Up, up, up! Median sales price; median price per square foot; market velocity, new listings — all metrics are up for the month of June — excluding units sold. Let’s take a look at the numbers…
The median sales price shot to $222,000 for the month of June. June’s median represents:
- a 1.6 percent month-over-month increase from May’s $218,500
- a 30.6 percent year-over-year increase over June 2012’s median of $170,000
- a four-year high; the median sales price for the Reno-Sparks market has not been this high since November 2008.
The median sold price per square foot (ppsf) also continues to skyrocket. June’s median sold ppsf of $122.71/sf rose 3 percent month-over-month, and is now 34 percent higher than a year ago. Again, we haven’t seen a PPSF at this level since November 2008.
503 houses sold in June representing a 5.8 percent decrease 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). June’s number of sales is on par with the 512 sold in June 2012.
Median days on market (DOM) dropped to an astounding 58 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. However, the 859 currently available (non-pending) houses listed represents a nice increase and upward trend over the past few months. Compare this number to January when we had only 465 houses listed for sale. Rising sale prices are allowing many previously “underwater” homeowners to now sell their homes once again without bringing money to the table or short selling. Check out the percentage of equity sellers in the breakout below…
June sales by type break out as follows:
- REO sales: 6% – down from May’s 7%
- Short sales: 24% – down from May’s 27%
- Equity sales: 68% – up from May’s 65%
Equity sales accounted for over 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, 87 percent of the available listings have no special conditions – meaning not a short sale nor REO.
June sales by price band break out as follows in the table below…
|sales price ($000’s)||units sold||cumulative %|
|0 – 99||22||4.4%|
|100 – 199||187||41.6%|
|200 – 299||160||78.7%|
|300 – 399||81||89.5%|
|400 – 499||24||94.2%|
|500 – 599||12||96.6%|
|600 – 699||8||98.2%|
|700 – 799||3||98.8%|
|800 – 899||1||99.0%|
|900 – 999||2||99.4%|
For those readers who prefer the median sold price for houses and condos combined, June’s 581 sold houses, condos and town homes exhibited a combined median sold price of $210,000 – Up 6.7 percent from May’s median sold price of $196,750 for 622 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|
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 2013. Note: This information is deemed reliable, but not guaranteed.
Related post: May median sales price, units sold, DOM, and inventory