[Before I report December’s numbers I have a question for the audience: Going forward, should I include “Modular/Manufactured” price data in my monthly report? The table below currently does not. The data below (as well as for all my prior monthly “median price” posts) contains numbers for condominiums, townhouses, and site/stick built residential properties. Modular and manufactured homes are excluded. Let me know your thoughts.]
Reno-Sparks Median Sold Price Drops Below $270,000
December’s median sold price of $269,900 represents a 6.6% decline from November’s median sold price. Units sold for the month held steady with last month’s totals, but still at historical lows (see Party Like It’s 1999).
This new low median sold price now brings us 21.8% off of our peak median sold price of $345,000 (July 2005). If we believe Moody’s recent report, Reno has only another 5.4% to go before we hit bottom.
On a positive note, the total number of homes for sale on the MLS continues to decline. As with last month’s numbers, this can be attributed to seasonality factors, but seeing the inventory levels subside still looks good on the surface.
| Month and Year | # Homes For Sale | Median Asking $ | # Homes Sold | Median Sold $ |
|---|---|---|---|---|
|
Dec 2007 |
4,185 | $338,000 | 245 | $269,900 |
|
Nov 2007 |
4,600 | $339,000 | 240 | $289,500 |
| Oct 2007 | 4,978 | $338,000 | 272 | $288,000 |
| Sept 2007 | 5,126 | $335,950 | 277 | $285,000 |
| Aug 2007 | 5,592 | $339,898 | 348 | $295,000 |
| July 2007 | 5,564 | $340,000 | 351 | $295,995 |
| June 2007 | 5,518 | $344,900 | 345 | $300,000 |
| May 2007 | 5,269 | $347,500 | 412 | $295,250 |
| April 2007 | 4,995 | $349,900 | 378 | $296,000 |
| Mar 2007 | 4,730 | $349,000 | 373 | $294,900 |
| Feb 2007 | 4,475 | $345,000 | 312 | $285,000 |
| Jan 2007 | 4,882 | $347,000 | 324 | $280,000 |
| Dec 2006 | 4,718 | $348,545 | 337 | $290,000 |
| Nov 2006 | 5,344 | $349,900 | 318 | $300,000 |
| Oct 2006 | 5,760 | $349,900 | 409 | $299,900 |
| Sept 2006 | 6,072 | $352,948 | 385 | $299,900 |
| Aug 2006 | 6,347 | $355,000 | 372 | $306,650 |
| July 2006 | 6,407 | $359,900 | 411 | $322,900 |
| June 2006 | 6,439 | $359,900 | 463 | $325,000 |
| May 2006 | 5,954 | $364,900 | 425 | $316,000 |
| April 2006 | 5,201 | $363,999 | 412 | $316,000 |
| Mar 2006 | 4,898 | $365,000 | 434 | $328,000 |
| Feb 2006 | 4,400 | $369,900 | 321 | $317,000 |
| Jan 2006 | 4,245 | $370,000 | 325 | $325,000 |
| Dec 2005 | 4,040 | $375,000 | 385 | $319,900 |
| Nov 2005 | 4,432 | $376,448 | 443 | $331,000 |
| Oct 2005 | 4,694 | $376,700 | 559 | $335,000 |
| Sept 2005 | 4,567 | $380,000 | 603 | $336,500 |
| Aug 2005 | 4,370 | $385,700 | 695 | $334,950 |
| July 2005 | 3,860 | $387,000 | 677 | $345,000 |
| June 2005 | 3,411 | $384,500 | 607 | $335,000 |
| May 2005 | 3,113 | $375,000 | 717 | $326,000 |
| April 2005 | 2,808 | $365,000 | 650 | $315,000 |
| Mar 2005 | 2,611 | $350,000 | 660 | $309,000 |
| Feb 2005 | 2,198 | $348,250 | 411 | $301,000 |
| Jan 2005 | 2,078 | $349,000 | 381 | $295,000 |
Note: The median table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, NV and Sparks, NV. Residential data includes Site/Stick Built and Condo/Townhouse. Data excludes Manufactured/Modular. Data courtesy of the Northern Nevada Regional MLS – January 2008.
SmartMoney
It’s interesting that your inventory numbers are down from this time last year, but at this site http://www.housingtracker.net/old_housingtracker/location/Nevada/Reno/ it shows inventory numbers higher than this time last year. What gives
SmartMoney
It’s interesting that your inventory numbers are down from this time last year, but at this site http://www.housingtracker.net/old_housingtracker/location/Nevada/Reno/ it shows inventory numbers higher than this time last year. What gives?
Lindie
We all know that you can go to four different reputable “sources” for info on the housing market and get four different versions of the Truth. Much of this is attributable to the fact that the different sources do not utilize the same data set or utilize the same methods of interpretation. It is, however, sometimes pretty amusing how vastly different the different “sources” can be. For example, Guy and Diane are now reporting a median price of about $270K while the last time the RGJ ran a story on the market it reported a median of about $335K. What’s a discrepancy of 20% among friends?
This is just another instance of the age old truth that there are lies, there are damn lies, and then there are statistics. But nowhere may it be more true than with real estate market statistics. If you were trying to attract buyers, which version of the Truth would you employ? If you were trying to attract sellers, which version would you employ?
Diane Cohn
I vote for including modular/manufactured because A) I already do, so presumably it would make our numbers more consistent, and B) these units have been attached with foundations and are technically considered real property. I think not including them artificially raises local median prices.
Michael Sullivan
Regarding including modular/manufactured I vote against. No need to further confuse the data. What is being shown now is enough information for a buyer to digest, at least for me it is. I presume you are trying to get buyers not more sellers.
SkrapGuy
RE modular/mfg. housing: I think Diane and Guy ought to be consistent. Either both leave it in, or both take it out. As Lindie says, it’s difficult enough to get consistent data. I suggest that the two sponsors of the blog ought to be working with the same data. Thanks for the all the good work to both of you.
SanDiegOh
Guy,
Great post – I think this is a great idea and it’s something I’ve been trying to implement on my site. My problem is that I tend to have problems structuring the charts and keeping things aligned – do you have any tips on how to import the numbers/charts?
GreenNV
Got to throw my hat into the ring favoring including MFG in you medians, Guy. Not only will it match Diane’s tracking, but it will line up with the data collected by the UNV Center for Regional Studies. http://www.nsbdc.org/what/data_statistics/gis/data_downloads/ For those of you number geeks who haven’t found this resource yet, it is the best place around for numbers on new and existing sales data for condos and SFRs, and median SF price for both. Our tax dollars at work!
Guy Johnson
SanDiegOh,
Alignment of columns of data can be tedious (or next to impossible) without the use of HTML tables. However implementing tables can vary in difficulty. Depending on your blogging platform (i.e. TypePad, Blogger, WordPress, etc), table functionality is either included or not. If it is not, then you will have to manually code the tables using HTML code.
SanDiegOh
Thanks Guy…I appreciate the feedback. Wish me luck.
Parviz- UT Researcher
Hi guys;
anybody knows where I can find a dataset for info (like license issue date, date for upgrade to broker status and license expiration date on expired licenses) for agents in different states? Most of the info is public data but hard to find. I have it for Texas and part of Nevada but I should compile more to take to data.
I need it for purely academic research in economics.
I appreciate if anybody can get back to me with some guidance. email is: p1_alivand@yahoo.com
I also wonder where I can find a table like the one on top of this page, but for longer period of time and other MLS’s.
Thanks,
-P
GuyJohnson
Parviz,
Lots of good stuff here: http://www.nsbdc.org/what/data_statistics/gis/
Thanks for checking out our blog.
– Guy Johnson
Parviz- UT Researcher
Thanks a lot Guy. Do you know of any resource for southern NV?
Thanks again, you helped me a lot!
-P
Guy Johnson
Parviz,
I don’t know of any Southern NV data sources. Perhaps you can check out UNLV’s various sites, if you haven’t already. Or maybe someone on our blog might have a suggestion. GreenNV?
– Guy