June median sales price and other market metrics

Whoa! The Reno-Sparks median home price surged in June to a record $385,000. That number is a $10,000, or 2.7 percent increase, over May’s median home price. $385,000 sets another record high for home prices in the Sparks and Reno, Nevada market. Year-over-year, June’s median sales price is up $45,000, or 13.2 percent.

Similarly, June’s median sold price per square foot (PPSF) also surged — coming in at $215.88/sq.ft., up 3.2 percent over May’s median sold PPSF of $209.12/sq.ft. June’s median PPSF is up 14.3 percent year-over-year.

Lack of available for-sale inventory continues its toll on the number of homes sold in the Reno and Sparks markets. Units sales in June totaled 580 homes sold for the month — up only slightly above the 573 home sold in May. For perspective, consider that last year 763 homes were sold during the month of June 2017. Last month’s sales were down a whopping 24.9 percent year-over-year.

The good news is currently available inventory shows an increase over the number of homes available this time last month. Presently 923 homes are available for purchase in the Reno-Sparks market. That number is up a healthy 27.3 percent over the 725 homes for sales this time last month; however is down 4.2 percent, year over year.
Despite the gains in the number of homes available for purchase, only about a third of the homes are priced at, or below, the current median sales price.

The persistent issue of lack of affordable homes for sale in Reno and Sparks continues to weigh on pending sales. Presently 906 homes are pending sale in the Reno-Sparks market. That number is down 1.5 percent from the 920 homes pending sale this time last month. And are down a whopping 19.6 percent from June 2017.

June’s median days on market (DOM) came in at 49 days — the same number as observed in May.

June sales by type, break out as follows:

• REO sales: 1% – up from May’s 0%
• Short sales: 0% – unchanged from May’s 0%
• Subject to Court Approval sales: 1% – unchanged from May’s 1%
• Relocation sales: 1% – up from May’s 0%
• Equity sales: 97% – down from May’s 99%

June sales by price band, break out as follows in the table below…

A whopping 24 homes sold for over $1,000,000 in June. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month. Thus far, year-to-date, 113 $1M+ homes sales have occurred. If this pace continues, 2018 will see well-over 200 sales of $1M+ homes.

June’s median sold price for houses and condos combined was $360,000 — up 2.0 percent over May’s median sold price for combined sales of houses and condos.

The table below contains the past 13 months of data…

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 9, 2018. Note: This information is deemed reliable, but not guaranteed.

Related post: May median sales price and other market metrics

Click here for historical data back to 1998.