October median sales price, units sold, DOM and inventory

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Sales picked up in October compared to September’s number of houses sold. 531 houses sold in October — a 4.3 percent increase over the 509 sold in September.

October’s 531 houses sold exhibited a median sales price of $215,000 — a drop of 3.8 percent from September’s median of $223,500. October’s median sales price is up 19.4 percent year-over-year.

October’s median sold price per square foot (PPSF) was $125.81/sq.ft. — a 0.6 percent decline from September’s median PPSF of $126.53. October’s median sold PPSF is up 28.5 percent year-over-year.

October’s median days on market (DOM) receded to 63 days — removing a week from September’s 70 DOM.

Inventory rose a bit to 1,052 units available for sale. Given the 531 houses sold in October, the market’s current months supply of inventory (MSI) remains at two months — still in “seller’s market” territory.

October sales by type break out as follows:

  • REO sales: 4% – down from September’s 5%
  • Short sales: 16% – down from September’s 20%
  • Equity sales: 78% – up from September’s 73%

The number of bank-owned properties continues to fall, while the number of equity sales continue to climb.

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

sales price ($000’s) units sold cumulative %
0 – 99 15 2.8%
100 – 199 212 42.7%
200 – 299 174 75.5%
300 – 399 64 87.6%
400 – 499 30 93.2%
500 – 599 11 95.3%
600 – 699 4 96.0%
700 – 799 7 97.4%
800 – 899 3 97.9%
900 – 999 2 98.3%
1M+ 9 100%
total 531

October’s median sold price for houses and condos combined was $203,120 –- down 0.9 percent from September’s median sold price of $205,000 for combined sales of houses and condos.

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
Oct 2013 531 $215,000 $125.81 63 1,052 1,224
Sep 2013 509 $223,500 $126.53 70 1,019 1,305
Aug 2013 636 $220,000 $124.56 62 1,028 1,361
Jul 2013 589 $215,000 $122.83 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 538 $180,000 $97.92 102 728 1,772

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

Click here for historical data back to 1998.

Related post: September 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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4 Responses to October median sales price, units sold, DOM and inventory

  1. BanteringBear says:

    “Inventory rose a bit to 1,052 units available for sale.”

    A bit? How come you are quick to compare the increase in median price YOY, but fail to report that inventory is up a whopping 45% year over year? That’s MASSIVE. This market is melting down.

  2. Guy Johnson says:

    BanteringBear,

    Thank you for your comment. You raise a good point, yes, inventory is up 45% Y-o-Y. And, while on the surface, 45% is a huge increase, the fact remains that the “absorption rate” or “months of supply” is still indicative of a seller’s market for the Reno-Sparks residential real estate market.

    Today our market has two months supply of inventory, and yes that number is up considerably from a year ago when the market had just over one month supply; however neither scenario places the local market in a balanced or neutral state, which is typically considered to be 3 – 5 months of supply.

    While the increase in inventory has removed some of the pressure off the market and has contributed to a leveling of sales prices [a healthy change of pace, I might add], I wouldn’t describe the current housing market as “melting down”.

  3. Zen says:

    A 45% increase in supply is pretty significant, but the supply level was freakishly low so it’s a move in the right direction. Time will tell if it’s a prelude to a new bubble. It does feel a little like deja vu all over again out there. I think until the government, both federal and state, stop manipulating the market, we will never see a “normal” steady market. Maybe chaos is the new normal.

  4. Pingback: November median sales price, units sold, DOM and inventory | Reno Real Estate Blog

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