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

December’s median sales price for the Reno-Sparks housing market rocketed to $187,000 — finishing 2012 with a bang and continuing the upward trend in home prices we’ve seen all year. The median sales price for the Reno-Sparks housing market has not been at this level since early 2009. December’s median price is:

  • Up a whopping 3.3 percent month-over-month, over November’s $181,000
  • Up an impressive 20.6 percent year-over-year, over December 2011’s $155,000
  • and Up an astounding 38.5 percent from the low set in January of this year at $135,0000

The median sold price per square foot also rocketed upward in December — rising 2.6 percent to $102.31/sq.ft.

The 485 houses sold in December represent a 6.9 percent fall from November’s units sold, and a 9.2 percent decrease from the 534 sold in December last year. Inventory level is so low right now that year-over-year units sold will be negative for the foreseeable future.

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). December’s median DOM now sits at 108 days. [See related post: How long are short sales taking these days?]

Inventory continues to shrink. The metric “months supply of inventory” should be changed to “weeks supply of inventory”. With only 539 available houses the market currently has just over a four-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.]

December sales by type break out as follows:

  • REO sales: 10% – up slightly from November’s 9%
  • Short sales: 47% – UP from November’s 41%
  • Equity sales: 42% – down from November’s 49%

December sales by price band break out as follows in the table below…

sales price ($000’s) units sold cumulative %
0 – 99 48 9.9%
100 – 199 217 54.6%
200 – 299 134 82.3%
300 – 399 37 89.9%
400 – 499 14 92.8%
500 – 599 16 96.1%
600 – 699 4 96.9%
700 – 799 2 97.3%
800 – 899 5 98.4%
900 – 999 2 98.8%
1M+ 6 100%
total 485

For those readers who prefer the median sold price for houses and condos combined, December’s 551 sold houses, condos and town homes exhibited a combined median sold price of $170,000 – unchanged from November’s median sold price of $170,000 for 581 combined sales.

The table below contains the past 13 months of data…

Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Dec 2012 485 $187,000 $102.31 108 539 1,421
Nov 2012 521 $181,000 $99.68 105 640 1,646
Oct 2012 535 $180,000 $98.05 103 728 1,772
Sep 2012 472 $175,000 $98.42 92 836 1,811
Aug 2012 535 $176,000 $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

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 2013. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

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

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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3 Responses to December median sales price, units sold, DOM, and inventory

  1. Avatar Jacky says:

    I don’t feel one bit sorry for all the doom and gloomers who were too cheap to buy last year because they thought prices were still way too high..

    Your loss!

  2. Avatar piotr says:

    How much of this was due to our freind Jeremy and Nres-NV?

  3. Pingback: Are rising prices turning away investors? | Reno Real Estate Blog

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