The median home sales price in Reno and Sparks, Nevada continues to climb — as we’ve seen it do all year. June’s median sales price came in at $312,650 — a 0.9 percent increase over May’s median sales price of $310,000.
Year-over-year, June’s median sales price is up 11.7 percent over June 2015’s median of $280,000.
June’s median sold price per square foot (ppsf) jumped to $175.76/sq.ft. — a 2.0 percent increase over May’s $172.29/sq.ft.
Year-over-year the median sold ppsf is up 13.1 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].
The number of houses sold in June increased to 646 units sold. That total represents a 8.9 percent increase from the 593 houses sold in May. Year-over-year, June’s total is off a bit from the 657 houses sold in June 2015.
June’s median days on market (DOM) increased by three days — coming in at 61 DOM.
June’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)] came in at 5 days. This number represents a one day increase over May’s median DTC of 4 days, and is the first increase we’ve seen in this metric since I’ve been reporting on this number. Could this be an indicator that the velocity of the market is finally starting to slow a bit?
Currently 1,299 houses are listed and available for sale. This total is up 12.4 percent over the 1,156 houses available this time last month. Available inventory has been climbing every month since January of this year.
Pending home sales pulled back from the number of pendings this time last month. Currently, there are 1,072 houses pending sales — a 12.7 percent drop from May’s pending sales.
June sales by type break out as follows:
- REO sales: 2% – down from May’s 3%
- Short sales: 3% – unchanged from May’s 3%
- Equity sales: 94% – up from May’s 92%
June 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 | 50 | 7.7% |
| 200 – 299 | 241 | 45.0% |
| 300 – 399 | 207 | 77.1% |
| 400 – 499 | 79 | 89.3% |
| 500 – 599 | 21 | 92.6% |
| 600 – 699 | 18 | 95.4% |
| 700 – 799 | 15 | 97.7% |
| 800 – 899 | 6 | 98.6% |
| 900 – 999 | 4 | 99.2% |
| 1M+ | 5 | 100% |
| total | 646 |
June’s median sold price for houses and condos combined was $295,000 — a 0.5 percent one-month increase over May’s median sold price of $293,500 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 |
| Jun 2016 | 646 | $312,650 | $175.76 | 61 | 1,299 | 1,072 |
| May 2016 | 593 | $310,000 | $172.29 | 58 | 1,156 | 1,228 |
| Apr 2016 | 568 | $295,000 | $167.98 | 58 | 840 | 1,142 |
| Mar 2016 | 578 | $295,000 | $165.09 | 64 | 833 | 1,037 |
| Feb 2016 | 369 | $290,000 | $162.77 | 85 | 765 | 1,010 |
| Jan 2016 | 387 | $278,000 | $153.10 | 87 | 762 | 853 |
| Dec 2015 | 501 | $290,000 | $157.20 | 76 | 819 | 749 |
| Nov 2015 | 423 | $292,000 | $158.97 | 72 | 925 | 890 |
| Oct 2015 | 540 | $279,950 | $158.99 | 65 | 1,105 | 886 |
| Sep 2015 | 573 | $285,000 | $159.42 | 63 | 1,231 | 931 |
| Aug 2015 | 526 | $290,000 | $160.98 | 56 | 1,238 | 1,021 |
| Jul 2015 | 648 | $290,000 | $159.38 | 57 | 1,138 | 991 |
| Jun 2015 | 657 | $280,000 | $155.43 | 54 | 1,005 | 1,088 |
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 – July 7, 2016. Note: This information is deemed reliable, but not guaranteed.
Related post: May median sales price, units sold, DOM, DTC and inventory
