December median sold price, units, DOM, $/sq.ft.

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Wow! 2011 goes out with a nice uptick in the medians. December 2011’s median sold price was $155,400 – the highest monthly median we’ve seen since April last year. Not only was December’s median higher than the seven previous months, but it was also higher than the overall median sales price for all of 2011 — $154,000 (see 2011 by the numbers).

December’s median sold price per square foot also rose nicely. At $85.97/sq.ft. December’s number represented a 1.2 percent increase over November’s $84.99/sq.ft.

Units sold continue to be robust tallying an unprecedented 524 houses sold during December. The Reno-Sparks market has never seen that many houses sold in a December. Not only does December 2011’s number represent a eight percent increase over December 2010’s 485 units sold, but 524 units sold sets a new high for number of sales in any December on record – surpassing even the bubble years. And I thought sales typically slowed this time of year.

Average days on market, 148 days, continues to hover around five months.

The number of Active listings continue to slide. The current 1,403 Active listings represent an 9.2 percent decline from November’s 1,545 Active listings. This decline in inventory is to be expected this time of year, and usually is not noteworthy because house buying activity (i.e. Pending sales) typically slows in concert. However, the number of Pendings, 1,481, exceeds the number of Active listings for the second consecutive month.

With demand exceeding supply, I suppose a rising median sales price should not be surprising. Will the trend continue? If so, for how long? Will we look back at 2011 as the year the market bottomed – hitting $148,250 in October of that year?

December sales by type break out as follows (below). The splits are similar to November’s breakout. At this time REOs still comprise over a third of the market’s monthly sales. The effects of AB 284 are not yet showing up in sales numbers, but remember the bill just went into effect October 1st, and average DOM for properties is nearly five months (see above). So, expect a lag before any effects from the bill are seen in final sales numbers.

  • REO sale: 34% – down slightly from November’s 35%
  • Short sales: 35% – down slightly from November’s 36%
  • Equity sales: 30% – up slightly from November’s 29%

December sales by price band break out as follows:

sales price ($000’s) units sold
0 – 99 104
100 – 199 262
200 – 299 100
300 – 399 29
400 – 499 13
500 – 599 6
600 – 699 3
700 – 799 2
800 – 899 1
900 – 999 1
1M+ 3
total 524

For those readers who prefer the median sold price for houses and condos combined, December’s 606 sold houses, condos and town homes exhibited a combined median sold price of $145,000 – UP 5.4 percent from November’s combined median of $137,600 for 577 combined sales.

Historical data follows:

Month Year # Sold Sold Price Sold Price per Sq Ft Average DOM # of Actives # of Pendings
Dec 2011 524 $155,400 $85.97 148 1,403 1,481
Nov 2011 494 $149,506 $84.99 146 1,545 1,635
Oct 2011 494 $148,250 $84.22 145 1,682 1,646
Sep 2011 572 $149,450 $83.73 133 2,044 1,967
Aug 2011 554 $154,000 $91.34 125 1,947 1,694
July 2011 511 $150,000 $87.59 128 2,028 1,667
June 2011 538 $154,000 $90.12 123 1,990 1,689
May 2011 510 $150,000 $88.66 133 1,968 1,682
Apr 2011 436 $156,125 $89.78 137 1,914 1,593
Mar 2011 511 $160,000 $91.59 132 1,906 1,497
Feb 2011 387 $161,000 $93.35 142 1,882 1,416
Jan 2011 365 $157,000 $92.35 152 1,970 1,329
Dec 2010 485 $165,000 $94.31 143 2,021 1,148
Nov 2010 398 $170,000 $96.43 139 2,060 1,376
Oct 2010 418 $174,950 $98.57 135 2,146 1,371
Sep 2010 467 $168,000 $97.52 132 2,186 1,473
Aug 2010 450 $180,000 $97.54 127 2,222 1,513
Jul 2010 415 $180,000 $101.84 128 2,158 1,580
Jun 2010 602 $170,000 $100.52 145 1,966 1,625
May 2010 450 $175,807 $102.37 138
Apr 2010 510 $179,995 $103.13 128
Mar 2010 477 $175,000 $99.14 141
Feb 2010 338 $170,000 $101.68 138
Jan 2010 346 $167,000 $97.06 134
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 380 $228,500 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
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 269 $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 297 $159,950 unavailable 104
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 248 $148,000 unavailable 108
Jan 2000 223 $156,000 unavailable 113
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 280 $152,800 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 167 $149,490 unavailable 129

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 – January 2012. Note: This information is deemed reliable, but not guaranteed.

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.

19 Responses to December median sold price, units, DOM, $/sq.ft.

  1. Pingback: And the winner is… | RRB Home

  2. Martin says:

    It appears we have not hit the bottom in the overpriced $1 million segment of the market. I see that the Holly House on Skyline Blvd., which hit the blog with such a big splash, has had its first price reduction. At the itme, back in August, I requested that Guy advise us all when the first price reduction occured. I guess Guy fogot about my request.

  3. lurker says:

    When Holly House gets down to ~$500k, I’m in!

  4. Raymond says:

    This blog, which used to host the finest discusssions of the Reno real estate market, has, sadly, morphed into just another realtor shill site. All this blog provides now are puff pieces from the NAR and realtor related spin outlets. Martin, I think you will wait a long time for Guy to let you know when the next price reduction occurs for the Holly House. Price reductions are just downers you know, best to be kept secret and hope nobody notices.
    This blog has lost its balls. God forbid anybody in the real estate business should get offended.

  5. Goodnight_CommRow says:

    I question why an uptick in median price is, in Guy’s own words, “nice.” Perhaps Guy can explain this. I, personally, find this sort of REALTOR thought process deeply disturbing, since low housing prices provide happier lives for people who just need a roof over their head. With all due respect, it seems Guy has not learned a damn thing from the bubble. High housing prices destroy entire economies, and human lives.

  6. Goodnight_CommRow says:

    PS- I note that Guy is comparing month-over-month numbers, when year-over-year numbers- those that really matter- are down. I also note an increasing Average DOM number. I’ll have to agree, this blog has become nothing more than your average shill piece.

  7. Guy Johnson says:

    Goodnight_CommRow, I used the word “nice” in the sense that it is nice that perhaps we have seen the end of declining home values. Nice in that there may be some stability seen in the market. The question as to when/if the bottom of the market has been reached has been asked on this blog for for the past five years. Wouldn’t it be nice to finally have an answer to that question?

    Raymond and GC, as to this blog being a “just another realtor shill site”, I feel that I maintain balance on the blog by presenting pieces from a variety of sources representing many takes on the market. For example, last week I posted, Reno market projected to decline 5% in 2012. I didn’t see this piece picked up by the other local blogs or media outlets.
    A couple weeks ago I posted Nationally, no turnaround in home prices anticipated in 2012 where I linked to a piece that was not a “shill piece”

    I’ve been compiling and reporting the monthly median numbers for years on this blog; just because the direction of the median trend has turned positive does not a “shill site” make.

  8. Sully says:

    G C; while I agree with your comment regarding high housing prices, I also think it’s nice to see price sq/ft moving back toward actual cost to build prices. The effect on the economy works both ways, high housing prices hurt and too low pricing hurts (jobs).

    You’ll find it hard to have a good economy (or recovery) with no jobs, unless you’re the Chairman of the Federal Reserve – then of course you can think whatever you want.

    . . . . and after 5 years it would be nice to see this thing bottom, however I think we might have a couple more quarters to go before that happens.

  9. Sully says:

    . . . . and to lighten the mood a little bit:

    THIS STUDENT RECEIVED 0% ON AN EXAM. I would have given him 100% the
    answers are so logical.

    Q1. In which battle did Napoleon die?
    * his last battle

    Q2. Where was the Declaration of Independence signed?
    * at the bottom of the page

    Q3. River Ravi flows in which state?
    * liquid

    Q4. What is the main reason for divorce?
    * marriage

    Q5. What is the main reason for failure?
    * exams

    Q6. What can you never eat for breakfast?
    * Lunch & dinner

    Q7. What looks like half an apple?
    * The other half

    Q8. If you throw a red stone into the blue sea what it will become?
    * It will simply become wet

    Q9. How can a man go eight days without sleeping ?
    * No problem, he sleeps at night.

    Q10. How can you lift an elephant with one hand?
    * You will never find an elephant that has only one hand..

    Q11. If you had three apples and four oranges in one hand and four apples
    and three oranges in other hand, what would you have ?
    * Very large hands

    Q12. If it took eight men ten hours to build a wall, how long would it take
    four men to build it?
    * No time at all, the wall is already built.

    Q13. How can u drop a raw egg onto a concrete floor without cracking it?
    *Any way you want, concrete floors are very hard to crack.

  10. skeptical says:

    I take umbrage at all these insults directed Guy’s way. He’s putting in no small amount of time maintaining this blog.

    I love these wankers who come on the blog and berate and insult the person running it. If you don’t like the direction this blog is going, then build your own. Insulting the contributions of others is fair game, but if you don’t like the content, change the channel.

    Meanwhile, a bear market only ends in utter revulsion and disgust. While only anecdotal, I see the large number of negative posts on this blog as a possible turn for the better. If you look at the general tenor of remarks over the last few months, there are a majority that are replete with sarcasm, insult, and pessimism. Gone are the retorts of Smarten and MikeZ. Gone are the once vibrant, combative throwdowns. I believe that this is simply because no one is willing to champion the positive side.

    What’s positive? Homes are affordable in northern NV. Unlike 5 years ago, when a shack went for north of $350k. I see places every day that appear to be for sale for less than replacement value.

    Do I think we’ll see a V-shaped recovery? No way. Do I think it is now officially safe and perhaps even wise to buy a place in northern NV? Absolutely! We may not see real appreciation for many years, but I think the great washout has largely run its course. Color me neutral to mildly bullish. If you have a few extra bucks, you’d do much better buying a property in Washoe County that investing your money with the banksters and crooks on wall street. That’s for darn sure. IMHO, FWIW.

  11. Johnny says:

    I feel these attacks on Guy are not only unwarranted but also pretty disturbing. Guy offers all of this awesome info to us for FREE. He doesn’t have to but he does! Try being a little more thankful jerk offs!
    Guy, I want to personally thank you for all the hard work and dedication you have poured into this blog. The countless hours you have spent compiling data, answering questions, and offering truly great UNBIASED content should be more appreciated by a select few in here.

    Let’s not forget about the THOUSANDS of dollars you have saved me and so many others that follow RRB. Keep it up Guy! If given the option I would totally donate to this blog.

  12. Johnny says:

    2011 might just be a good year to pick up some more rental property 😉

  13. Guy Johnson says:

    skeptical and Johnny, thank you for your comments regarding the blog. Very much appreciated.

    Johnny, I hadn’t thought about a donation option. 🙂

  14. Anonymous Coward says:

    Ditto what skeptical & Johnny said.

  15. Gadfly says:

    I want to throw in my support for Guy as well. Sure, Guy sometimes has a more optimistic tone than I might take about certain items, but he gives us a great deal of information, both optimistic and pessimistic, and lets us hash it out.

  16. lurker says:

    such a pithy, concise comment. Is that really you, Gadfly?

    OBTW, Guy’s efforts are greatly appreciated, and the whiners who follow this blog, regularly complaining about the blogmaster’s comments, with blog posts of their own, using the same blog……seem not to appreciate the irony of the situation….

  17. Gadlfly says:

    Yes, lurker, it is I, the true Gadfly. I had written something much longer about the progression of the RRB from a hot bed for the “hostile pessimists” who intelligently, if not always politely, championed rational analysis in a world of irrational exuberance to a den of vipers who wantonly and indiscriminately attack anyone whose posts might even tangentially suggestive some positive, or even neutral, prognostication on the Reno real estate market. I also lamented that Mike would not be involved with the RRB henceforth, specifically as his posts often served to balance, or at least give new light to, some of the more “optimistic” topics Guy posted.

    However, on my read through, I grew concerned that I had strayed from my intent of showing support for Guy to such an extent that the efficacy of my primary message was problematic. Thus, I merely posted my first paragraph, which contained the sentiment I most wished to convey. I apologize for disappointing anyone with the brevity of the comment, and I will endeavor to maintain my expected verbosity in future postings.

  18. Pingback: U.S. housing supply lowest in four years | RRB Home

  19. Pingback: January median sold price, units, DOM, $/sq.ft | RRB Home

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