Yesterday I posted the monthly median numbers and noted that January’s median sold price plunged more than five percent from December’s median sold price. After seven months of relatively flat monthly median sold prices, one has to wonder if January’s drop was a seasonal blip? Or does it portend the beginning of a “double dip”?
Where prices go from here only time will tell; however that doesn’t stop the topic from being discussed throughout the day. After reading yesterday’s post a colleague asked me what I thought was the cause of January’s price drop. At the risk of stating the obvious I replied, “more houses being sold for prices below the previous month’s median”. “But where are these lower-priced sales occurring?”, she asked. A good question; and one that doesn’t get answered when looking at the median sales price for Reno and Sparks as a whole.
So, I broke out January’s 334 sales by MLS area. The sales occurred across 35 MLS areas. However, as seen in the table below, some areas contained a much higher proportion of sales than others. In fact, from a distribution standpoint, just seven areas accounted for nearly half the month’s sales.
The table below shows January’s sales by MLS area. For the ten areas with the most sales I have also calculated January’s median sales price.
UPDATE February 10, 2010 – I’ve filled out the remaining median prices in the table below and also added a column for median sold price per square foot. Decide for yourselve where the data is too thin to be meaningful.
|MLS area||Jan. sales||median $ (sold)
median $/sf (sold)
|Virgina City Highlands||3||$200,000|
|Reno-Old South Suburban||2||$187,500|
|East Truckee River||1||$90,000|
As seen above Stead holds the top spot for highest number of January sales – more than ten percent of sales for the month. This is consistent with 2009 overall numbers. See related post: 2009 sales by MLS area
For the Reno-Sparks MLS Area Map, click here.
Note: The data in the table above includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – February 2010.