December median sales price, units sold, DOM and inventory

Dec 2013 YTD medianDecember finished 2013 by turning in the highest median sales price for the year. December’s median of $230,000 represented a 2.3 percent increase over November’s median, and a 23.3 percent increase over December 2012.

477 houses sold in December 2013. This number was down 3 percent from a year earlier; but essential unchanged from November’s 475 houses sold.

December’s median sold price per square foot (PPSF) came in at $122.32/sq.ft. This number represents a sizable drop of 3.3 percent from November, but remains up 19.4 percent year-over-year.

December’s median days on market (DOM) climbed to 76 days — an increase of five days over November’s 71 DOM, but still well below the 107 median DOM seen this time a year ago.

Inventory continues to fall. Currently 828 houses are available for sale — a large decrease of 15 percent from November’s 974 available units. The Reno-Sparks housing market’s current months supply of inventory (MSI) has fallen below two months — clearly a “seller’s market”.

The lack of inventory continues to impact pending sales. Pending sales are down 18.6 percent month-over-month and down nearly 33 percent from a year ago.

December sales by type break out as follows:

  • REO sales: 4% – up from November’s 6%
  • Short sales: 24% – up from November’s 17%
  • Equity sales: 71% – dow from November’s 74%

Short sales increased in December due to the uncertainty of whether or not The Mortgage Forgiveness Debt Relief Act would be extended beyond December 31, 2013.

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

sales price ($000’s) units sold cumulative %
0 – 99 15 3.1%
100 – 199 172 39.2%
200 – 299 157 72.1%
300 – 399 66 86.0%
400 – 499 32 92.7%
500 – 599 11 95.0%
600 – 699 7 96.4%
700 – 799 4 97.3%
800 – 899 2 97.7%
900 – 999 3 98.3%
1M+ 8 100%
total 477

Sales of homes in the million dollar and above price band continue to surge — with 8 such sales in December. [ See Million dollar (and above) home sales double in 2013]

December’s median sold price for houses and condos combined was $215,000 –- up 2.9 percent from November’s median sold price of $209,000 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
Dec 2013 477 $230,000 $122.32 76 828 953
Nov 2013 475 $224,900 $126.51 71 974 1,171
Oct 2013 538 $214,875 $125.61 63 1,052 1,224
Sep 2013 513 $224,900 $126.53 70 1,019 1,305
Aug 2013 638 $220,000 $124.56 62 1,028 1,361
Jul 2013 593 $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

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 – January 2014. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: November median sales price, units sold, DOM and inventory

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