The following housing market metrics are for Reno and Sparks, Nevada for 2009 – the year as a whole. I’ve also contrasted them to 2008’s numbers.
5,184 houses were sold during 2009. This total represented a 44 percent increase over the 3,590 houses sold in 2008.
Total Sales Volume
Those 5,184 home sales generated $1,157,282,719 in volume. This sum was five percent greater than 2008’s total sales volume of $1,101,878,851.
So how does a 44 percent increase in the number of homes sold in 2009 generate only a 5 percent increase in total sales revenue over 2008’s? The answer lies in…
Median Sold Price
2009’s median sold price was $185,000 for the year. This number represented a 29 percent decline from 2008’s median sold price of $250,000.
Similar declines were seen also in the…
Median Sold Price per Square Foot
2009’s median sold price per square foot of $104.36 was off 27 percent from 2008’s $143.36 per square foot.
Days on Market
Homes sold slightly quicker in 2009 with the median days on market at 95 days compared to 2008’s median days on market of 100 days.
2009 saw a dramatic shift in the sales price bands. Ten percent of the sales in 2009 occurred below $100,000. Half the sales occurred at less than $185,000. And three-quarters of the sales occurred at less than $250,000.
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2009 was also a year dominated by distressed properties – accounting for over 70 percent of 2009 sales. Compare this to 2008 where distressed properties accounted for only half of all sales.
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Note: The residential data reported above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. 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 – January 2010.