July median sold price, units, DOM, and $/sq.ft.

It may be a bit early to report July’s sales numbers (as a few sales may still need to be entered into our MLS), but I was eager to see if July’s units were going to exceed 500, as we saw in June. That doesn’t appear to be the case; however 457 units sold for the month of July is not too shabby.

At the moment it appears July’s median sold price of $180,000 held relatively stable compared to June’s $180,750. July’s average days on market fell; going from 137 in June to 127 in July, a 7.3% decrease.

The make-up of July sales is as follows:

Bank-owned properties – 46%
Short sales – 21%
Equity sales – 32%

For those readers who prefer the median sold price for houses and condos combined, July’s combined median sold price was $175,000; up from June’s combined median of $170,804.

Month Year	# Sold	Sold Price	Sold Price per SqFt	Average DOM
Jul 2009	457	$180,000	$103.90	126
Jun 2009	526	$180,750	$104.02	137
May 2009	422	$175,000	$102.38	139
Apr 2009	428	$189,950	$105.55	133
Mar 2009	367	$200,000	$105.94	133
Feb 2009	294	$204,000	$111.45	133
Jan 2009	232	$200,000	$113.15	119
Dec 2008	294	$218,950	$121.74	145
Nov 2008	269	$220,000	$122.24	152
Oct 2008	354	$230,000	$131.43	144
Sep 2008	358	$239,250	$136.72	145
Aug 2008	321	$250,000	$142.14	140
Jul 2008	397	$251,000	$145.48	139
Jun 2008	369	$262,500	$148.05	142
May 2008	314	$260,215	$152.30	134
Apr 2008	314	$275,000	$154.05	172
Mar 2008	238	$274,000	$150.93	166
Feb 2008	195	$289,000	$156.48	149
Jan 2008	165	$285,000	$170.23	146
Dec 2007	228	$283,950	$167.22	143
Nov 2007	204	$299,750	$172.24	126
Oct 2007	241	$296,000	$173.55	116
Sep 2007	230	$299,945	$179.46	114
Aug 2007	311	$305,000	$182.49	118
Jul 2007	300	$315,000	$189.78	113
Jun 2007	329	$320,000	$196.78	104
May 2007	364	$313,200	$190.81	107
Apr 2007	320	$309,500	$193.93	121
Mar 2007	324	$315,000	$189.61	121
Feb 2007	269	$315,000	$191.18	126
Jan 2007	245	$312,900	$199.79	133
Dec 2006	291	$309,000	$193.51	114
Nov 2006	281	$318,000	$197.32	111
Oct 2006	363	$312,400	$201.44	105
Sep 2006	344	$314,950	$198.08	98
Aug 2006	349	$325,000	$210.92	94
Jul 2006	373	$335,000	$210.62	93
Jun 2006	424	$339,000	$214.54	91
May 2006	374	$339,950	$219.05	99
Apr 2006	368	$334,600	$212.08	88
Mar 2006	387	$340,000	$215.54	99
Feb 2006	283	$335,000	$217.29	101
Jan 2006	274	$365,000	$216.38	98
Dec 2005	333	$355,000	$217.31	89
Nov 2005	385	$349,000	$220.00	81
Oct 2005	484	$359,450	$223.06	77
Sep 2005	531	$354,500	$219.26	77
Aug 2005	582	$360,500	$220.52	73
Jul 2005	608	$353,000	$218.99	71
Jun 2005	679	$350,000	$215.69	69
May 2005	644	$333,250	$209.95	68
Apr 2005	558	$326,750	$207.57	77
Mar 2005	584	$325,000	$200.17	81
Feb 2005	342	$318,500	$197.54	88
Jan 2005	341	$310,000	$195.19	85
Dec 2004	450	$312,500	$190.72	77
Nov 2004	448	$309,950	$191.62	63
Oct 2004	512	$299,250	$188.72	53
Sep 2004	496	$292,750	$185.78	61
Aug 2004	505	$285,000	$182.95	56
Jul 2004	544	$304,300	$179.28	61
Jun 2004	533	$285,000	$172.16	65
May 2004	476	$278,750	$169.64	65
Apr 2004	526	$259,950	$158.08	67
Mar 2004	508	$245,000	$142.56	71
Feb 2004	365	$237,000	unavailable	81
Jan 2004	379	$229,000	unavailable	78
Dec 2003	441	$240,000	unavailable	82
Nov 2003	444	$220,750	unavailable	78
Oct 2003	430	$219,880	unavailable	76
Sep 2003	587	$223,000	unavailable	71
Aug 2003	512	$220,000	unavailable	75
Jul 2003	533	$210,000	unavailable	77
Jun 2003	475	$207,000	unavailable	77
May 2003	450	$198,950	unavailable	85
Apr 2003	478	$197,750	unavailable	82
Mar 2003	428	$192,000	unavailable	77
Feb 2003	321	$186,895	unavailable	79
Jan 2003	316	$186,000	unavailable	96
Dec 2002	379	$193,500	unavailable	93
Nov 2002	423	$190,000	unavailable	82
Oct 2002	483	$189,900	unavailable	83
Sep 2002	410	$174,000	unavailable	85
Aug 2002	459	$180,000	unavailable	74
Jul 2002	469	$176,000	unavailable	83
Jun 2002	445	$185,000	unavailable	80
May 2002	470	$178,450	unavailable	77
Apr 2002	360	$169,500	unavailable	93
Mar 2002	377	$169,000	unavailable	84
Feb 2002	323	$170,900	unavailable	89
Jan 2002	268	$172,475	unavailable	99
Dec 2001	287	$182,000	unavailable	86
Nov 2001	323	$161,500	unavailable	85
Oct 2001	357	$166,500	unavailable	79
Sep 2001	355	$168,000	unavailable	81
Aug 2001	448	$160,350	unavailable	84
Jul 2001	433	$169,900	unavailable	90
Jun 2001	426	$166,225	unavailable	96
May 2001	404	$162,050	unavailable	97
Apr 2001	370	$158,750	unavailable	94
Mar 2001	385	$159,900	unavailable	97
Feb 2001	294	$159,950	unavailable	103
Jan 2001	264	$165,000	unavailable	102
Dec 2000	272	$156,500	unavailable	100
Nov 2000	355	$154,500	unavailable	93
Oct 2000	348	$153,000	unavailable	98
Sep 2000	356	$160,000	unavailable	104
Aug 2000	412	$163,375	unavailable	94
Jul 2000	368	$155,000	unavailable	110
Jun 2000	466	$165,845	unavailable	104
May 2000	363	$158,000	unavailable	105
Apr 2000	312	$155,000	unavailable	113
Mar 2000	339	$162,700	unavailable	102
Feb 2000	244	$149,620	unavailable	110
Jan 2000	217	$156,000	unavailable	112
Dec 1999	264	$155,000	unavailable	118
Nov 1999	293	$149,900	unavailable	98
Oct 1999	289	$147,895	unavailable	108
Sep 1999	311	$157,000	unavailable	106
Aug 1999	360	$148,500	unavailable	112
Jul 1999	375	$147,800	unavailable	105
Jun 1999	372	$150,000	unavailable	103
May 1999	307	$145,500	unavailable	106
Apr 1999	324	$151,700	unavailable	111
Mar 1999	308	$151,000	unavailable	121
Feb 1999	249	$148,900	unavailable	120
Jan 1999	210	$143,000	unavailable	115
Dec 1998	265	$140,000	unavailable	118
Nov 1998	279	$153,000	unavailable	126
Oct 1998	286	$142,825	unavailable	115
Sep 1998	279	$144,500	unavailable	102
Aug 1998	331	$145,000	unavailable	113
Jul 1998	335	$150,000	unavailable	108
Jun 1998	351	$148,500	unavailable	103
May 1998	302	$145,500	unavailable	99
Apr 1998	235	$149,000	unavailable	111
Mar 1998	267	$142,500	unavailable	114
Feb 1998	201	$139,900	unavailable	126
Jan 1998	165	$149,490	unavailable	131

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 2009.

3 comments

August 3, 2009 at 12:31 PM
Reno Ignoramus

457 properties sold last month, of which 46% were REOs. Which means 210 REOs sold last month. There were 409 TDs recorded last month. In other words, the REO inventory grew last month by around 199 houses. (I say around because a few of the TDs did not go back to the bank, but only a few).

This has now happened for two months in a row (maybe more, but I don’t have the numbers).This is not a good trend for those looking for a market bottom. A growing REo inventory does not signal a recovering market.

And these numbers, of course, do not in any way account for the thousands of properties in some stage of foreclosure at the present time in Reno-Sparks.
August 3, 2009 at 4:07 PM
RRB Fan

I 100% agree with RI … there has to be a lot of shadow inventory.

If I could buy a nice house in SW, Old SW, or Somersett at $100/sq ft then I would. In SW and Old SW I cannot beleive how small and junky all the homes priced below $200K are.
August 3, 2009 at 8:29 PM
Reno Ignoramus

RRB Fan:

I appreciate your frustration and I also appreciate your talking about trying to buy around $100 sq. ft. Sometimes, IMHO, too much of the blog’s time is spent talking about $1 million properties when buying in at that price is something less than 1% of folks could ever even consider.

Sometimes we can lose our perspective and forget where we used to be. Two years ago, there was NOTHING for sale in the old SW or SW for under $200K. NOTHING. So while what is available in that price range in those neighborhoods may not be all that attractive right now, the fact that there is anything at all is a testament to the slow moving collapse of the bubble.

Try to be patient, RRB Fan. This bubble’s collapse is not over.

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