[Ed. Note – I apologize for the absence of last month’s (July) market metrics. Personal and client commitments did not afford me the time to compile the stats and draft my regular monthly market report. I did, however, update the Historical Median Sold Data table. Additionally, I posted the market reports provided by the Reno/Sparks Association of REALTORS® (RSAR). You may find RSAR’s Market Report for July here. So, without further ado, let’s take a look at August’s numbers.]
After setting new highs in June ($381,950) and July ($389,000) the Reno-Sparks median home price pulled back sharply in August — coming in at $372,550 — a level we haven’t seen since earlier this spring.
August’s median sales price pullback represents a whopping 4.2 percent decline from July’s median sales price. Year-over-year, August’s median sales price is up 6.9 percent.
August’s median sold price per square foot (PPSF) also fell — coming in at $211.03/sq.ft., down 2.5 percent from July’s median sold PPSF of $216.37/sq.ft. August’s median PPSF is up 10.7 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 August totaled 542 homes sold for the month — down 4.1 percent from the 565 home sold in July. For perspective, consider that last year 720 homes were sold during the month of August 2017. Last month’s sales were down a whopping 24.7 percent year-over-year.
The good news is currently available inventory continues to increase. Presently 1,208 homes are available for purchase in the Reno-Sparks market. That number is up 4.7 percent over the 1,154 homes for sales this time last month. Year-over-year, the current number of available homes for purchase is up 26.9 percent.
Despite the gains in the number of homes available for purchase, less than one-third (30.1 percent) 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 790 homes are pending sale in the Reno-Sparks market. That number is down 5.7 percent from the 838 homes pending sale this time last month. However, seasonal factors are also at work here. Year-over-year, current pending sales are down 23.4 percent from August 2017.
August’s median days on market (DOM) came in at 57 days — an increase of four days over July’s DOM.
August sales by type, break out as follows:
- REO sales: <1% – unchanged from July’s <1%
- Short sales: <1% – unchanged from July’s <1%
- Subject to Court Approval sales: <1% – down from July’s 1.8%
- Relocation sales: <1% – unchanged from July’s <1%
- Equity sales: 98% – unchanged from July’s 98%
August 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 | 7 | 1.5% |
| 200 – 299 | 94 | 18.8% |
| 300 – 399 | 213 | 58.1% |
| 400 – 499 | 105 | 77.5% |
| 500 – 599 | 44 | 85.6% |
| 600 – 699 | 21 | 89.5% |
| 700 – 799 | 18 | 92.9% |
| 800 – 899 | 8 | 94.3% |
| 900 – 999 | 9 | 95.9% |
| 1M+ | 22 | 100% |
| total | 542 |
A whopping 22 homes sold for over $1,000,000 in August. 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, 157 $1M+ homes sales have occurred. If this pace continues, 2018 will see well-over 200 sales of $1M+ homes. [ See related post: Reno, Nevada Luxury Home Prices Gain Momentum in First Half of 2018.]
August’s median sold price for houses and condos combined was $352,500 — down 2.9 percent from July’s median sold price 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 |
| August 2018 | 542 | $372,550 | $211.03 | 57 | 1,208 | 790 |
| July 2018 | 565 | $389,000 | $216.37 | 53 | 1,154 | 838 |
| June 2018 | 600 | $381,950 | $215.88 | 49 | 923 | 906 |
| May 2018 | 574 | $375,000 | $209.04 | 49 | 725 | 920 |
| Apr 2018 | 491 | $374,000 | $205.34 | 51 | 638 | 891 |
| Mar 2018 | 548 | $375,000 | $200.88 | 50 | 529 | 814 |
| Feb 2018 | 443 | $370,000 | $194.48 | 61 | 528 | 796 |
| Jan 2018 | 405 | $360,000 | $191.42 | 68 | 514 | 782 |
| Dec 2017 | 494 | $345,000 | $194.36 | 69 | 605 | 578 |
| Nov 2017 | 534 | $353,000 | $197.03 | 61 | 767 | 713 |
| Oct 2017 | 555 | $345,000 | $191.48 | 64 | 851 | 843 |
| Sep 2017 | 613 | $336,900 | $194.62 | 59 | 925 | 889 |
| Aug 2017 | 720 | $348,450 | $190.57 | 61 | 952 | 1,032 |
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 – September 5, 2018. Note: This information is deemed reliable, but not guaranteed.
Related post: June median sales price and other market metrics
August’s drop in the median sales price is one of the largest on record — should we be worried? | Reno Real Estate Blog
[…] week I posted my monthly report on the Reno-Sparks housing market. The big surprise in August’s data was the huge drop observed in the median sales price. […]