Just like this summer’s heat, Reno and Sparks’ housing market continues to be hot, hot, hot. July saw home prices skyrocket more than 5 percent over June’s to bring the median sales price to $357,500. And, as I seem to be restating each month, July’s median sales price establishes another new post-bubble record high. Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006.
Year-over-year, July’s median sales price is up 12.6 percent over July 2016’s median of $317,600.
627 houses were sold in July. Though down from June’s all-time record high of 755 units sold, July’s number is up 4.2 percent, year-over-year.
July’s 627 houses sold brings this year’s total units sold to 3,887 — 3.2 percent ahead of the 3,767 total homes sold this time last year.
July’s median sold price per square foot (ppsf) also jumped for the month to $192.13/sq.ft. — a 1.7 percent one-month increase over June’s $189.01/sq.ft. Year-over-year, July’s median sold ppsf is up 10.8 percent.
July’s median days on market (DOM) came in at 57 days — adding a day to June’s median DOM.
Available inventory increased compared to June’s number. Currently there are 1,002 houses listed available for sale. That number represents a increase of 4.0 percent over the 963 houses available for sale this time last month. Year-over-year, however, July 2017’s inventory is is down 30.1 percent.
Pending home sales have pulled back. Currently, there are 1,034 houses pending sale — an 8.3 percent decrease from the 1,127 pending sales this time last month. Year-over-year, current pendings are equal to last year’s.
July sales by type, break out as follows:
- REO sales: 1% – down from June’s 2%
- Short sales: 1% – unchanged from June’s 1%
- Equity sales: 97% – up from June’s 95%
July 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 | 17 | 2.9% |
| 200 – 299 | 173 | 30.5% |
| 300 – 399 | 199 | 62.2% |
| 400 – 499 | 107 | 79.3% |
| 500 – 599 | 47 | 86.8% |
| 600 – 699 | 22 | 90.3% |
| 700 – 799 | 15 | 92.7% |
| 800 – 899 | 12 | 94.6% |
| 900 – 999 | 9 | 96.0% |
| 1M+ | 25 | 100% |
| total | 627 |
Wow! A whopping 25 homes sold for over $1 million in July! That tops June’s 22 $1M sales. To put these numbers into perspective, in all of 2016, 94 homes sold for over $1M — or an average 7.8 homes per month. Currently, 2017 is averaging 12.4 per month.
July’s median sold price for houses and condos combined was $339,900 — a whopping 6.6 percent one-month increase over June’s median sold price of $319,000 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 |
| July 2017 | 627 | $357,500 | $192.13 | 57 | 1,002 | 1,034 |
| June 2017 | 755 | $340,000 | $189.01 | 56 | 963 | 1,127 |
| May 2017 | 680 | $334,950 | $182.46 | 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 | 602 | $317,600 | $173.38 | 65 | 1,434 | 1,036 |
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 5, 2017. Note: This information is deemed reliable, but not guaranteed.
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