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

Whew!  The title companies must have been working overtime in June.  559 homes were sold for the month.  We haven’t seen a number that high since last October (the month preceding the *first* deadline for the First-time Home Buyers Tax Credit – before congress extended the deadline to June 30, 2010.)  June’s 559 sales number was a 25 percent increase over the number of sales in May!

As expected though, all those first-time homebuyer purchases didn’t boost the median sales price.  In fact, June’s median fell 1.9 percent to $172,000 from May’s $175,307.  YOY, June’s median sold price is off 4.7 percent from June 2009.

June’s median sold price per square foot, $102.02, also showed a slight decrease from May’s $102.19.  YOY, June’s median sold price per square foot is down two percent.

Active listings are up 9.9 percent this month.  Pendings are down 9.9 percent.

June’s sales break out as follows:

  • Bank-owned properties – 23.3%  – down from May’s 28.0%
  • Short sales – 43.3% – up substantially from May’s 34.6%
  • Equity sales – 31.7% – down from May’s 36.5%

For those readers who prefer the median sold price for houses and condos combined, June’s 647 sold houses and condos exhibited a combined median sold price of $160,000 – unchanged from May’s combined median of $160,000.

Month Year # Sold Sold Price Sold Price per SqFt Average DOM # of Listings # of Pendings
Jun 2010 559 $172,000 $102.02 148 1,966 1,625
May 2010 448 $175,307 $102.19 137 1,789 1,804
Apr 2010 508 $179,945 $103.80 129    
Mar 2010 477 $176,000 $99.44 143    
Feb 2010 338 $170,000 $101.68 138    
Jan 2010 346 $167,000 $98.32 134    
Dec 2009 424 $178,000 $101.28 126    
Nov 2009 461 $175,000 $103.61 112    
Oct 2009 561 $180,000 $103.52 123    
Sep 2009 520 $185,948 $103.31 128    
Aug 2009 482 $179,900 $102.64 116    
Jul 2009 515 $180,000 $103.45 126    
Jun 2009 536 $180,317 $104.09 136    
May 2009 426 $175,000 $102.29 139    
Apr 2009 429 $190,000 $105.71 133    
Mar 2009 369 $200,000 $105.85 133    
Feb 2009 293 $205,000 $111.52 132    
Jan 2009 233 $200,000 $113.04 117    
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 $152.30 134    
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    
Dec2007 228 $283,950 $167.22 143    
Nov2007 204 $299,750 $172.24 126    
Oct2007 241 $296,000 $173.55 116    
Sep2007 230 $299,945 $179.46 114    
Aug2007 311 $305,000 $182.49 118    
Jul2007 300 $315,000 $189.78 113    
Jun2007 329 $320,000 $196.78 104    
May2007 364 $313,200 $190.81 107    
Apr2007 320 $309,500 $193.93 121    
Mar2007 324 $315,000 $189.61 121    
Feb 2007 269 $315,000 $191.18 126    
Jan 2007 245 $312,900 $199.79 133    
Dec2006 291 $309,000 $193.51 114    
Nov2006 281 $318,000 $197.32 111    
Oct 2006 363 $312,400 $201.44 105    
Sep2006 344 $314,950 $198.08 98    
Aug2006 349 $325,000 $210.92 94    
Jul2006 373 $335,000 $210.62 93    
Jun2006 424 $339,000 $214.54 91    
May2006 374 $339,950 $219.05 99    
Apr2006 368 $334,600 $212.08 88    
Mar2006 387 $340,000 $215.54 99    
Feb 2006 283 $335,000 $217.29 101    
Jan 2006 274 $365,000 $216.38 98    
Dec2005 333 $355,000 $217.31 89    
Nov2005 385 $349,000 $220.00 81    
Oct2005 484 $359,450 $223.06 77    
Sep2005 531 $354,500 $219.26 77    
Aug2005 582 $360,500 $220.52 73    
Jul2005 608 $353,000 $218.99 71    
Jun2005 679 $350,000 $215.69 69    
May2005 644 $333,250 $209.95 68    
Apr2005 558 $326,750 $207.57 77    
Mar2005 584 $325,000 $200.17 81    
Feb 2005 342 $318,500 $197.54 88    
Jan 2005 341 $310,000 $195.19 85    
Dec2004 450 $312,500 $190.72 77    
Nov2004 448 $309,950 $191.62 63    
Oct2004 512 $299,250 $188.72 53    
Sep2004 496 $292,750 $185.78 61    
Aug2004 505 $285,000 $182.95 56    
Jul2004 544 $304,300 $179.28 61    
Jun2004 533 $285,000 $172.16 65    
May2004 476 $278,750 $169.64 65    
Apr2004 526 $259,950 $158.08 67    
Mar2004 508 $245,000 $142.56 71    
Feb 2004 365 $237,000 unavailable 81    
Jan 2004 379 $229,000 unavailable 78    
Dec2003 441 $240,000 unavailable 82    
Nov2003 444 $220,750 unavailable 78    
Oct2003 430 $219,880 unavailable 76    
Sep2003 587 $223,000 unavailable 71    
Aug2003 512 $220,000 unavailable 75    
Jul2003 533 $210,000 unavailable 77    
Jun2003 475 $207,000 unavailable 77    
May2003 450 $198,950 unavailable 85    
Apr2003 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    
Dec2002 379 $193,500 unavailable 93    
Nov2002 423 $190,000 unavailable 82    
Oct2002 483 $189,900 unavailable 83    
Sep2002 410 $174,000 unavailable 85    
Aug2002 459 $180,000 unavailable 74    
Jul2002 469 $176,000 unavailable 83    
Jun2002 445 $185,000 unavailable 80    
May2002 470 $178,450 unavailable 77    
Apr2002 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    
Dec2001 287 $182,000 unavailable 86    
Nov2001 323 $161,500 unavailable 85    
Oct2001 357 $166,500 unavailable 79    
Sep2001 355 $168,000 unavailable 81    
Aug2001 448 $160,350 unavailable 84    
Jul2001 433 $169,900 unavailable 90    
Jun2001 426 $166,225 unavailable 96    
May2001 404 $162,050 unavailable 97    
Apr2001 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    
Dec2000 272 $156,500 unavailable 100    
Nov2000 355 $154,500 unavailable 93    
Oct 2000 348 $153,000 unavailable 98    
Sep2000 356 $160,000 unavailable 104    
Aug2000 412 $163,375 unavailable 94    
Jul2000 368 $155,000 unavailable 110    
Jun2000 466 $165,845 unavailable 104    
May2000 363 $158,000 unavailable 105    
Apr2000 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    
Jun1999 372 $150,000 unavailable 103    
May 1999 307 $145,500 unavailable 106    
Apr1999 324 $151,700 unavailable 111    
Mar 1999 308 $151,000 unavailable 121    
Feb1999 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    
Oct1998 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 – July 2010.  Note: This information is deemed reliable, but not guaranteed.

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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.
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33 Responses to June median sold price, units, DOM, and $/sq.ft.

  1. Avatar Sleezy says:

    Inventory UP, pending DOWN, median pricing DOWN..

    Wow sure looks like stabilization mikez lmfao

  2. Avatar smarten says:

    Derrick, it looks EXACTLY like stabilization to me!

    It wasn’t more than a week ago that Skeptical alerted us all to the fact that June’s sales number would be down substantially – 25% or more. Some may recall I asked if he had some direct line to Guy’s figures allowing him to make this prediction so early? Well now we see sales were up…and they were up substantially [sorry Skeptical].

    And although we see that pendings are down [almost 10%], they’re down by far, far less than one would have expected given the huge number [as of May 1] that subsequently resulted in consummated sales. In other words, even though the first time homebuyers’ income tax credit has expired [at least insofar as new transactions are concerned], the number of pendings continues to remain relatively high [what possibly could be fueling them?].

    And let’s talk about the median sales price. It CONTINUES [for over a year now Derrick] for all intents and purposes to bounce within the range of $170K-$180K. So no Derrick, it’s not down.

    Finally, let’s talk about absorption rate. Can you believe a meager 3.5 months?

    By no means am I saying that the market is going gang busters from here but the data continues to suggest something far, far different than the complete melt down you Derrick and some others on this blog have been announcing [for how long now?]!

    As I suggested to Skeptical several months ago [and let’s not forget he agreed with me], the true test would be July’s numbers. So let’s wait another month.

    And in case Mr. BB and others didn’t read my post under the Lake Tahoe’s Prices Back to 2000 Levels blog, there has been a 41% increase in June’s YoY IV SFR median sales price numbers compared to March’s YoY numbers [down 10% compared to being down 51%].

  3. Avatar skeptical says:

    Short sales massively up. These aren’t typically on the MLS, so they are shadow inventory leaking out into the system, and goosing the sales numbers.

    Volume might be an underlying stat of health in a rising market, but big volume on lower prices does not indicate stabilization, normality, safety, or a risk free trade by any means.

    These numbers are not bullish to me.

  4. Avatar MikeZ says:

    Yup, continued stabilization.

    Virtually unchanged PPSF tells us that a lot of smaller/cheaper houses sold in June, possibly skewed by the $8K tax credit – which would tend to drive lower-end sales more than upper-end – as previously postulated here.

  5. Avatar smarten says:

    Goosing the sales numbers?

    Short sales are not typically reflected in MLS sales?

    Shadow inventory is “leaking” out into the system?

    The deniability is stunning!

    And FWIW Skeptical, big sales volume on lower prices is generally evidence that soon, prices will be higher. But we knew this a year ago, didn’t we?

    Don’t mean to get ahead of myself because it’s not August yet.

  6. Avatar skeptical says:

    Regarding short sales, I rely upon Mark Hanson, who has nailed this housing bubble and collapse from the very start:

    http://mhanson.com/blog

    “In addition, I do not give the surge in short sales or the new Home Affordable Foreclosure Alternatives (HAFA) program any weighting because both are so new the results are unknowable. In addition, short sales are the ultimate in shadow inventory because they do not necessarily have to originate from the distress mortgage pipeline, therefore, do not subtract from it. Every homeowner with a first and/or second mortgage balance of 95% LTV (due to 6% Realtor fee) is a potential short-sale candidate. As short sales become the first-line liquidation method across all servicers, they will increase in volume from both current and non-current borrowers, perhaps keeping the shadow inventory liquidation time-line estimate in this report intact.”

  7. Avatar skeptical says:

    Forgot to add, as $172k is below $175k, I reckon May 2009 was not the bottom.

    Also, Smarten asserted above, “As I suggested to Skeptical several months ago [and let’s not forget he agreed with me], the true test would be July’s numbers. So let’s wait another month…”

    I was a bit taken back by that. Not trying to get into a pissing contest here, but it was I who asserted that July/August would be the proof in the pudding. Smarten later tacitly seemed to agree. He certainly did NOT suggest it to me.

    This nuanced revisionism is similar to his claim recently that he never claimed prices couldn’t go lower from here. I found that to be a bit puzzling, or maybe I just don’t know the definition of a bottom.

    I beg the pardon of the good readers out there who, like me, are put off when the blog becomes a personal fight between contributors. I’m not looking for that. But I did want to set the record straight.

  8. Avatar MikeZ says:

    [skeptical] it was I who asserted that July/August would be the proof in the pudding.

    If aside from the normal, annual, seasonal %age variations, July and August show continued price stabilization … then what?

    September? October? … December?

  9. Avatar SmartMoney says:

    So much for that “Spike” http://renorealtyblog.com/2010/06/spike.html

  10. Avatar Sleezy says:

    I had no idea thAt increased inventory, and decreasing pendings meant a stabilizing market… LoL

    Once again i agree skeptical… Nothing bullish here…

  11. Avatar Sleezy says:

    Yoy the median is now negative along with the price per sq ft..

  12. Avatar Sneezy says:

    WhyE wount’e yous peeples pAiy attenshion tO me?

  13. Avatar Sleezy says:

    I wouldn’t be the least bit surprised to see the median drop below 170 and price/sqft to continue to drop…

  14. Avatar DownButNotOut says:

    Derrick, I wouldn’t be surprised at anything you said. It coming true would shock the heck out of me.

  15. Avatar sleezy says:

    downbutnotout..

    do us a favor… get a REAL job..

  16. Avatar E.Edward says:

    Looky Twinkle-toes,

    There is no stabilization here and there never was…….Any Dummy can see this was all artificially induced and will never hold-up.

    There is 100+ reasons why this phony housing recovery will continue to collapse and yet not one genius on this blog has demonstrated a single viable scenario to even suggest otherwise!

    By the way?….What the H is wrong with letting housing correct to a {real world interest rate} consumer offordabillity??…..Anybody?

    Now how about we give a rest and go sell something before its to late?

    ….Just my thoughts.

  17. Avatar sleezy says:

    cant wait for the better deals next year myself edward…

  18. Avatar Reno Ignoramus says:

    Guy,

    Do you have the price band numbers for June?

    We know that one-half of those 559 houses sold for less than $172K, but the price band info is always helpful.

    Thanks.

  19. Avatar smarten says:

    So now we have Derrick [i.e., “Sleezy”] telling himself [i.e., “Edward”] about next year? Incredible.

    And Derrick: if we should all sell something before it’s too late, why oh why did you buy a replacement Spanish Springs condo earlier in the year? And why aren’t you selling it before it’s too late?

  20. Avatar smarten says:

    Skeptical –

    On May 9, 2010 I said the following [ http://renorealtyblog.com/2010/05/april-median-sold-price-units-dom-and-sqft-2.html#comments ]: “Skeptical and his group will continue to come up with excuses come May’s and June’s numbers because [after all] closings for these months will in essence be consummation of the first time homebuyers’ tax credit. But come July and August when historically, we would expect sales to be the strongest, our friend will be out of ammunition. What then?”

    On May 10 you replied, “Smarten, you are correct. July and August will be the proof in the pudding. Our little debate will hit a conclusive moment by the end of August. I will yield to the bulls if August 2010 shows strength M-O-M and Y-O-Y.”

    So you’re right skeptical: it was you “who asserted that July/August would be the proof in the pudding.” But you are wrong that I “LATER tacitly seemed to agree.”

    No pissing contest here. Your mantra has been to deny the factual data month-after-month pointing to July as the collapse of the Reno/Sparks residential real estate market because of expiration of the first time homebuyers’ tax credit. All I said back in May was that come July, you’d be out of ammunition. We’re there skeptical – so a month from now when Guy reports July’s sales data, if unit sales remain strong and the SFR median sales price remains in the $170K-$180K range, will it be unreasonable to expect you will follow through with your representation?

  21. Avatar skeptical says:

    Smarten,
    yes.

  22. Avatar Sully says:

    RI, percentage wise the June numbers were almost identical to the May numbers.

    Slight increase (3%) in the 100-150 and 150-200 range and 3% less in the 200-150 range. Overall (using percentages) the 450 and under range equalled 92.56% of all sales in June in May it was 92.03%.

    Core range of 100,001-200,000 was 65.5% (of total sales) in June and 62.6% in May.

  23. Avatar Sully says:

    Also, an article in the Northern Nevada Business Weekly said that workers in the Reno/Sparks area made 19.92/hr in May 09 or roughly 40K a year. This number fits the core range of sales.

  24. Avatar Guy Johnson says:

    RI,

    Looks like Sully beat me to it. But here is the price banding data (stickbuilt only):

    < = $50,000: 7 $50,001 - $100,000: 46 $100,001 - $150,000: 180 $150,001 - $200,000: 143 $200,001 - $250,000: 68 $250,001 - $300,000: 40 $300,001 - $350,000: 18 $350,001 - $400,000: 18 $400,001 - $450,000: 17 $450,001 - $500,000: 10 $500,001 - $600,000: 5 $600,001 - $700,000: 5 $700,001 - $800,000: 4 $800,001 - $900,000: 2 $900,001 - $1,000,000: 3 >= $1,000,001: 3

    Total June sales: 569

    Note: You’ll no doubt notice that the 569 total above is ten more than the 559 I reported in yesterday’s median post. Looks like we’ve had ten more sales added/updated in our MLS since yesterday. Updates throughout the month is not uncommon. But what *is* interesting, is that these ten sales adjusted the median sold price downward to $170,500.

  25. Avatar Sully says:

    …and before MikeZ starts disclaiming my math. I used the same list Mike did for the May numbers, I didn’t delete IV or county sales – my total sales came to 618.

  26. Hi,Johnson I have visited your blog,you have posted nice informative article over there..good job dude.cheer up!!

    Estate Agents Canary Wharf

  27. Avatar SmartMoney says:

    $170,500 June median sold price. So we have dropped 5% in just the past three months. I see us hitting new lows in the not too distant future.

  28. Avatar Sleezy says:

    News lows coming indeed!

  29. Avatar Reno Ignoramus says:

    To Sully and Guy:

    Thanks to you both for the info.

    There really is no market above $450K in Reno, is there?

    65% of all sales are under $200K. I don’t know, maybe I am just an Ignoramus, but I find this info more telling about the market than monitoring 1% changes in the median from month to month.

  30. Avatar MikeZ says:

    [SmartMoney] “We have dropped 5% in just the past three months.”

    Instead of cherry-picking, plot the last 5 years; it’s clear the last 12 mos have been essentially flat for median and PPSF.

  31. Avatar Sully says:

    I’ve said before the middle of the list number doesn’t really cut it, but the sf price is a great indicator. When those 4500 sq ft McMansions are selling for around 450K, then you know we are there! 🙂

  32. Avatar Sean says:

    2010 fiscal year property taxes are now up on the assessors website, atleast for my house they are. My property tax went from 3600 in 08 to 2800 in 09 to 2200 in 2010. Pretty dramatic decrease. I know not all area’s are seeing this but the houses built during the boom are. My house was built in 05 and i bought it as a forclosure last year. This is for a 5 bedroom 2400sqft lennar home, i am very happy about the lower property taxes!

  33. Avatar CousinITT says:

    Great news, Sean. Are you near a fire station that is still fully staffed? Are classroom sizes going up or down for your kids next year? Like filing police reports for that break-in online, since there aren’t resources for a personal response and the substations have curtailed their hours? Did your house go up or down in value because there aren’t any code enforcement officers left to tag your neighbor’s weed infested lawn? What did that realignment job cost when you hit that pothole on Pyramid?

    Maybe you had a better deal with higher property taxes. Just sayin’….

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