August’s median home sales price rebounded after dropping a bit in July. The median sales price for August was $220,250. Though rising, August’s increase was not enough to surpass the peak median sales price of $224,900 hit in June of this year. This is a sign of home prices stabilizing in our market (more on this below).
August’s median sold price of $220,250 was up 2.5 percent over July’s median, and up 25.5 percent (YoY) over August 2012.
Not surprisingly, August’s median sold price per square foot (ppsf) also increased. August’s median ppsf was $125.06/sq.ft. — reaching, not only a high for the year, but also hitting a PPSF not seen since October 2008.
Units sales remain strong. In fact, August posted the highest number of sales this year — ending the month with 594 sales. This number will likely exceed 600 units sold as outstanding transactions for August continue to be reconciled. The last time 600 houses were sold in a month was June of 2010 — over three years ago.
Median days on market (DOM) continues to hover around the two-month mark. August’s median DOM came in at 62 days.
Inventory continues to climb. As of this moment 1,028 homes are listed as available for sale. Our market has not seen available inventory over-1,000 since January 2012 when the market bottomed in terms of median sale price. And while the last eight consecutive months of increasing inventory is welcomed, current inventory/demand still points to a “seller’s market”. With 594 sales in August, one can see that the market still has less than a two-month supply of inventory (MSI). This will change however, and I expect we’ll see a “balanced market” by year’s end.
One other metric that I don’t often bring up is the sold-to-list price ratio. This number is calculated as the average of all sold price/list price for each of the sales for the month. I bring it up here only because for January through July of this year, the sold-to-list price ratio has exceeded 100%. In August, that ratio fell below 100% to 97.8%. I believe this is another indicator of a leveling of prices.
August sales by type break out as follows:
- REO sales: 5% – down from July’s 7%
- Short sales: 21% – unchanged from July’s 21%
- Equity sales: 73% – up from July’s 71%
Equity sales accounted for nearly three-quarters of the sales for the month of August.
August sales by price band break out as follows in the table below…
|sales price ($000’s)||units sold||cumulative %|
|0 – 99||19||3.2%|
|100 – 199||218||39.8%|
|200 – 299||195||72.6%|
|300 – 399||89||87.6%|
|400 – 499||32||92.9%|
|500 – 599||13||95.1%|
|600 – 699||14||97.5%|
|700 – 799||6||98.5%|
|800 – 899||3||99.0%|
|900 – 999||4||99.7%|
For those readers who prefer the median sold price for houses and condos combined, August’s 679 sold houses, condos and town homes exhibited a combined median sold price of $205,000 – Up 2.5 percent from July’s median sold price of $200,000 for 676 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 – August 2013. Note: This information is deemed reliable, but not guaranteed.
Related post: July median sales price, units sold, DOM, and inventory