January’s numbers dropped significantly compare to December’s. 350 houses were sold in January – down a considerable 26 percent from December’s robust 476 units sold, however on par with January 2010’s 346 houses sold.
But the big story this month is the dramatic drop in the median sales price. January’s median sold price came in at $159,950. This number was so surprising to me that I re-ran the query to make sure it was correct.
January’s median sold price of $159,950 marks another new low for the area’s median sold price. It represents a 3.1 percent drop from December’s median of $165,000 and a 4.2 percent decline from January 2010’s median of $167,000.
Interestingly, January’s median sold price has rolled back a full decade now; check out February 2001’s identical median sold price in the historical data below.
We also saw a new low in January’s median sold price per square foot. Coming in at $91.76, January’s number is a 2.7 percent drop from December’s median sold price per square foot, and a 5.5 percent drop year-over-year.
January sales by type break out as follows:
- Bank-owned properties: 37% – down from December’s 39%
- Short sales: 40% – up considerably from December’s 30%
- Equity sales: 22% – down considerably from December’s 30%
Equity sales slid in January, comprising only 22 percent of total sales. Distressed properties (bank-owned and short sales) made up a whopping 77 percent of January sales.
January sales by price band break out as follows:
| sales price ($000’s) | units sold |
| 0 – 99 | 60 |
| 100 – 199 | 159 |
| 200 – 299 | 70 |
| 300 – 399 | 35 |
| 400 – 499 | 7 |
| 500 – 599 | 6 |
| 600 – 699 | 5 |
| 700 – 799 | 2 |
| 800 – 899 | 0 |
| 900 – 999 | 0 |
| 1M+ | 6 |
| total | 350 |
For those readers who prefer the median sold price for houses and condos combined, January’s 405 sold houses, condos and town homes exhibited a combined median sold price of $147,600 – down from December’s combined median of $153,800, and 555 units.
Historical data follows.
| Month Year | # Sold | Sold Price | Sold Price per Sq Ft | Average DOM | # of Listings | # of Pendings |
| Jan 2011 | 350 | $159,950 | $91.76 | 151 | 1,970 | 1,329 |
| Dec 2010 | 476 | $165,000 | $94.31 | 144 | 2,021 | 1,148 |
| Nov 2010 | 399 | $170,000 | $96.14 | 139 | 2,060 | 1,376 |
| Oct 2010 | 418 | $174,950 | $98.57 | 135 | 2,146 | 1,371 |
| Sep 2010 | 466 | $168,000 | $97.52 | 133 | 2,186 | 1,473 |
| Aug 2010 | 449 | $180,000 | $97.53 | 127 | 2,222 | 1,513 |
| Jul 2010 | 414 | $180,000 | $101.74 | 129 | 2,158 | 1,580 |
| Jun 2010 | 602 | $170,000 | $100.52 | 145 | 1,966 | 1,625 |
| May 2010 | 450 | $175,807 | $102.37 | 138 | 1,789 | 1,804 |
| Apr 2010 | 510 | $179,995 | $103.13 | 128 | ||
| Mar 2010 | 477 | $175,000 | $99.14 | 142 | ||
| Feb 2010 | 338 | $170,000 | $101.68 | 138 | ||
| Jan 2010 | 346 | $167,000 | $97.06 | 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 | 380 | $228,500 | 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 | ||
| 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 | 269 | $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 | 297 | $159,950 | unavailable | 104 | ||
| 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 | 223 | $156,000 | unavailable | 113 | ||
| 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 | 280 | $152,800 | 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 | 167 | $149,490 | unavailable | 129 |
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 – February 2011. Note: This information is deemed reliable, but not guaranteed.
lurker
I thought I was negative. Then I saw this post. No way to paint this positively. How low will it go?
C’mon permabulls. We hardly knew ye’!
Seems like Smarten has all but admitted he’s wrong through his silence (perhaps the only way he knows how?). How’s the value of that Chalet holding up for you? Maybe he shoulda just rented a PUD.
MikeZ seems much more conciliatory and balanced these days. A reflection of the “new civility”?
Gone is the bravado and showmanship of those long gone glory days of the tax credit. OBTW, how did a measly $8k entice so many people to buy overpriced properties? I guess people will do anything get back money from Uncle Sam.
BB took a hell of a beating some time back. Who knows, maybe he still lurks out there occasionally? One thing is true, though, few nailed the trend more correctly than him. (No offense RI, and IJJ, you guys are usually spot on as well).
So, how low will it go? I think if Guy put out his survey for Dec 2011’s median today, the guesses would be much lower.
MikeZ
We also saw a new low in January’s median sold price per square foot. Coming in at $91.76, January’s number is a 2.7 percent drop from December’s median sold price per square foot, and a 5.5 percent drop year-over-year.
Wow.
Steve Herschbach
Every month I get an email from Zillow about the property I purchased in Reno last spring dropping in value again. From an investment standpoint there is no doubt Reno was not the best place to buy. In my case it was not an investment decision but there is no doubt I am losing money on the purchase on paper and it is hard to get excited by that. I can’t say in retrospect I would do different if given the chance though. My wife is bubbling with plans for the house this summer and if she is happy I am happy. Hard to put a price on that.
Hard to say what the future will bring but I told my wife this morning it might be ten years before the place is worth again what we paid for it. And measured against inflation that would still be a loss.
bob_c
Green NV’s reading of the spreadsheet was correct again. The low number of sales is scary. And the stock market (wealth effect) is up….what if that tailwind changes?
Gadfly
That price per square foot number is just ugly. Unless February is quite a rally (which I doubt it will be), we seem to have our answer as to whether the 18 months of relative stability was the bottom or just a flat spot.
Grand Wazoo
Remember that signficant layoffs from UNR, Washoe County, City of Reno, Washoe County Schools, and state employees are most certainly coming with the new state budget biennium starting July 1, 2011. The shortfall is massive, the cuts will be significant, and the Reno real estate market is really going to feel this over time.
SmartMoney
An 11% drop since just August. What a disaster for those long real-estate.
bob_c
And 30 year bond (and thus mortage rates) sharply higher (since QE2).
Zen
I’ll try to put a little lipstick on this pig. If you look at year-over-year results from January 2010 to January 2011, their is only a 4.2% drop in the median and a 5.5% drop in price per square foot. I say only, because that is better than the percentage drop over the last few months. This is also a great improvement compared to the year-over-year results from January 2009 to January 2010, which showed a 16.5% drop in the median and a 14.2% drop in price per square foot. I guess time will tell if we are looking at a cute fuzzy pink pig, or a mean old boar with big tusks.
Steve Herschbach
I noticed a lot of cash activity in Reno and it is happening in the most hammered areas. What is interesting is the Chinese buying. Reminds me of back in the 80s when we were doomed and the Japanese were riding high buying our assets. But then their bubble popped. I wonder if the Chinese are next?
http://online.wsj.com/article/SB10001424052748704570104576124502975117950.html
Reno Muse
Since government is one of our biggest employers in this high desert getaway we live in, we are really going to see more foreclosures once those public employee layoffs hit. We are all just socialists in the big scheme of things, feeding off of each other.