November median sales price, units sold, DOM, and inventory

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November’s median sales price for the Reno-Sparks housing market rose slightly to $182,500 — continuing the increasing trend we’ve seen all year. In fact, the median sales price has now reached a three-year high. November’s median price is:

  • up 0.4 percent month-over-month, over October’s $181,750
  • up 22.5 percent year-over-year, over November 2011’s $149,012
  • up 35.2 percent from the low set in January of this year at $135,0000

The median sold price per square foot also increased in November — rising 1.5 percent to $99.83/sq.ft.

The number of houses sold in November fell 5.4 percent from October’s units sold, however November’s 503 houses sold was up slightly over the 497 sold in November last year.

Median days on market (DOM) continues to rise as short sales (which typically require more time to close) comprise a larger portion of sales (see breakout below). November’s median DOM now sits at 105 days.

Inventory continues to shrink. The metric “months supply of inventory” should be changed to “weeks supply of inventory”. The market currently has only a five-week supply of inventory. [Of course, as has been discussed on the blog many times, this lack of inventory is not consistent across all price bands. See Where’s the existing inventory? …not below $400,000 for more details.]

November sales by type break out as follows:

  • REO sales: 9% – down from October’s 12%
  • Short sales: 41% – up slightly from October’s 40%
  • Equity sales: 49% – up from October’s 46%

Equity sales now comprise nearly half of the sales. Bank-owned properties now account for less than 9 percent of monthly sales.

November sales by price band break out as follows in the table below. 8.7% of the houses sold in November sold for less than $100,000; 56.7% sold for less than $200,000; 81.3% sold for less than $300,000; and 91.1% sold for less than $400,000.

sales price ($000’s) units sold
0 – 99 44
100 – 199 241
200 – 299 124
300 – 399 49
400 – 499 19
500 – 599 16
600 – 699 4
700 – 799 2
800 – 899 2
900 – 999 0
1M+ 2
total 503

For those readers who prefer the median sold price for houses and condos combined, November’s 561 sold houses, condos and town homes exhibited a combined median sold price of $170,000 – down slightly, 0.9 percent, from October’s median sold price of $171,500 for 600 combined sales.

Below are the past 13 months of data:

Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Nov 2012 503 $182,500 $99.83 105 640 1,646
Oct 2012 532 $181,750 $98.40 103 728 1,772
Sep 2012 471 $175,000 $98.43 93 836 1,811
Aug 2012 533 $175,000 $98.56 86 882 1,846
July 2012 514 $165,000 $94.59 88 832 1,873
Jun 2012 514 $170,000 $91.48 92 759 1,891
May 2012 524 $164,750 $90.56 99 783 1,873
Apr 2012 526 $151,100 $87.04 95 785 1,885
Mar 2012 540 $149,900 $84.89 107 809 1,889
Feb 2012 465 $145,500 $82.12 100 980 1,788
Jan 2012 449 $135,000 $81.07 123 1,170 1,643
Dec 2011 534 $155,000 $85.86 123 1,403 1,481
Nov 2011 497 $149,012 $85.02 115 1,545 1,635

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

Click here for historical data back to 1998.

Related post: October median sales price, units sold, DOM, and inventory

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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One Response to November median sales price, units sold, DOM, and inventory

  1. Twister says:

    Veeeeeeeeeeeee bottom!

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