April median sold price, units, DOM, and $/sq.ft.

April’s median sold home price for Reno and Sparks dropped below $200K in a big way.  April’s median sold price was $187,750.  Down 6% from March!

Buyers snatching up the distressed properties are fueling the fall.  54% of April’s sales were bank-owned properties, and another 19% were short sales.  April’s 408 sales represent a 12% increase over the number of sales for March and a 30% increase year-over-year.   In fact, we haven’t seen unit sales over the 400 mark since June 2006.

All of this buying is contributing to a fall in Active inventory.  April’s active inventory (units) is down 6% over March; down 12% Y-o-Y; and down 17% Y-o-2Y.  Prices are now at 2002 levels and 49% off our peak median sold price.

For those readers who prefer the median sold price for houses and condos combined, April’s was $181,000.

Month Year

# Sold

Sold Price

Sold Price per SqFt

Average DOM

Apr 2009

408

$187,750

$104.61

135

Mar 2009

364

$200,000

$106.24

135

Feb 2009

294

$204,000

$111.45

133

Jan 2009

232

$200,000

$113.15

160

 Dec 2008

294

$218,950

$121.74

145

Nov 2008

269

$220,000

$122.24

152

 Oct 2008

354

$230,000

$131.43

144

 Sep 2008

358

$239,250

$136.72

145

 Aug 2008

321

$250,000

$142.14

140

 Jul 2008

397

$251,000

$145.48

139

 Jun 2008

369

$262,500

$148.05

142

 May 2008

314

$260,215

$152.30

155

 Apr 2008

314

$275,000

$154.05

172

 Mar 2008

238

$274,000

$150.93

166

 Feb 2008

195

$289,000

$156.48

149

 Jan 2008

165

$285,000

$170.23

146

Dec 2007

228

$283,950

$167.22

143

Nov 2007

204

$299,750

$172.24

126

Oct 2007

241

$296,000

$173.55

116

Sep 2007

230

$299,945

$179.46

114

Aug 2007

311

$305,000

$182.49

118

Jul 2007

300

$315,000

$189.78

113

Jun 2007

329

$320,000

$196.78

104

May 2007

364

$313,200

$190.81

107

Apr 2007

320

$309,500

$193.93

121

Mar 2007

324

$315,000

$189.61

121

 Feb 2007

269

$315,000

$191.18

126

 Jan 2007

245

$312,900

$199.79

133

Dec 2006

291

$309,000

$193.51

114

Nov 2006

281

$318,000

$197.32

111

 Oct 2006

363

$312,400

$201.44

105

Sep 2006

344

$314,950

$198.08

98

Aug 2006

349

$325,000

$210.92

94

Jul 2006

373

$335,000

$210.62

93

Jun 2006

424

$339,000

$214.54

91

May 2006

374

$339,950

$219.05

99

Apr 2006

368

$334,600

$212.08

88

Mar 2006

387

$340,000

$215.54

99

 Feb 2006

283

$335,000

$217.29

101

 Jan 2006

274

$365,000

$216.38

98

Dec 2005

333

$355,000

$217.31

89

Nov 2005

385

$349,000

$220.00

81

Oct 2005

484

$359,450

$223.06

77

Sep 2005

531

$354,500

$219.26

77

Aug 2005

582

$360,500

$220.52

73

Jul 2005

608

$353,000

$218.99

71

Jun 2005

679

$350,000

$215.69

69

May 2005

644

$333,250

$209.95

68

Apr 2005

558

$326,750

$207.57

77

Mar 2005

584

$325,000

$200.17

81

 Feb 2005

342

$318,500

$197.54

88

 Jan 2005

341

$310,000

$195.19

85

Dec 2004

450

$312,500

$190.72

77

Nov 2004

448

$309,950

$191.62

63

Oct 2004

512

$299,250

$188.72

53

Sep 2004

496

$292,750

$185.78

61

Aug 2004

505

$285,000

$182.95

56

Jul 2004

544

$304,300

$179.28

61

Jun 2004

533

$285,000

$172.16

65

May 2004

476

$278,750

$169.64

65

Apr 2004

526

$259,950

$158.08

67

Mar 2004

508

$245,000

$142.56

71

 Feb 2004

365

$237,000

unavailable

81

 Jan 2004

379

$229,000

unavailable

78

Dec 2003

441

$240,000

unavailable

82

Nov 2003

444

$220,750

unavailable

78

Oct 2003

430

$219,880

unavailable

76

Sep 2003

587

$223,000

unavailable

71

Aug 2003

512

$220,000

unavailable

75

Jul 2003

533

$210,000

unavailable

77

Jun 2003

475

$207,000

unavailable

77

May 2003

450

$198,950

unavailable

85

Apr 2003

478

$197,750

unavailable

82

 Mar 2003

428

$192,000

unavailable

77

 Feb 2003

321

$186,895

unavailable

79

 Jan 2003

316

$186,000

unavailable

96

Dec 2002

379

$193,500

unavailable

93

Nov 2002

423

$190,000

unavailable

82

Oct 2002

483

$189,900

unavailable

83

Sep 2002

410

$174,000

unavailable

85

Aug 2002

459

$180,000

unavailable

74

Jul 2002

469

$176,000

unavailable

83

Jun 2002

445

$185,000

unavailable

80

May 2002

470

$178,450

unavailable

77

Apr 2002

360

$169,500

unavailable

93

 Mar 2002

377

$169,000

unavailable

84

 Feb 2002

323

$170,900

unavailable

89

 Jan 2002

268

$172,475

unavailable

99

Dec 2001

287

$182,000

unavailable

86

Nov 2001

323

$161,500

unavailable

85

Oct 2001

357

$166,500

unavailable

79

Sep 2001

355

$168,000

unavailable

81

Aug 2001

448

$160,350

unavailable

84

Jul 2001

433

$169,900

unavailable

90

Jun 2001

426

$166,225

unavailable

96

May 2001

404

$162,050

unavailable

97

Apr 2001

370

$158,750

unavailable

94

 Mar 2001

385

$159,900

unavailable

97

 Feb 2001

294

$159,950

unavailable

103

 Jan 2001

264

$165,000

unavailable

102

Dec 2000

272

$156,500

unavailable

100

Nov 2000

355

$154,500

unavailable

93

 Oct 2000

348

$153,000

unavailable

98

Sep 2000

356

$160,000

unavailable

104

Aug 2000

412

$163,375

unavailable

94

Jul 2000

368

$155,000

unavailable

110

Jun 2000

466

$165,845

unavailable

104

May 2000

363

$158,000

unavailable

105

Apr 2000

312

$155,000

unavailable

113

 Mar 2000

339

$162,700

unavailable

102

 Feb 2000

244

$149,620

unavailable

110

 Jan 2000

217

$156,000

unavailable

112

Dec 1999

264

$155,000

unavailable

118

Nov 1999

293

$149,900

unavailable

98

Oct 1999

289

$147,895

unavailable

108

Sep 1999

311

$157,000

unavailable

106

Aug 1999

360

$148,500

unavailable

112

Jul 1999

375

$147,800

unavailable

105

Jun 1999

372

$150,000

unavailable

103

May 1999

307

$145,500

unavailable

106

Apr 1999

324

$151,700

unavailable

111

Mar 1999

308

$151,000

unavailable

121

Feb 1999

249

$148,900

unavailable

120

Jan 1999

210

$143,000

unavailable

115

 Dec 1998

265

$140,000

unavailable

118

 Nov 1998

279

$153,000

unavailable

126

Oct 1998

286

$142,825

unavailable

115

Sep 1998

279

$144,500

unavailable

102

Aug 1998

331

$145,000

unavailable

113

Jul 1998

335

$150,000

unavailable

108

Jun 1998

351

$148,500

unavailable

103

May 1998

302

$145,500

unavailable

99

Apr 1998

235

$149,000

unavailable

111

 Mar 1998

267

$142,500

unavailable

114

Feb 1998

201

$139,900

unavailable

126

 Jan 1998

165

$149,490

unavailable

131

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 – May 2009.

 
Avatar

About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
This entry was posted in Agent Insights, Market Trends and tagged , , , , , , . Bookmark the permalink.

10 Responses to April median sold price, units, DOM, and $/sq.ft.

  1. Avatar Otto says:

    Another bad month for the bottom callers.

  2. Avatar Corina says:

    The median price down 50% is astounding really. Compared to most cities in the USA, that’s pretty staggering. This puts Reno up there with the very top worst housing markets in the country.

    And when you consider than almost 50% of all mortgage holders here in Reno are upside down, the future does not look good. We are writing some new history right now.

  3. Avatar Melky says:

    “Prices are now at 2002 levels….”

    Well then we are not done with the return to normalcy, because the bubble was well underway in Reno in 2002. Oh, the NINJA loans were not yet quite in full swing, but by 2002, the cheap money was flowing and the traditional lending standards were being shown the door.

    More pain to come.

  4. Avatar BanteringBear says:

    Yes, Melky, more pain. Much more pain. Too many houses, too few qualified buyers. I’d like to get my mom into a 2/2 in Del Webb Sierra Canyon for, say, $79k.

  5. Avatar Phil says:

    It seems some early investors are scooping up some homes. Too early maybe?

    I do not see any reason for optimism that the bottom has been reached. Unemployment is still rising and prices falling. The current rally in the stock market seems fueled by the spending our government is doing. And the fact it is borrowing 50 cents of each dollar it spends makes me less optimistic about our future. I don’t see how we are going to finance this debt without raising interest rates, and then see the affordability of homes fall to the bottom.

    Anybody catch one of the plans GM has is to make more small cars overseas for sale here? How does it make you feel bailing out a company moving jobs off shore?

    America needs to build things besides housing. Reno does not have much minning, wherehousing and casino jobs are not enough to sustain the prices of homes now. I often wonder what our politicians do to lure jobs over here.

    I have noticed a decrease in people going out. Recently, I went to the mothers day buffet at Redhawk and while the buffet was awsome it seemed better attended in the past. I wonder if Whitmore still wants to build the Lazy 8 casino in Spanish Springs?

    On a positive note two homes that where unfinished for over a year have almost been finished in the upper highlands (R&B). Seems one of the for sale signs was also take down (or blew away). Rumor has it, one of the sons of R&B is finishing it.

    The real question is — are we heading for a modern day ghost town?

  6. Avatar 3niner says:

    Per Phil: “Reno does not have much minning, wherehousing and casino jobs are not enough to sustain the prices of homes now.”

    A number of years ago, the USPS decided to move their West Coast air hub from Oakland to Reno. The NIMBYs went nuts. The Postal Service was surprised, since they thought the boost to the local economy would be applauded. They settled for Sacramento instead.

    Whenever anything promises to diversify Nevada’s economy (Yucca Mountain), the NIMBYs throw a fit and make sure it won’t happen (Yucca Mountain).

  7. Avatar inclinejj says:

    The hometown has been put into a strangehold for 30 years by the NIMBYS

    The town will be in bankruptcy within 5 years

  8. Avatar Worried Guy says:

    What’s a NIMBY?…The data tells the real story….

  9. Avatar Sully says:

    Not in my backyard! 🙂

  10. Avatar Worried Guy says:

    I’ll tell ya one thing that I know from my experience in the Reno market recently…Sellers are in such denial about the steep losses they have taken in the last 8 months, that they are destined to ride this down all the way to the bottom. Until these delusional sellers finally capitulate and grab the first decent cash offer that they receive, there will simply be no bottom in sight. Take that to the Bank..If any are still any around in this country…

Leave a Reply