’s median days on market (DOM) came in at 71 days — adding a whopping 11 days to August’s median DOM of 60. However, this increase may also have a seasonal component to it as we saw a similar jump in DOM last year at this time.

Available inventory fell a bit, and remains at a “Seller’s market” level at the lower price points. Currently, 1,325 houses are available for sale — a 4.7 percent decrease from the 1,390 houses available for sale this time last month. Year-over-year, September’s inventory is up 30 percent.

September sales by type break out as follows:

• REO sales: 7% – up from August’s 4%
• Short sales: 7% – down slightly from August’s 8%
• Equity sales: 85% – down slightly from August’s 86%

September sales by price band break out as follows in the table below…

A whopping ten homes sold for more than $1 Million in September. That brings the total for the year, thus far, to 56 sales of $1M+ homes. At this time last year, the Reno-Sparks market had seen 43 sales of $1M and above homes. At the current rate of sales, 2014 looks to beat 2013’s 67 sales of $1M and above homes.

September’s median sold price for houses and condos combined was $225,000 — a 5 percent decrease from August’s median sold price of $236,850 for combined sales of houses and condos.

The table below contains the past 13 months of data…

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: August median sales price, units sold, DOM and inventory