Whoa! May’s median sales price skyrocketed to a whopping $310,000 — breaking through the $300K level for the first time since 2007. May’s median of $310,000 is a $15,000 one-month jump (or 4.8 percent) over April’s median sales price.
May’s median sales price year-over-year is up 11.1 percent over May 2015.
May’s median sold price per square foot (ppsf) increased to $172.00/sq.ft. — a 2.4 percent increase from April’s $167.92/sq.ft.
Year-over-year the median sold ppsf is up 12.6 percent. The median ppsf is climbing faster than the median sales price. This could be due, in part, to the number of newly-built homes being sold [as new construction typically sells for a higher ppsf than resale].
May’s median sold ppsf also sets a new monthly high for this metric since the market bottomed in 2012.
The number of houses sold in May increased to 584 units sold. That total represents a 2.8 percent increase from the 568 houses sold in April. May’s total is also up 1.0 percent from the 578 houses sold in May 2015.
With over 1,200 properties currently pending sale (see below), expect the number of June sales to be even greater.
May’s median days on market (DOM) was unchanged at 58 DOM.
May’s median days to contract (DTC) metric [the number of days that a property was listed on the MLS before going into contract (e.g. pending)] remains at 4 days – unchanged from April’s median of 4 DTC. The Reno-Sparks’ housing market is white hot right now. Buyer’s who are shopping for a home today know this too well.
Currently 1,156 houses are listed and available for sale. This total represents a huge jump — 37.6 percent — over the 840 houses available this time last month.
Pending home sales have also increased — to 1,228 units — a 7.5 percent increase over this time one-month ago. Look for June’s numbers to come in strong.
May sales by type break out as follows:
- REO sales: 3% – unchanged from April’s 3%
- Short sales: 3% – up from April’s 2%
- Equity sales: 92% – unchanged from April’s 92%
May sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 0 | 0.0% |
| 100 – 199 | 41 | 7.0% |
| 200 – 299 | 225 | 45.5% |
| 300 – 399 | 178 | 76.0% |
| 400 – 499 | 71 | 88.2% |
| 500 – 599 | 30 | 93.3% |
| 600 – 699 | 19 | 96.6% |
| 700 – 799 | 8 | 97.9% |
| 800 – 899 | 4 | 98.6% |
| 900 – 999 | 3 | 99.1% |
| 1M+ | 5 | 100% |
| total | 584 |
May’s median sold price for houses and condos combined was $294,000 — a 5.0 percent one-month increase over April’s median sold price of $280,000 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 2016 | 584 | $310,000 | $172.00 | 58 | 1,156 | 1,228 |
| Apr 2016 | 568 | $295,000 | $167.92 | 58 | 840 | 1,142 |
| Mar 2016 | 577 | $295,000 | $165.07 | 65 | 833 | 1,037 |
| Feb 2016 | 368 | $290,000 | $162.77 | 85 | 765 | 1,010 |
| Jan 2016 | 388 | $277,750 | $155.76 | 86 | 762 | 853 |
| Dec 2015 | 500 | $290,000 | $157.29 | 76 | 819 | 749 |
| Nov 2015 | 423 | $292,000 | $158.97 | 72 | 925 | 890 |
| Oct 2015 | 541 | $279,900 | $158.88 | 66 | 1,105 | 886 |
| Sep 2015 | 572 | $285,000 | $159.42 | 63 | 1,231 | 931 |
| Aug 2015 | 526 | $290,000 | $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 |
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 – June 6, 2016. Note: This information is deemed reliable, but not guaranteed.
Related post: April median sales price, units sold, DOM, DTC and inventory
Walter Trauth
Thanks, Guy. I"m forwarding this one to an investor.