Reno-Sparks median closed sales price pulls back in August
The median home sales price in Reno-Sparks, Nevada pulled back in August — coming in at $399,000 for the month. That number represents a $6,000, or 1.5 percent, drop from July’s record-setting median sales price of $405,000.
Note: It is fairly typical for our local market to see a pullback in home sale prices in the month of August. In fact, last year at this time our market saw one of its largest drop in the median sales price on record. See September 9th, 2018’s post: August’s drop in the median sales price is one of the largest on record — should we be worried?
Despite the slight pullback for the month, year-over-year, August’s median sale price is up 7.6 percent.
August’s median sold price per square foot (PPSF) also fell — receding to $213.92/sq.ft. This number is down 1.6 percent from July’s $217.42/sq.ft.
Year-over-year, August’s median sold PPSF is up 1.0 percent.
Homes Sold
605 homes sold in August — representing a slight 0.5 percent increase over July’s 602 homes sold.
Year-over-year, August’s number of homes sold was up a robust 5.8 percent over the 572 homes sold in August 2018.
Year-to-date home sales for 2019 are down 1.8 percent compared to the same period last year — 4,132 vs. 4,207, respectively.
Inventory
Regarding inventory, presently 1,342 homes are available for purchase in the Reno-Sparks market. This number is down 1.8 percent from the 1,367 homes available for sale this time last month. However, year-over-year, currently available inventory is up 11.1 percent.
That being said, despite the number of homes currently available for purchase, only 31.7 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains an issue.
Pending sales fell slightly in August. Presently, 898 homes are pending sale in the Reno-Sparks market. That number is down 0.9 percent from the 906 homes pending sale this time last month. However, year-over-year, current pending sales are up a healthy 13.7 percent over the number of pending sales this time last year.
Days on Market
August’s median days on market (DOM) came in at 65 days — an increase of 5 days over July’s median DOM.
Year-over-year, August’s DOM number is up 8 days over August 2018’s number.
Sales by Type
August sales by type, break out as follows:
- REO sales: 1.3% – up over July’s 0.2%
- Short sales: 0.0% – unchanged from July’s 0.0%
- Subject to Court Approval sales: 1.5% – down from July’s 1.9%
- Relocation sales: 1.2% – up over July’s 0.2%
- Equity sales: 96.0% – down from July’s 97.8%
Sales by Price
August 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 | 2 | 0.3% |
| 200 – 299 | 81 | 13.7% |
| 300 – 399 | 226 | 51.1% |
| 400 – 499 | 150 | 75.9% |
| 500 – 599 | 60 | 85.8% |
| 600 – 699 | 31 | 90.9% |
| 700 – 799 | 14 | 93.2% |
| 800 – 899 | 12 | 95.2% |
| 900 – 999 | 6 | 96.2% |
| 1M+ | 23 | 100% |
| total | 605 |
Wow! 23 homes sold for $1M, or more, during the month of August.
August’s median sold price for houses and condos combined was $370,000 — a 2.4 percent decrease from July’s median sold price of $379,250 for combined sales of houses and condos.
The table below contains the past 13 months of data[1]…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Aug 2019 | 605 | $399,000 | $213.92 | 63 | 1,342 | 898 |
| Jul 2019 | 602 | $405,000 | $217.42 | 60 | 1,367 | 906 |
| Jun 2019 | 568 | $400,000 | $219.78 | 55 | 1,252 | 915 |
| May 2019 | 680 | $390,000 | $220.27 | 54 | 1,163 | 911 |
| Apr 2019 | 531 | $375,000 | $213.73 | 65 | 996 | 923 |
| Mar 2019 | 458 | $369,000 | $207.92 | 78 | 867 | 815 |
| Feb 2019 | 362 | $372,150 | $208.84 | 89 | 888 | 774 |
| Jan 2019 | 325 | $362,000 | $210.44 | 86 | 961 | 655 |
| Dec 2018 | 385 | $365,000 | $209.82 | 77 | 1,079 | 541 |
| Nov 2018 | 469 | $377,500 | $211.75 | 71 | 1,237 | 634 |
| Oct 2018 | 468 | $385,000 | $213.86 | 65 | 1,300 | 717 |
| Sep 2018 | 460 | $372,527 | $210.74 | 60 | 1,333 | 725 |
| Aug 2018 | 572 | $370,725 | $211.79 | 57 | 1,208 | 790 |
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 – September 6, 2019. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data back to 1998 click here.
