The median home sales price in Reno and Sparks, Nevada continues to climb — as we’ve seen it do all year. July’s median sales price came in at $317,600 — a 1.7 percent increase over June’s median sales price of $312,250.
Year-over-year July’s median sales price is up 9.5 percent over July 2015’s median of $290,000.
Interestingly July’s median sold price per square foot (ppsf) decreased to $173.38/sq.ft. — a 1.1 percent decrease from June’s $175.37/sq.ft. Year-over-year the median sold ppsf is up 8.8 percent.
The number of houses sold in July dropped substantially to 580 units sold. That total represents a 12.1 percent decrease from the 660 houses sold in June. Year-over-year, July’s total is also down from the 648 houses sold in July 2015. Rising home prices are having an impact on the number of houses sold.
July’s median days on market (DOM) increased by three days — coming in at 64 DOM. DOM has been slowly trending upwards over the past few months.
July’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 — the same number of days observed in June.
Available inventory continues to rise. Currently 1,434 houses are listed and available for sale. This total is up 10.4 percent over the 1,299 houses available this time last month. Available inventory has been climbing every month since January of this year.
Pending home sales again pulled back from the number of pendings this time last month. Currently, there are 1,036 houses pending sales — a 3.4 percent drop from June’s pending sales.
July sales by type break out as follows:
- REO sales: 1% – down from June’s 2%
- Short sales: 3% – unchanged from June’s 3%
- Equity sales: 93% – down from June’s 94%
July 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 | 39 | 6.7% |
| 200 – 299 | 216 | 44.0% |
| 300 – 399 | 185 | 75.9% |
| 400 – 499 | 65 | 87.1% |
| 500 – 599 | 34 | 92.9% |
| 600 – 699 | 14 | 95.3% |
| 700 – 799 | 11 | 97.2% |
| 800 – 899 | 6 | 98.3% |
| 900 – 999 | 4 | 99.0% |
| 1M+ | 6 | 100% |
| total | 580 |
July’s median sold price for houses and condos combined was $297,500 — a 0.8 percent one-month increase over June’s median sold price of $295,000 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 |
| Jul 2016 | 580 | $317,600 | $173.38 | 64 | 1,434 | 1,036 |
| Jun 2016 | 660 | $312,250 | $175.37 | 61 | 1,299 | 1,072 |
| May 2016 | 596 | $310,000 | $172.22 | 58 | 1,156 | 1,228 |
| Apr 2016 | 570 | $295,000 | $168.00 | 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 |
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 – August 8, 2016. Note: This information is deemed reliable, but not guaranteed.
Related post: June median sales price, units sold, DOM, DTC and inventory
