May median sales price, units sold, DOM and inventory

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Up, up, up! Median sales price; median price per square foot; units sold; market velocity, new listings — all metrics are up for the month of May. Let’s take a look at the numbers…

The median sales price shot to $216,500 for the month of May. May’s median represents:

  • a 5.2 percent month-over-month increase from April’s $205,750
  • a 31.4 percent year-over-year increase over May 2012’s median of $164,750
  • a four-year high; the median sales price for the Reno-Sparks market has not been this high since December 2008.

The median sold price per square foot (ppsf) also continues to skyrocket. May’s median sold ppsf of $118.82/sf rose 5.6 percent month-over-month, and is now 31.2 percent higher than a year ago.

522 houses sold in May representing a 9.4 percent increase in month-over-month number of sales. And continuing the trend we’ve seen for the past few months, the majority of these sales have been normal “equity” sales (see the breakout below). May’s number of sales is on par with the 524 sold in May 2012.

Median days on market (DOM) dropped to an astounding 64 days. A number this low has not been seen since 2004, and represents an extremely fast market.

Inventory climbed for the month, but still remains in short supply. With 756 available houses listed the market currently has about a month-and-a-half supply of inventory.

May sales by type break out as follows:

  • REO sales: 7% – down from April’s 8%
  • Short sales: 27% – down from April’s 33%
  • Equity sales: 65% – up from April’s 59%

Equity sales accounted for two-thirds of the sales for the month. As prices continue to rise, more homeowners are finding themselves above water and able to sell. In fact, at the moment, nearly 88 percent of the available listings have no special conditions – meaning not a short sale nor REO.

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

sales price ($000’s) units sold cumulative %
0 – 99 28 5.4%
100 – 199 208 45.2%
200 – 299 154 74.7%
300 – 399 52 84.7%
400 – 499 41 92.5%
500 – 599 16 95.6%
600 – 699 9 97.3%
700 – 799 2 97.7%
800 – 899 3 98.3%
900 – 999 5 99.2%
1M+ 4 100%
total 522

For those readers who prefer the median sold price for houses and condos combined, May’s 610 sold houses, condos and town homes exhibited a combined median sold price of $195,300 – Up 4.4 percent from April’s median sold price of $187,000 for 556 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
May 2013 522 $216,500 $118.82 64 756 1,563
Apr 2013 477 $205,750 $112.53 79 579 1,519
Mar 2013 488 $195,000 $108.71 91 502 1,479
Feb 2013 420 $190,200 $105.02 104 474 1,485
Jan 2013 360 $181,300 $102.48 114 465 1,462
Dec 2012 492 $186,500 $102.42 107 539 1,421
Nov 2012 524 $181,000 $99.61 105 640 1,646
Oct 2012 537 $180,000 $97.79 102 728 1,772
Sep 2012 473 $175,000 $98.41 92 836 1,811
Aug 2012 536 $175,500 $98.52 86 882 1,846
July 2012 514 $165,000 $94.59 88 832 1,873
Jun 2012 515 $170,000 $91.43 92 759 1,891
May 2012 524 $164,750 $90.56 99 783 1,873

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

Click here for historical data back to 1998.

Related post: April 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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2 Responses to May median sales price, units sold, DOM and inventory

  1. Fargo says:

    Time to sell !!!

  2. Pingback: Licensees numbers continue to decline | Reno Real Estate Blog

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