The median sales price for the Reno and Sparks, Nevada housing market held steady in November. November’s median sales price of $260,000 was unchanged from the $260,000 reached in October (a high for the year). Year-over-year November’s median sales price is up 15.6 percent.
456 houses sold in November — representing a 6.7 percent decrease from the 489 houses sold in October. Much of this decrease can be attributed to the seasonal slowdown of home sales. That being said, November’s 456 houses sold also represents a 4.4 percent decline year-over-year. I believe the number of sales is also being impacted by the low inventory [more on this below].
November’s median sold price per square foot (ppsf) dropped to $138.69/sq.ft. — a decrease of 0.7 percent from October’s median sold ppsf of $139.77. Year-over-year November’s median sold ppsf is up 9.7 percent.
November’s median days on market (DOM) came in at 70 days — subtracting three days from October’s median DOM of 73.
Available inventory continues to slide. Currently, 940 houses are available for sale — the lowest number since March of this year. November’s 940 houses for sale represents a 13.2 percent drop from the 1,083 houses available for sale this time last month. Again, seasonality impacts inventory — as some home sellers choose not to list their homes for sale during the holidays. However November’s inventory is also off 3.5 percent year-over-year.
The declining inventory is also impacting pending sales. November pending sales are down 9.1 percent from October and off 16.6 percent year-over-year.
Currently the local market has just over a two-month supply of inventory. Buyer demand remains strong. Given these factors look for the median sales price to remain at year-highs (or higher) next month.
November sales by type break out as follows:
- REO sales: 6% – up from October’s 4%
- Short sales: 6% – unchanged from October’s 6%
- Equity sales: 85% – down from October’s 88%
November sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 7 | 1.5% |
| 100 – 199 | 117 | 27.2% |
| 200 – 299 | 186 | 68.2% |
| 300 – 399 | 86 | 87.1% |
| 400 – 499 | 25 | 92.5% |
| 500 – 599 | 12 | 95.2% |
| 600 – 699 | 7 | 96.7% |
| 700 – 799 | 4 | 97.6% |
| 800 – 899 | 4 | 98.5% |
| 900 – 999 | 1 | 98.7% |
| 1M+ | 7 | 100% |
| total | 456 |
Seven homes sold for more than $1 Million in November. That brings the total for the year, thus far, to 69 sales of $1M+ homes. 2014’s sales of $1M and above homes has now exceeded 2013’s 67 sales — and we still have December to go.
November’s median sold price for houses and condos combined was $240,000 —unchanged from October’s median sold price of $240,000 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 |
| Nov 2014 | 456 | $260,000 | $138.69 | 70 | 940 | 977 |
| Oct 2014 | 489 | $260,000 | $139.77 | 73 | 1,083 | 1,075 |
| Sep 2014 | 504 | $239,000 | $136.68 | 70 | 1,325 | 999 |
| Aug 2014 | 576 | $250,000 | $138.38 | 60 | 1,390 | 1,015 |
| Jul 2014 | 530 | $249,950 | $140.26 | 61 | 1,365 | 1,117 |
| Jun 2014 | 564 | $250,000 | $135.97 | 61 | 1,234 | 1,098 |
| May 2014 | 546 | $240,000 | $134.60 | 65 | 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 | 477 | $224,900 | $126.48 | 71 | 974 | 1,171 |
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 – December 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: October median sales price, units sold, DOM and inventory
johnny
Call me crazy but I don’t see slowly raising interest rates having much of an impact on Median price in 2015. I predict a median of $290k for dec. 2015