May median sales price, units sold, DOM and inventory

monthly median 2015-06-06May’s median home sales price for the Reno-Sparks real estate market jumped 4.7 percent for the month to come in at $284,900. $284,900 is an 18.7 percent year-over-year increase over May of last year. The last time our market saw a median as high as $284,900 was in February 2008 — more than seven years ago.

May’s median sold price per square foot (ppsf) came in at $152.94/sq.ft. — a 1.4 percent one-month increase over the $150.85/sq.ft. seen in April; and a 12.1 percent year-over-year increase over the median ppsf in May 2014.

The number of homes sold in May was unchanged from the number sold in April. May’s 567 houses sold represents a 3.8 percent year-over-year increase over the 546 sold in May 2014. Home sales continue to be robust.

May shaved off a few more days from the median days on market (DOM) number. The current median DOM is at 52 days. Compare this number to last year’s when the median DOM was 65 days — nearly a two-week difference.

For the 3rd consecutive month available inventory has risen. [That is a good thing.] After having declined every month since August 2014 available inventory in the Sparks and Reno real estate markets finally turned the corner in March of this year. Currently, 930 houses are available for sale — up 18.5 percent over April’s 785 houses for sale. However, available for-sale inventory remains low. May’s number is down 13.6 percent from this time last year.

Pending sales are also up. May’s 1,129 pending sales are up 2.5 percent over April’s pendings and is the highest number of pendings since May of last year.

May sales by type break out as follows:

  • REO sales: 4% – down from April’s 5%
  • Short sales: 5% – down from April’s 6%
  • Equity sales: 89% – up from April’s 87%

Distressed sales now make up less than 10 percent of the monthly sales.

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 6 1.1%
100 – 199 83 15.7%
200 – 299 224 55.2%
300 – 399 144 80.6%
400 – 499 46 88.7%
500 – 599 20 92.2%
600 – 699 13 94.5%
700 – 799 4 95.2%
800 – 899 8 96.6%
900 – 999 2 97.0%
1M+ 17 100%
total 567

A whopping 17 homes sold for over $1M in May. I can’t recall the last time that many $1M+ homes sold in one month. To put that number in perspective, last year the total number of $1M+ sales was 77 – or an average of 6.4 per month.

Also noteworthy, May saw the sale of 2500 Manzanita for $8,000,000 — the highest sale for a residential property this year.

May’s median sold price for houses and condos combined was $266,170 — a 4.4 percent increase from April’s median sold price of $255,000 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
May 2015 567 $284,900 $152.94 52 930 1,129
Apr 2015 567 $272,000 $150.85 57 785 1,101
Mar 2015 550 $272,195 $149.02 59 715 1,027
Feb 2015 395 $265,000 $143.43 75 630 1,044
Jan 2015 363 $252,000 $140.12 85 706 933
Dec 2014 518 $261,990 $139.98 78 806 789
Nov 2014 473 $260,000 $138.51 70 940 977
Oct 2014 490 $260,000 $140.04 73 1,083 1,075
Sep 2014 507 $239,000 $136.90 70 1,325 999
Aug 2014 578 $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

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 – May 2015. 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

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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