The median sales price for the Reno and Sparks, Nevada housing market continued to recede in October. October’s median sales price was $280,000 — a 1.8 percent decline from September’s median of $285,000. Recall that September’s median was off 1.7 percent from August’s median sales price. After three consecutive monthly declines, the current median sales price for homes in the Reno-Sparks market is off 3.4% from its high of $290,000 reached in July of this year.
Year-over-year October’s median sales price is up 7.7 percent.
October’s median sold price per square foot (ppsf) also declined to $158.57/sq.ft. — a 0.6 percent decrease from September’s $159.48/sq.ft.; however represents a 13 percent year-over-year increase.
The number of houses sold in October was 528. That number is down 7.7 percent from the 572 houses sold in September, but represents an 8 percent increase over the 489 houses sold in October 2014. Year-to-date, 5,420 houses have been sold in Reno-Sparks, Nevada. That total is up 8.2 percent over the same time period in 2014.
With the onset of fall the market continues to slow. October’s median days on market (DOM) increased to 66 DOM — an increase of 4 days over September’s median DOM of 62. Compare those numbers to the low of 52 DOM set in May of this year.
Available inventory declined in October. Currently 1,105 houses are listed and available for sale. Compare that to the 1,231 available at this time last month. Using the 528 houses sold during the month of October, the current months-supply-of-inventory (MSI) equates to 2.1 MSI — still a Seller’s market — particularly at the lower price points.
October sales by type break out as follows:
- REO sales: 3% – unchanged from September’s 3%
- Short sales: 4% – up from September’s 3%
- Equity sales: 92% – down from September’s 94%
October sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 1 | 0.2% |
| 100 – 199 | 63 | 12.1% |
| 200 – 299 | 226 | 54.9% |
| 300 – 399 | 129 | 79.4% |
| 400 – 499 | 52 | 89.0% |
| 500 – 599 | 26 | 94.1% |
| 600 – 699 | 5 | 95.1% |
| 700 – 799 | 9 | 96.8% |
| 800 – 899 | 6 | 97.9% |
| 900 – 999 | 1 | 98.1% |
| 1M+ | 10 | 100% |
| total | 528 |
October’s median sold price for houses and condos combined was $265,990 — a 0.3 percent increase from September’s median sold price of $265,000 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 |
| Oct 2015 | 528 | $280,000 | $158.57 | 66 | 1,105 | 886 |
| Sep 2015 | 572 | $285,000 | $159.48 | 62 | 1,231 | 931 |
| Aug 2015 | 525 | $289,899 | $160.98 | 56 | 1,238 | 1,021 |
| Jul 2015 | 650 | $290,000 | $159.31 | 57 | 1,138 | 991 |
| Jun 2015 | 657 | $280,000 | $155.22 | 54 | 1,005 | 1,088 |
| May 2015 | 578 | $283,450 | $152.71 | 52 | 930 | 1,129 |
| Apr 2015 | 567 | $272,000 | $150.85 | 57 | 785 | 1,101 |
| Mar 2015 | 552 | $272,195 | $148.88 | 59 | 715 | 1,027 |
| Feb 2015 | 397 | $265,000 | $143.66 | 75 | 630 | 1,044 |
| Jan 2015 | 362 | $253,500 | $140.28 | 84 | 706 | 933 |
| Dec 2014 | 520 | $261,995 | $139.97 | 77 | 806 | 789 |
| Nov 2014 | 473 | $260,000 | $138.51 | 70 | 940 | 977 |
| Oct 2014 | 489 | $260,000 | $140.31 | 73 | 1,083 | 1,075 |
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 – November 2015. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: September median sales price, units sold, DOM and inventory
