Units sold are up for the second consecutive month in Reno Sparks; with March sales showing a 8.2% increase over February units sold.
Unfortunately the number of houses for sale increased 2.8% during the same period. To put real numbers to the percentages: March saw an additional 111 homes added to the market with only an additional 18 homes sold. High inventory remains the core issue in the market.
Median asking price increased while median sold price declined to a new low of $262,000.
Here are the latest numbers:
| Month and Year | # Homes For Sale | Median Asking $ | # Homes Sold | Median Sold $ |
|---|---|---|---|---|
|
Mar 2008 |
4,099 | $305,900 | 235 | $262,000 |
| Feb 2008 | 3,988 | $300,498 | 217 | $271,632 |
|
Jan 2008 |
4,073 | $309,900 | 191 | $268,000 |
|
Dec 2007 |
4,123 | $316,000 | 249 | $275,000 |
|
Nov 2007 |
4,493 | $319,900 | 232 | $287,098 |
| Oct 2007 | 4,865 | $320,000 | 267 | $287,000 |
| Sept 2007 | 5,011 | $325,000 | 270 | $285,000 |
| Aug 2007 | 5,463 | $329,900 | 348 | $295,000 |
| July 2007 | 5,413 | $335,000 | 351 | $295,995 |
| June 2007 | 5,375 | $339,500 | 378 | $300,000 |
| May 2007 | 5,184 | $340,000 | 427 | $296,000 |
| April 2007 | 4,938 | $344,950 | 393 | $295,000 |
| Mar 2007 | 4,681 | $343,500 | 391 | $297,000 |
| Feb 2007 | 4,423 | $340,000 | 334 | $285,000 |
| Jan 2007 | 4,705 | $343,900 | 335 | $280,000 |
| Dec 2006 | 4,563 | $345,000 | 347 | $293,995 |
| Nov 2006 | 5,196 | $349,350 | 329 | $300,000 |
| Oct 2006 | 5,652 | $349,900 | 422 | $300,000 |
| Sept 2006 | 5,996 | $353,500 | 396 | $301,000 |
| Aug 2006 | 6,255 | $355,900 | 393 | $310,000 |
| July 2006 | 6,124 | $360,000 | 416 | $324,750 |
| June 2006 | 5,948 | $364,650 | 473 | $329,000 |
| May 2006 | 5,407 | $369,900 | 432 | $318,750 |
| April 2006 | 4,626 | $369,000 | 415 | $317,000 |
| Mar 2006 | 4,295 | $369,900 | 437 | $329,000 |
| Feb 2006 | 3,899 | $374,900 | 326 | $315,250 |
| Jan 2006 | 4,245 | $370,000 | 325 | $325,000 |
| Dec 2005 | 4,040 | $375,000 | 385 | $319,900 |
| Nov 2005 | 4,432 | $376,448 | 443 | $331,000 |
| Oct 2005 | 4,694 | $376,700 | 559 | $335,000 |
| Sept 2005 | 4,567 | $380,000 | 603 | $336,500 |
| Aug 2005 | 4,370 | $385,700 | 695 | $334,950 |
| July 2005 | 3,860 | $387,000 | 677 | $345,000 |
| June 2005 | 3,411 | $384,500 | 607 | $335,000 |
| May 2005 | 3,113 | $375,000 | 717 | $326,000 |
| April 2005 | 2,808 | $365,000 | 650 | $315,000 |
| Mar 2005 | 2,611 | $350,000 | 660 | $309,000 |
| Feb 2005 | 2,198 | $348,250 | 411 | $301,000 |
| Jan 2005 | 2,078 | $349,000 | 381 | $295,000 |
Note: The median table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, NV and Sparks, NV. Residential data includes Site/Stick Built and Condo/Townhouse. Data excludes Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS - April 2008.
4 comments
To be expected Guy.
As sales [at mostly the lower end of the price spectrum] pick up, the median sales price is destined to drop [IMO the median asking price is irrelevant]. As RI has stated, there have to be sales in order for there to be sales prices and today’s sales prices are by-and-large lower than the median.
I don’t understand how our oracle friend from Spanish Springs can conclude we’ve reached the bottom of this market inasmuch as the median sales price is destined to continue to drop for some number of months to come.
It’s going to be an interesting summer and an even more intriguing fall for the Reno/Sparks real estate buyer. Saddle up!
I agree with Smarten that the median asking price is an irrelevancy. It might have some value as a delusion meter, but nothing else.
So the median asking price is now off 25% from its high. I guess it really is possible to lose money on a house in Reno.
As I have been saying here for two years, the only way the market can decline is through sales. If nothing sells, prices cannot decline.
The capacity for the realtorindustry to spin out disengenous nonsense is apparently unlimited. Witness the drumbeat coming from realtors all over the country ( ie Chase Nation) that since sales volume is increasing, price increases are sure to follow. Better buy today before prices start increasing 20% annually, just like Voodoo money fueled 2002-2005.
Smarten and others got this one right. Incresaed sales activity is just going to mean increased declining prices. Smarten suggests that the price declines may only last a matter of months. I suggest it will be longer than a matter of months, but the trend is clear.
March 07-08, YoY
Sales down 37.3%
Median price down 11.8%
Inventory (mos.) up 46.2%
That’s definitely not a bottom, but maybe the rate of decline is tapering off? That might indicate some improvement; let’s check…
March 06-07, YoY:
Sales down 10.5%
Median price down 9.7%
Inventory (mos.) up 21.7%
As one can clearly see, it’s not improving, it’s actually *degenerating*. I don’t see how *anyone* can call this a bottom.
No, no, no MikeZ.
You don’t understand the realtor spin on this. Whenever the YoY statistics look lousy, you abandon them and you go to month over month. That way, you can say that things are clearly looking up becasue March wasn’t as awful as February. (Of course, you have to completely avoid noting that YoY things are in the dump.) You can find an example of this realtortrick over at Chase Nation. There’s one guy over there who really has it down pat.