Pending status homes in the last 24 hours = 377 at an average $371K
and a median $289K. Current number of single family homes offered for
sale = 4098. Compare this to Octobers’s random pendings check at 429
for an average $379K and a median $300K with 4421 homes offered for
sale. So in this moment, if these pendings close, we have an eleven-month
supply of homes in our market, compared to ten last month. Despite a drop in inventory, fewer buyers are in contract, and the median is slightly lower. Just a little bit chillier as we head into the holidays.
These figures were pulled from the Northern Nevada MLS and do
not include builder direct sales, for sale by owners or other private
transfers. These are single family homes including condos, stick built
and manufactured homes pulled from Area 100, the Reno-Sparks metro
area. Active listings include actives, new, back on market, price
raised and priced reduced. Pending classifications include pending no
show, active pending call, active pending loan and active pending
house. Pendings were pulled looking at a 24 hour period of time to
provide a market snapshot of recent activity.
4 comments
The fact that the number of listings in the MLS is down is essentially meaningless. What is not meaningless is that the median pending price is down $11,000 in just one month, and is down $21,000 in four months.
What is also not meaningless is that the pendings:listings ratio is worsening.
Many people, including apparently Mr. Kaiser from the UNR business cheerleading facility, suggest that because the housing market is not collapsing in a gigantic freefall, that things are fine. Housing markets don’t collapse like stock markets do. You can sell a stock in an hour, not a house. Housing market collapses follow the chinese water torture model. Month after month after month after month a slow erosion. Drip. Drip. Drip. Drip.
Kinda like watching Diane’s monthly post about the falling median price.
Look more closely at one thing. Last month, the median SALES price was $289,000. This month, the median PENDING price is $289,000. Now everybody knows that the actual SALES price is going to be less than the pending price, whch is based on the asking price. If the the median pending price is $289,000 in November, we can be assured that actual closed sales prices in December and January will be lower.
Drip.
But isn’t winter traditionally a slower time to sell?
Yes, a slowdown at this time of year is traditional.
A slowdown in sales volume is indeed traditional for this time of year. Is a decline in median price of $11,000 in one month also traditional?