The median home sales price in Reno and Sparks, Nevada receded sharply in August. August’s median sales price came in at $310,000 — a 2.8 percent decrease from July’s median sales price of $319,000.
Year-over-year August’s median sales price is up 6.9 percent over August 2015’s median of $290,000.
August’s median sold price per square foot (ppsf) also decreased; to $172.37/sq.ft. — a 0.7 percent decrease from July’s $173.65/sq.ft. Year-over-year the median sold ppsf is up 7.1 percent.
The number of houses sold in August also dropped; to 574 units sold. That total represents a 3.5 percent decrease from the 595 houses sold in July. Year-over-year, however, August’s total is up 9.3 percent from the 525 houses sold in August 2015.
August’s median days on market (DOM) increased by two more days — coming in at 66 DOM. DOM has been slowly trending upwards over the past few months.
August’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 July.
Available inventory is holding relatively steady. Currently 1,440 houses are listed and available for sale. Compare that number to the 1,434 houses available this time last month.
Similarly, pending home sales are also holding steady. Currently, there are 1,031 houses pending sale. Compare that July’s 1,036 pending sales this time last month.
August sales by type break out as follows:
- REO sales: 2% – unchanged from July’s 2%
- Short sales: 3% – unchanged from July’s 3%
- Equity sales: 93% – unchanged from July’s 93%
August sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 3 | 0.5% |
| 100 – 199 | 37 | 7.5% |
| 200 – 299 | 230 | 47.0% |
| 300 – 399 | 186 | 79.4% |
| 400 – 499 | 47 | 87.6% |
| 500 – 599 | 25 | 92.0% |
| 600 – 699 | 13 | 94.3% |
| 700 – 799 | 11 | 96.2% |
| 800 – 899 | 1 | 96.3% |
| 900 – 999 | 8 | 97.7% |
| 1M+ | 13 | 100% |
| total | 574 |
A whopping 13 $1M+ homes sold in August. To put that number in perspective, through July 44 $1M+ properties had been sold since the 1st of the year — or a little over 6 on average per month. August’s number more than doubled that average.
August’s median sold price for houses and condos combined was $289,000 — a 3.3 percent one-month decrease from July’s median sold price of $299,000 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 |
| Aug 2016 | 574 | $310,000 | $172.37 | 66 | 1,440 | 1,031 |
| Jul 2016 | 595 | $319,000 | $173.65 | 64 | 1,434 | 1,036 |
| Jun 2016 | 660 | $312,250 | $175.37 | 61 | 1,299 | 1,072 |
| May 2016 | 599 | $310,000 | $172.15 | 58 | 1,156 | 1,228 |
| Apr 2016 | 571 | $295,000 | $167.86 | 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 | 525 | $290,000 | $160.99 | 56 | 1,238 | 1,021 |
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 – September 6, 2016. Note: This information is deemed reliable, but not guaranteed.
Related post: July median sales price, units sold, DOM, DTC and inventory
