October median sales price and other market metrics

• After setting a record high of $387,000 in July, the Reno-Sparks median home price pulled back dramatically in August — falling to $371,450, or a 4 percent one-month decrease. September saw slight gains with a median sales price of $373,500. Did home prices continue their momentum in October? Let’s take look…

October’s median sales price came in at $380,000; for a gain of 1.7 percent over September’s median sales price of $373,500. Year-over-year, October’s median sales price is up 10.1 percent.

October’s median sold price per square foot (PPSF) also increased — coming in at $213.62/sq.ft., up 1.2 percent over September’s median sold PPSF of $211.16/sq.ft. October’s median sold PPSF is up 11.6 percent year-over-year.

Units sales in October totaled 459 homes sold for the month — actually totaling a bit higher than September’s 456 units sold. However, year-over-year, home sales are down 17.3 percent from the 555 homes sold in October 2017.

Regarding inventory, presently 1,300 homes are available for purchase in the Reno-Sparks market. Given the current rate of home sales, available inventory equates to about a 2.8 months supply. Currently, available inventory is down 2.5 percent from the 1,333 homes for sales this time last month. Year-over-year, the current number of available homes for purchase is up a whopping 52.8 percent.

However, despite the gains in the number of homes available for purchase only 36.5 percent are priced at, or below, the current median sales price.

Pending sales held fairly steady. Presently, 717 homes are pending sale in the Reno-Sparks market. That number is down only 1.1 percent from the 725 homes pending sale this time last month. Year over year, however, current pending sales are down 14.9 percent from October 2017.

October’s median days on market (DOM) came in at 65 days — an increase of four days over September’s DOM. October’s DOM is in line with last year’s 64 days.

October sales by type, break out as follows:

• REO sales: 1% – up from September’s <1%
• Short sales: <1% – unchanged from September’s <1%
• Subject to Court Approval sales: 2% – up from September’s <1%
• Relocation sales: <1% – unchanged from September’s <1%
• Equity sales: 96% – down from September’s 97%

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

A whopping 20 homes sold for over $1,000,000 in October. Last year, in total, 143 homes sold for over $1,000,000 — for an average of 12 per month. Thus far, year-to-date, 192 $1M+ homes sales have occurred — averaging more than 17 million-dollar, and above, sales per month this year. [See related post: Reno, Nevada Luxury Home Prices Gain Momentum in First Half of 2018.]

October’s median sold price for houses and condos combined was $353,000 — down 0.6% from September’s median sold price for combined sales of houses and condos.

The table below contains the past 13 months of data^[1]…

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.

1. 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 – November 7, 2018. For historical home sale data back to 1998 click here. Note: This information is deemed reliable, but not guaranteed.