I was reminded recently that this month marks the fifth anniversary of the height of the Reno-Sparks housing market. Five years ago the median sold price for houses in Reno-Sparks peaked at $360,500 (August, 2005). Today’s median sold price of $180,000 is half of that.
Although all neighborhoods have declined since their peaks, some have been affected to a greater degree than others. Prompted by a question from one of this blog’s regular readers concerning the market in the 89511 zip code, I choose to compare current-to-peak median sold prices by zip code.
As shown in the table below the 89512 zip code has suffered the greatest decline at nearly a two-thirds loss in median sold price. At the other end the 89509 zip code has seen a relatively lower 38% decline.
| zip code | peak median | units sold (peak month) | peak month | median (last 30 days) | % decline | units sold (last 30 days) |
|---|---|---|---|---|---|---|
| 89431 | $270,000 | 43 | Aug 2005 | $106,250 | 60.6% | 28 |
| 89434 | $311,250 | 40 | Aug 2005 | $150,000 | 51.8% | 31 |
| 89436 | $393,740 | 95 | Aug 2005 | $204,750 | 48.0% | 56 |
| 89441 | n/a | n/a | n/a | $207,500 | n/a | 16 |
| 89502 | $337,000 | 38 | Jul 2005 | $117,000 | 65.3% | 19 |
| 89503 | $325,000 | 31 | Sep 2005 | $150,000 | 53.8% | 23 |
| 89506 | $300,000 | 113 | Jun 2005 | $130,000 | 56.7% | 53 |
| 89509 | $520,000 | 58 | Oct 2005 | $324,000 | 37.7% | 19 |
| 89511 | $755,000 | 64 | Jul 2005 | $393,500 | 47.9% | 33 |
| 89512 | $294,950 | 10 | Aug 2005 | $101,500 | 65.6% | 5 |
| 89519 | n/a | n/a | n/a | $450,000 | n/a | 9 |
| 89521 | $443,000 | 41 | Oct 2005 | $227,000 | 48.8% | 33 |
| 89523 | $416,900 | 37 | Oct 2005 | $231,500 | 44.5% | 38 |
| Reno-Sparks | $360,500 | 582 | Aug 2005 | $180,000 | 50.1% | 362 |
Note: The info 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 – August 2010. This information is deemed reliable, but not guaranteed.
MikeZ
skeptical, thank you for the kind words and for the link to the Case-Shiller data.
Now, to Case-Shiller … CS says Las Vegas is down 6.5% YoY (May). I accept that … but I note that LV median home price is down 3.6% [1] for the same period.
As you can see, the market that you think is the closest to Reno, reflects its falling home values in a falling median home price.
[1] http://tinyurl.com/2eg3eva
skeptical
MikeZ,
Good point on Median Price differential btw Reno and LV.
The debate continues….