After holding steady at $310,000 for four consecutive months, the median sales price for homes sold in Reno and Sparks, Nevada fell sharply in December to $299,950.
December’s median sales price represents a 3.2 percent drop from November’s. Year-over-year, December’s median sales price is up 3.6 percent over December 2015’s median of $289,500.
Despite the median sales price falling, December’s median sold price per square foot (ppsf) rose to $174.75/sq.ft. — a 0.5 percent increase over November’s $173.88/sq.ft. Year-over-year, December’s median sold ppsf is up 11.2 percent.
The number of houses sold in December was 516. That total represents a 3.6 percent decrease from the 535 houses sold in November. However, for a December, sales were robust. Year-over-year, December’s total houses sold was 2.8 percent higher than the 502 houses sold in December 2015.
December’s median days on market (DOM) climbed to 82 days — adding nearly a week to November’s median DOM of 76 days. This time last year the median DOM was 76 days.
Available inventory dropped substantially for the month. Currently 1,032 houses are listed and available for sale. Compare that number to the 1,211 houses available this time last month. That’s a 14.8 percent decrease. Though inventory typically retracts this time of year as fewer home sellers choose to list their homes during the holidays and winter months, a 14.8 percent decrease is noteworthy.
Pending home sales also fell sharply. Currently, there are 675 houses pending sale. Compare that number to November’s 845 pending sales this time last month — a 20.1 percent decrease. With the sharp drop in December pendings, expect January closings to be sharply down as well. This time last year 749 homes were pending sale — or nearly ten percent more pendings last year.
December sales by type break out as follows:
- REO sales: 3% – unchanged from November’s 3%
- Short sales: 1% – up from November’s 2%
- Equity sales: 94% – unchanged from November’s 94%
December 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 | 35 | 7.0% |
| 200 – 299 | 222 | 50.0% |
| 300 – 399 | 150 | 79.1% |
| 400 – 499 | 51 | 89.0% |
| 500 – 599 | 17 | 92.2% |
| 600 – 699 | 14 | 95.0% |
| 700 – 799 | 11 | 97.3% |
| 800 – 899 | 4 | 97.9% |
| 900 – 999 | 2 | 98.3% |
| 1M+ | 9 | 100% |
| total | 516 |
December’s median sold price for houses and condos combined was $289,900 — a 1.6 percent decrease from November’s median sold price of $294,500 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 |
| Dec 2016 | 516 | $299,950 | $174.75 | 82 | 1,032 | 675 |
| Nov 2016 | 535 | $310,000 | $173.88 | 76 | 1,211 | 845 |
| Oct 2016 | 513 | $310,000 | $175.56 | 73 | 1,306 | 956 |
| Sep 2016 | 634 | $310,000 | $175.24 | 74 | 1,451 | 928 |
| Aug 2016 | 596 | $310,000 | $172.45 | 67 | 1,440 | 1,031 |
| Jul 2016 | 600 | $318,000 | $173.38 | 65 | 1,434 | 1,036 |
| Jun 2016 | 660 | $312,650 | $175.49 | 61 | 1,299 | 1,072 |
| May 2016 | 600 | $310,000 | $172.09 | 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 | 502 | $289,500 | $157.18 | 76 | 819 | 749 |
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 – January 6, 2017. Note: This information is deemed reliable, but not guaranteed.
Related post: November median sales price, units sold, DOM, DTC and inventory
January median sales price and other market metrics | Reno Real Estate Blog
[…] last month’s report I wrote, “With the sharp drop in December pendings, expect January closings to be sharply down as […]