Whew! The title companies must have been working overtime in June. 559 homes were sold for the month. We haven’t seen a number that high since last October (the month preceding the *first* deadline for the First-time Home Buyers Tax Credit – before congress extended the deadline to June 30, 2010.) June’s 559 sales number was a 25 percent increase over the number of sales in May!
As expected though, all those first-time homebuyer purchases didn’t boost the median sales price. In fact, June’s median fell 1.9 percent to $172,000 from May’s $175,307. YOY, June’s median sold price is off 4.7 percent from June 2009.
June’s median sold price per square foot, $102.02, also showed a slight decrease from May’s $102.19. YOY, June’s median sold price per square foot is down two percent.
Active listings are up 9.9 percent this month. Pendings are down 9.9 percent.
June’s sales break out as follows:
- Bank-owned properties – 23.3% – down from May’s 28.0%
- Short sales – 43.3% – up substantially from May’s 34.6%
- Equity sales – 31.7% – down from May’s 36.5%
For those readers who prefer the median sold price for houses and condos combined, June’s 647 sold houses and condos exhibited a combined median sold price of $160,000 – unchanged from May’s combined median of $160,000.
| Month Year | # Sold | Sold Price | Sold Price per SqFt | Average DOM | # of Listings | # of Pendings |
| Jun 2010 | 559 | $172,000 | $102.02 | 148 | 1,966 | 1,625 |
| May 2010 | 448 | $175,307 | $102.19 | 137 | 1,789 | 1,804 |
| Apr 2010 | 508 | $179,945 | $103.80 | 129 | ||
| Mar 2010 | 477 | $176,000 | $99.44 | 143 | ||
| Feb 2010 | 338 | $170,000 | $101.68 | 138 | ||
| Jan 2010 | 346 | $167,000 | $98.32 | 134 | ||
| Dec 2009 | 424 | $178,000 | $101.28 | 126 | ||
| Nov 2009 | 461 | $175,000 | $103.61 | 112 | ||
| Oct 2009 | 561 | $180,000 | $103.52 | 123 | ||
| Sep 2009 | 520 | $185,948 | $103.31 | 128 | ||
| Aug 2009 | 482 | $179,900 | $102.64 | 116 | ||
| Jul 2009 | 515 | $180,000 | $103.45 | 126 | ||
| Jun 2009 | 536 | $180,317 | $104.09 | 136 | ||
| May 2009 | 426 | $175,000 | $102.29 | 139 | ||
| Apr 2009 | 429 | $190,000 | $105.71 | 133 | ||
| Mar 2009 | 369 | $200,000 | $105.85 | 133 | ||
| Feb 2009 | 293 | $205,000 | $111.52 | 132 | ||
| Jan 2009 | 233 | $200,000 | $113.04 | 117 | ||
| 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 | ||
| Dec2007 | 228 | $283,950 | $167.22 | 143 | ||
| Nov2007 | 204 | $299,750 | $172.24 | 126 | ||
| Oct2007 | 241 | $296,000 | $173.55 | 116 | ||
| Sep2007 | 230 | $299,945 | $179.46 | 114 | ||
| Aug2007 | 311 | $305,000 | $182.49 | 118 | ||
| Jul2007 | 300 | $315,000 | $189.78 | 113 | ||
| Jun2007 | 329 | $320,000 | $196.78 | 104 | ||
| May2007 | 364 | $313,200 | $190.81 | 107 | ||
| Apr2007 | 320 | $309,500 | $193.93 | 121 | ||
| Mar2007 | 324 | $315,000 | $189.61 | 121 | ||
| Feb 2007 | 269 | $315,000 | $191.18 | 126 | ||
| Jan 2007 | 245 | $312,900 | $199.79 | 133 | ||
| Dec2006 | 291 | $309,000 | $193.51 | 114 | ||
| Nov2006 | 281 | $318,000 | $197.32 | 111 | ||
| Oct 2006 | 363 | $312,400 | $201.44 | 105 | ||
| Sep2006 | 344 | $314,950 | $198.08 | 98 | ||
| Aug2006 | 349 | $325,000 | $210.92 | 94 | ||
| Jul2006 | 373 | $335,000 | $210.62 | 93 | ||
| Jun2006 | 424 | $339,000 | $214.54 | 91 | ||
| May2006 | 374 | $339,950 | $219.05 | 99 | ||
| Apr2006 | 368 | $334,600 | $212.08 | 88 | ||
| Mar2006 | 387 | $340,000 | $215.54 | 99 | ||
| Feb 2006 | 283 | $335,000 | $217.29 | 101 | ||
| Jan 2006 | 274 | $365,000 | $216.38 | 98 | ||
| Dec2005 | 333 | $355,000 | $217.31 | 89 | ||
| Nov2005 | 385 | $349,000 | $220.00 | 81 | ||
| Oct2005 | 484 | $359,450 | $223.06 | 77 | ||
| Sep2005 | 531 | $354,500 | $219.26 | 77 | ||
| Aug2005 | 582 | $360,500 | $220.52 | 73 | ||
| Jul2005 | 608 | $353,000 | $218.99 | 71 | ||
| Jun2005 | 679 | $350,000 | $215.69 | 69 | ||
| May2005 | 644 | $333,250 | $209.95 | 68 | ||
| Apr2005 | 558 | $326,750 | $207.57 | 77 | ||
| Mar2005 | 584 | $325,000 | $200.17 | 81 | ||
| Feb 2005 | 342 | $318,500 | $197.54 | 88 | ||
| Jan 2005 | 341 | $310,000 | $195.19 | 85 | ||
| Dec2004 | 450 | $312,500 | $190.72 | 77 | ||
| Nov2004 | 448 | $309,950 | $191.62 | 63 | ||
| Oct2004 | 512 | $299,250 | $188.72 | 53 | ||
| Sep2004 | 496 | $292,750 | $185.78 | 61 | ||
| Aug2004 | 505 | $285,000 | $182.95 | 56 | ||
| Jul2004 | 544 | $304,300 | $179.28 | 61 | ||
| Jun2004 | 533 | $285,000 | $172.16 | 65 | ||
| May2004 | 476 | $278,750 | $169.64 | 65 | ||
| Apr2004 | 526 | $259,950 | $158.08 | 67 | ||
| Mar2004 | 508 | $245,000 | $142.56 | 71 | ||
| Feb 2004 | 365 | $237,000 | unavailable | 81 | ||
| Jan 2004 | 379 | $229,000 | unavailable | 78 | ||
| Dec2003 | 441 | $240,000 | unavailable | 82 | ||
| Nov2003 | 444 | $220,750 | unavailable | 78 | ||
| Oct2003 | 430 | $219,880 | unavailable | 76 | ||
| Sep2003 | 587 | $223,000 | unavailable | 71 | ||
| Aug2003 | 512 | $220,000 | unavailable | 75 | ||
| Jul2003 | 533 | $210,000 | unavailable | 77 | ||
| Jun2003 | 475 | $207,000 | unavailable | 77 | ||
| May2003 | 450 | $198,950 | unavailable | 85 | ||
| Apr2003 | 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 | ||
| Dec2002 | 379 | $193,500 | unavailable | 93 | ||
| Nov2002 | 423 | $190,000 | unavailable | 82 | ||
| Oct2002 | 483 | $189,900 | unavailable | 83 | ||
| Sep2002 | 410 | $174,000 | unavailable | 85 | ||
| Aug2002 | 459 | $180,000 | unavailable | 74 | ||
| Jul2002 | 469 | $176,000 | unavailable | 83 | ||
| Jun2002 | 445 | $185,000 | unavailable | 80 | ||
| May2002 | 470 | $178,450 | unavailable | 77 | ||
| Apr2002 | 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 | ||
| Dec2001 | 287 | $182,000 | unavailable | 86 | ||
| Nov2001 | 323 | $161,500 | unavailable | 85 | ||
| Oct2001 | 357 | $166,500 | unavailable | 79 | ||
| Sep2001 | 355 | $168,000 | unavailable | 81 | ||
| Aug2001 | 448 | $160,350 | unavailable | 84 | ||
| Jul2001 | 433 | $169,900 | unavailable | 90 | ||
| Jun2001 | 426 | $166,225 | unavailable | 96 | ||
| May2001 | 404 | $162,050 | unavailable | 97 | ||
| Apr2001 | 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 | ||
| Dec2000 | 272 | $156,500 | unavailable | 100 | ||
| Nov2000 | 355 | $154,500 | unavailable | 93 | ||
| Oct 2000 | 348 | $153,000 | unavailable | 98 | ||
| Sep2000 | 356 | $160,000 | unavailable | 104 | ||
| Aug2000 | 412 | $163,375 | unavailable | 94 | ||
| Jul2000 | 368 | $155,000 | unavailable | 110 | ||
| Jun2000 | 466 | $165,845 | unavailable | 104 | ||
| May2000 | 363 | $158,000 | unavailable | 105 | ||
| Apr2000 | 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 | ||
| Jun1999 | 372 | $150,000 | unavailable | 103 | ||
| May 1999 | 307 | $145,500 | unavailable | 106 | ||
| Apr1999 | 324 | $151,700 | unavailable | 111 | ||
| Mar 1999 | 308 | $151,000 | unavailable | 121 | ||
| Feb1999 | 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 | ||
| Oct1998 | 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 – July 2010. Note: This information is deemed reliable, but not guaranteed.
Sleezy
Inventory UP, pending DOWN, median pricing DOWN..
Wow sure looks like stabilization mikez lmfao
smarten
Derrick, it looks EXACTLY like stabilization to me!
It wasn’t more than a week ago that Skeptical alerted us all to the fact that June’s sales number would be down substantially – 25% or more. Some may recall I asked if he had some direct line to Guy’s figures allowing him to make this prediction so early? Well now we see sales were up…and they were up substantially [sorry Skeptical].
And although we see that pendings are down [almost 10%], they’re down by far, far less than one would have expected given the huge number [as of May 1] that subsequently resulted in consummated sales. In other words, even though the first time homebuyers’ income tax credit has expired [at least insofar as new transactions are concerned], the number of pendings continues to remain relatively high [what possibly could be fueling them?].
And let’s talk about the median sales price. It CONTINUES [for over a year now Derrick] for all intents and purposes to bounce within the range of $170K-$180K. So no Derrick, it’s not down.
Finally, let’s talk about absorption rate. Can you believe a meager 3.5 months?
By no means am I saying that the market is going gang busters from here but the data continues to suggest something far, far different than the complete melt down you Derrick and some others on this blog have been announcing [for how long now?]!
As I suggested to Skeptical several months ago [and let’s not forget he agreed with me], the true test would be July’s numbers. So let’s wait another month.
And in case Mr. BB and others didn’t read my post under the Lake Tahoe’s Prices Back to 2000 Levels blog, there has been a 41% increase in June’s YoY IV SFR median sales price numbers compared to March’s YoY numbers [down 10% compared to being down 51%].
skeptical
Short sales massively up. These aren’t typically on the MLS, so they are shadow inventory leaking out into the system, and goosing the sales numbers.
Volume might be an underlying stat of health in a rising market, but big volume on lower prices does not indicate stabilization, normality, safety, or a risk free trade by any means.
These numbers are not bullish to me.
MikeZ
Yup, continued stabilization.
Virtually unchanged PPSF tells us that a lot of smaller/cheaper houses sold in June, possibly skewed by the $8K tax credit – which would tend to drive lower-end sales more than upper-end – as previously postulated here.
smarten
Goosing the sales numbers?
Short sales are not typically reflected in MLS sales?
Shadow inventory is “leaking” out into the system?
The deniability is stunning!
And FWIW Skeptical, big sales volume on lower prices is generally evidence that soon, prices will be higher. But we knew this a year ago, didn’t we?
Don’t mean to get ahead of myself because it’s not August yet.
skeptical
Regarding short sales, I rely upon Mark Hanson, who has nailed this housing bubble and collapse from the very start:
http://mhanson.com/blog
“In addition, I do not give the surge in short sales or the new Home Affordable Foreclosure Alternatives (HAFA) program any weighting because both are so new the results are unknowable. In addition, short sales are the ultimate in shadow inventory because they do not necessarily have to originate from the distress mortgage pipeline, therefore, do not subtract from it. Every homeowner with a first and/or second mortgage balance of 95% LTV (due to 6% Realtor fee) is a potential short-sale candidate. As short sales become the first-line liquidation method across all servicers, they will increase in volume from both current and non-current borrowers, perhaps keeping the shadow inventory liquidation time-line estimate in this report intact.”
skeptical
Forgot to add, as $172k is below $175k, I reckon May 2009 was not the bottom.
Also, Smarten asserted above, “As I suggested to Skeptical several months ago [and let’s not forget he agreed with me], the true test would be July’s numbers. So let’s wait another month…”
I was a bit taken back by that. Not trying to get into a pissing contest here, but it was I who asserted that July/August would be the proof in the pudding. Smarten later tacitly seemed to agree. He certainly did NOT suggest it to me.
This nuanced revisionism is similar to his claim recently that he never claimed prices couldn’t go lower from here. I found that to be a bit puzzling, or maybe I just don’t know the definition of a bottom.
I beg the pardon of the good readers out there who, like me, are put off when the blog becomes a personal fight between contributors. I’m not looking for that. But I did want to set the record straight.
MikeZ
[skeptical] it was I who asserted that July/August would be the proof in the pudding.
If aside from the normal, annual, seasonal %age variations, July and August show continued price stabilization … then what?
September? October? … December?
SmartMoney
So much for that “Spike” https://renorealtyblog.wpengine.com/2010/06/spike.html
Sleezy
I had no idea thAt increased inventory, and decreasing pendings meant a stabilizing market… LoL
Once again i agree skeptical… Nothing bullish here…
Sleezy
Yoy the median is now negative along with the price per sq ft..
Sneezy
WhyE wount’e yous peeples pAiy attenshion tO me?
Sleezy
I wouldn’t be the least bit surprised to see the median drop below 170 and price/sqft to continue to drop…
DownButNotOut
Derrick, I wouldn’t be surprised at anything you said. It coming true would shock the heck out of me.
sleezy
downbutnotout..
do us a favor… get a REAL job..
E.Edward
Looky Twinkle-toes,
There is no stabilization here and there never was…….Any Dummy can see this was all artificially induced and will never hold-up.
There is 100+ reasons why this phony housing recovery will continue to collapse and yet not one genius on this blog has demonstrated a single viable scenario to even suggest otherwise!
By the way?….What the H is wrong with letting housing correct to a {real world interest rate} consumer offordabillity??…..Anybody?
Now how about we give a rest and go sell something before its to late?
….Just my thoughts.
sleezy
cant wait for the better deals next year myself edward…
Reno Ignoramus
Guy,
Do you have the price band numbers for June?
We know that one-half of those 559 houses sold for less than $172K, but the price band info is always helpful.
Thanks.
smarten
So now we have Derrick [i.e., “Sleezy”] telling himself [i.e., “Edward”] about next year? Incredible.
And Derrick: if we should all sell something before it’s too late, why oh why did you buy a replacement Spanish Springs condo earlier in the year? And why aren’t you selling it before it’s too late?
smarten
Skeptical –
On May 9, 2010 I said the following [ https://renorealtyblog.wpengine.com/2010/05/april-median-sold-price-units-dom-and-sqft-2.html#comments ]: “Skeptical and his group will continue to come up with excuses come May’s and June’s numbers because [after all] closings for these months will in essence be consummation of the first time homebuyers’ tax credit. But come July and August when historically, we would expect sales to be the strongest, our friend will be out of ammunition. What then?”
On May 10 you replied, “Smarten, you are correct. July and August will be the proof in the pudding. Our little debate will hit a conclusive moment by the end of August. I will yield to the bulls if August 2010 shows strength M-O-M and Y-O-Y.”
So you’re right skeptical: it was you “who asserted that July/August would be the proof in the pudding.” But you are wrong that I “LATER tacitly seemed to agree.”
No pissing contest here. Your mantra has been to deny the factual data month-after-month pointing to July as the collapse of the Reno/Sparks residential real estate market because of expiration of the first time homebuyers’ tax credit. All I said back in May was that come July, you’d be out of ammunition. We’re there skeptical – so a month from now when Guy reports July’s sales data, if unit sales remain strong and the SFR median sales price remains in the $170K-$180K range, will it be unreasonable to expect you will follow through with your representation?
skeptical
Smarten,
yes.
Sully
RI, percentage wise the June numbers were almost identical to the May numbers.
Slight increase (3%) in the 100-150 and 150-200 range and 3% less in the 200-150 range. Overall (using percentages) the 450 and under range equalled 92.56% of all sales in June in May it was 92.03%.
Core range of 100,001-200,000 was 65.5% (of total sales) in June and 62.6% in May.
Sully
Also, an article in the Northern Nevada Business Weekly said that workers in the Reno/Sparks area made 19.92/hr in May 09 or roughly 40K a year. This number fits the core range of sales.
Guy Johnson
RI,
Looks like Sully beat me to it. But here is the price banding data (stickbuilt only):
<= $50,000: 7 $50,001 - $100,000: 46 $100,001 - $150,000: 180 $150,001 - $200,000: 143 $200,001 - $250,000: 68 $250,001 - $300,000: 40 $300,001 - $350,000: 18 $350,001 - $400,000: 18 $400,001 - $450,000: 17 $450,001 - $500,000: 10 $500,001 - $600,000: 5 $600,001 - $700,000: 5 $700,001 - $800,000: 4 $800,001 - $900,000: 2 $900,001 - $1,000,000: 3 >= $1,000,001: 3
Total June sales: 569
Note: You’ll no doubt notice that the 569 total above is ten more than the 559 I reported in yesterday’s median post. Looks like we’ve had ten more sales added/updated in our MLS since yesterday. Updates throughout the month is not uncommon. But what *is* interesting, is that these ten sales adjusted the median sold price downward to $170,500.
Sully
…and before MikeZ starts disclaiming my math. I used the same list Mike did for the May numbers, I didn’t delete IV or county sales – my total sales came to 618.
Estate Agents Canary Wharf
Hi,Johnson I have visited your blog,you have posted nice informative article over there..good job dude.cheer up!!
Estate Agents Canary Wharf
SmartMoney
$170,500 June median sold price. So we have dropped 5% in just the past three months. I see us hitting new lows in the not too distant future.
Sleezy
News lows coming indeed!
Reno Ignoramus
To Sully and Guy:
Thanks to you both for the info.
There really is no market above $450K in Reno, is there?
65% of all sales are under $200K. I don’t know, maybe I am just an Ignoramus, but I find this info more telling about the market than monitoring 1% changes in the median from month to month.
MikeZ
[SmartMoney] “We have dropped 5% in just the past three months.”
Instead of cherry-picking, plot the last 5 years; it’s clear the last 12 mos have been essentially flat for median and PPSF.
Sully
I’ve said before the middle of the list number doesn’t really cut it, but the sf price is a great indicator. When those 4500 sq ft McMansions are selling for around 450K, then you know we are there! 🙂
Sean
2010 fiscal year property taxes are now up on the assessors website, atleast for my house they are. My property tax went from 3600 in 08 to 2800 in 09 to 2200 in 2010. Pretty dramatic decrease. I know not all area’s are seeing this but the houses built during the boom are. My house was built in 05 and i bought it as a forclosure last year. This is for a 5 bedroom 2400sqft lennar home, i am very happy about the lower property taxes!
CousinITT
Great news, Sean. Are you near a fire station that is still fully staffed? Are classroom sizes going up or down for your kids next year? Like filing police reports for that break-in online, since there aren’t resources for a personal response and the substations have curtailed their hours? Did your house go up or down in value because there aren’t any code enforcement officers left to tag your neighbor’s weed infested lawn? What did that realignment job cost when you hit that pothole on Pyramid?
Maybe you had a better deal with higher property taxes. Just sayin’….