Wow! What a month May was for the local housing market. All housing metrics were up for the month of May. Let’s take a look…
The Reno-Sparks, Nevada median home sales price increased to $335,000 in May to establish a new post-bubble high. May’s median sales price rose a whopping 3.4 percent over April’s median of $323,990. Year-over-year May’s median sales price is up 8.1 percent over May 2016’s median of $310,000.
With this new high, home prices in Reno and Sparks, Nevada are now off less than 9 percent from the housing bubble high of $365,000 set in January 2006.
The number of houses sold in May rocketed to 662 units sold. That total represents a whopping 28.5 percent increase over the 515 houses sold in April. Sure, there is some seasonality at play here, but even so, year-over-year, May’s sales were up 10.1 percent above May 2016’s sales.
May’s number of houses sold, 662, also set a post-bubble high for units sold — breaking the previous post-bubble record set last year in June with 661 houses sold. [For the record, the most number of houses sold in a single month in the Reno-Sparks market was 679 set in June 2005 at the height of the housing bubble.] Historically, a greater number of homes are sold in June than in May, so we may see a new all-time record set this month.
May’s median sold price per square foot (ppsf) receded a bit to $182.63/sq.ft. — a 0.2 percent decline from April’s $183.02/sq.ft. Year-over-year, May’s median sold ppsf is up 6.2 percent.
May’s median days on market (DOM) came in at 60 days — unchanged from April’s median DOM.
Available inventory increased slightly compared to April’s number. Currently there are 903 houses listed available for sale. That number represents a increase of 0.8 percent over the 896 houses available for sale this time last month. Year-over-year, however, May 2017’s inventory is is down 21.9 percent.
Pending home sales continue to rise. Currently, there are 1,240 houses pending sale — a 7.9 percent increase over the 1,149 pending sales this time last month. Year-over-year, current pendings are up slightly by about 1 percent.
May sales by type break out as follows:
- REO sales: 2% – down from April’s 3%
- Short sales: 2% – up from April’s 1%
- Equity sales: 96% – up from April’s 95%
May 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 | 23 | 3.6% |
| 200 – 299 | 205 | 34.6% |
| 300 – 399 | 239 | 70.7% |
| 400 – 499 | 99 | 85.6% |
| 500 – 599 | 37 | 91.2% |
| 600 – 699 | 18 | 94.0% |
| 700 – 799 | 6 | 94.9% |
| 800 – 899 | 10 | 96.4% |
| 900 – 999 | 10 | 97.9% |
| 1M+ | 14 | 100% |
| total | 662 |
May’s median sold price for houses and condos combined was $318,500 — a 4.0 percent increase over April’s median sold price of $306,990 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 2017 | 662 | $335,000 | $182.63 | 60 | 903 | 1,240 |
| Apr 2017 | 515 | $323,990 | $183.02 | 60 | 896 | 1,149 |
| Mar 2017 | 556 | $319,000 | $178.04 | 71 | 840 | 1,009 |
| Feb 2017 | 386 | $319,470 | $173.90 | 90 | 857 | 896 |
| Jan 2017 | 365 | $302,000 | $174.73 | 88 | 872 | 810 |
| Dec 2016 | 531 | $300,000 | $173.67 | 83 | 1,032 | 675 |
| Nov 2016 | 537 | $310,000 | $173.93 | 76 | 1,211 | 845 |
| Oct 2016 | 514 | $310,000 | $175.57 | 73 | 1,306 | 956 |
| Sep 2016 | 632 | $310,000 | $175.02 | 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 | 601 | $310,000 | $172.02 | 58 | 1,156 | 1,228 |
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 7, 2017. Note: This information is deemed reliable, but not guaranteed.
Related post: April median sales price and other market metrics
Catherine
I work at a real estate appraisal office, and it looks like it is gearing up to be another summer of insanity. We pretty much already have our June schedule full and it is only the 7th.
June median sales price and other market metrics | Reno Real Estate Blog
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