November’s median sales price continued to climb tying the year’s high of $355,000 set in July earlier this year. November’s median sales price for homes sold in Reno and Sparks, Nevada increased 2.7 percent over October’s median of $345,500; and is now up a whopping 14.5 percent year-over-year. That’s right, this time last year the median home price was $45,000 lower.
On a price-per-square foot basis the median sales price has reached a new high for the year — coming in at $196.50/sq.ft. That is a 2.6 percent increase over October’s median sold price per square foot of $191.61/sq.ft., and is 13.0 percent higher year-over-year.
Lack of available inventory continues to be the driving factor behind the rising prices. Presently there are 767 homes available for purchase in the Reno-Sparks Market. That number is down 9.9 percent from the 851 homes available for sale this time last month. But even more telling, year-over-year, available inventory is off a staggering 36.7 percent.
Pending home sales are also down. Presently there are 713 homes pending sale in the Reno-Sparks Market. That number is down 15.5 percent from the 843 homes pending sale this time last month. Look for the number of homes sold in December to fall. Year-over-year, current pending sales are down 15.6 percent.
Speaking of the number of houses sold, for November sales dropped for the month. November’s 512 houses sold was 7.2 percent fewer than the 552 houses sold in October; and 4.7 percent fewer year-over-year.
November’s median days on market (DOM) came in at 62 days — subtracting two days to October’s median DOM.
November sales by type, break out as follows:
- REO sales: <1% – down from October’s 1%
- Short sales: <1% – down from October’s 1%
- Equity sales: 97% – up from October’s 96%
November 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 | 12 | 2.3% |
| 200 – 299 | 139 | 29.5% |
| 300 – 399 | 173 | 63.3% |
| 400 – 499 | 86 | 80.0% |
| 500 – 599 | 33 | 86.5% |
| 600 – 699 | 23 | 91.0% |
| 700 – 799 | 21 | 95.1% |
| 800 – 899 | 8 | 96.7% |
| 900 – 999 | 5 | 97.7% |
| 1M+ | 12 | 100% |
| total | 512 |
A whopping 12 homes sold for over $1,000,000 in November — bringing the year-to-date total to 133 $1M+ sales, and greatly surpassing the 94 $1M+ sales that occurred in 2016.
November’s median sold price for houses and condos combined was $336,500 — a 2.0 percent one-month increase over October’s median sold price of $330,000 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 |
| Nov 2017 | 512 | $355,000 | $196.50 | 62 | 767 | 713 |
| Oct 2017 | 552 | $345,500 | $191.61 | 64 | 851 | 843 |
| Sep 2017 | 614 | $335,950 | $194.87 | 59 | 925 | 889 |
| Aug 2017 | 720 | $347,854 | $190.61 | 61 | 952 | 1,032 |
| Jul 2017 | 641 | $355,000 | $192.15 | 57 | 1,002 | 1,034 |
| Jun 2017 | 763 | $340,000 | $188.82 | 56 | 963 | 1,127 |
| May 2017 | 680 | $334,950 | $182.46 | 60 | 903 | 1,240 |
| Apr 2017 | 518 | $324,287 | $183.03 | 60 | 896 | 1,149 |
| Mar 2017 | 558 | $319,000 | $178.04 | 71 | 840 | 1,009 |
| Feb 2017 | 387 | $319,950 | $173.78 | 90 | 857 | 896 |
| Jan 2017 | 366 | $301,975 | $174.53 | 89 | 872 | 810 |
| Dec 2016 | 531 | $300,000 | $173.67 | 83 | 1,032 | 675 |
| Nov 2016 | 537 | $310,000 | $173.93 | 76 | 1,211 | 845 |
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 – December 3, 2017. Note: This information is deemed reliable, but not guaranteed.
Related post: October median sales price and other market metrics
Reno, Nevada’s Housing Shortage — How Bad Is It? | Reno Real Estate Blog
[…] low MSI level is the major factor driving increases in home prices. In my November market analysis I reported that “November’s median sales price [of $355,000] for homes sold in Reno and Sparks, […]