September median sales price, units sold, DOM and inventory

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The seasonal slow down is upon us. 497 houses sold in September, and this is the first month since April that the number of houses sold was below 500 units. September’s 497 houses sold is a 21% reduction from the 629 houses sold in August.

September’s median price came in at $224,900 and increased 2.2 percent over August’s median. September’s median also came very close (within $50) of edging out the year’s high of $224,950 set in June.

September’s median represents a 28.5 percent year-over-year increase over September 2012’s median of $175,000.

September’s median sold price per square foot (PPSF) also increased — hitting $126.58/sq.ft. This PPSF represents not only a high for the year, but also a PPSF not seen since October 2008.

September’s median days on market (DOM) jumped to 70 days — adding more than a week to August’s 62 DOM.

Inventory is holding steady at 1,019 units available for sale. Given the 497 houses sold in September, current months supply of inventory (MSI) stands at just over two months — still in “seller’s market” territory.

September sales by type break out as follows:

  • REO sales: 5% – unchanged from August’s 5%
  • Short sales: 20% – down from August’s 21%
  • Equity sales: 73% – unchanged from August’s 73%

Equity sales accounted for nearly three-quarters of the sales for the month of September.

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

sales price ($000’s) units sold cumulative %
0 – 99 18 3.6%
100 – 199 179 36.0%
200 – 299 158 71.4%
300 – 399 69 85.3%
400 – 499 34 92.2%
500 – 599 17 95.6%
600 – 699 6 96.7%
700 – 799 3 97.4%
800 – 899 4 98.2%
900 – 999 1 98.4%
1M+ 8 100%
total 479

For those readers who prefer the median sold price for houses and condos combined, September’s 568 sold houses, condos and town homes exhibited a combined median sold price of $205,000 – unchanged from August’s median sold price of $205,000 for 717 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
Sep 2013 497 $224,900 $126.58 70 1,019 1,305
Aug 2013 629 $220,000 $124.42 62 1,028 1,361
Jul 2013 587 $215,000 $123.25 64 920 1,455
Jun 2013 532 $224,950 $123.60 59 859 1,527
May 2013 538 $218,500 $119.14 64 756 1,563
Apr 2013 481 $205,000 $112.53 79 579 1,519
Mar 2013 490 $195,000 $108.83 92 502 1,479
Feb 2013 422 $190,100 $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

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

Click here for historical data back to 1998.

Related post: August 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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