October’s median sales price for the Reno/Sparks market fell to $148,250 – a 1.2 percent decrease from September’s $150,000 median sales price. So much for the resistance at $150,000 I questioned last month.
Despite its decline in median sales price, October’s median sold price per square foot increased slightly over September’s to $84.22/square-foot.
Unit sales continue to be robust; coming in at 482 sales for the month – a 15 percent increase year-over-year.
Active listings have dropped sharply. The 1,682 current active listings represent a nearly 18 percent decease from a month ago. Similarly, Pendings have also dropped ; currently at 1,646 – a 16 percent drop from last month. Much of the decline in these numbers can be attributed to seasonal factors as home sellers remove their listings from the marketplace for the holidays or winter months. Of note, the number of Pendings has nearly reached the number of Actives.
October sales by type were split evenly between bank-owned, short sales, and equity sales. The proportion of bank-owned sale fell from 38% of September sales to 33% of October sales. This will be the interesting number to watch in the coming months as the effects of AB 284 take hold. October’s sales breakout as follows:
- REO sale: 33% – down from September’s 38%
- Short sales: 32% – up from Septmeber’s 29%
- Equity sales: 33% – up from September’s 32%
October sales by price band reveal almost 87 percent of homes sales in the Reno/Sparks market occur below $300,000. That being said, million-dollar sales still occur – with four such sales in October. October sales by price band break out as follows:
| sales price ($000’s) | units sold |
| 0 – 99 | 108 |
| 100 – 199 | 220 |
| 200 – 299 | 91 |
| 300 – 399 | 29 |
| 400 – 499 | 18 |
| 500 – 599 | 7 |
| 600 – 699 | 1 |
| 700 – 799 | 2 |
| 800 – 899 | 0 |
| 900 – 999 | 2 |
| 1M+ | 4 |
| total | 482 |
For those readers who prefer the median sold price for houses and condos combined, October’s 565 sold houses, condos and town homes exhibited a combined median sold price of $136,000 – down 1.07 percent from September’s combined median of $137,857 for 654 sales
Historical data follows:
| Month Year | # Sold | Sold Price | Sold Price per Sq Ft | Average DOM | # of Listings | # of Pendings |
| Oct 2011 | 482 | $148,250 | $84.22 | 146 | 1,682 | 1,646 |
| Sep 2011 | 566 | $150,000 | $83.68 | 134 | 2,044 | 1,967 |
| Aug 2011 | 553 | $154,000 | $91.32 | 125 | 1,947 | 1,694 |
| July 2011 | 511 | $150,000 | $87.59 | 128 | 2,028 | 1,667 |
| June 2011 | 538 | $154,000 | $90.12 | 123 | 1,990 | 1,689 |
| May 2011 | 509 | $150,000 | $88.66 | 133 | 1,968 | 1,682 |
| Apr 2011 | 436 | $156,125 | $89.78 | 137 | 1,914 | 1,593 |
| Mar 2011 | 511 | $160,000 | $91.59 | 132 | 1,906 | 1,497 |
| Feb 2011 | 387 | $161,000 | $93.35 | 142 | 1,882 | 1,416 |
| Jan 2011 | 365 | $157,000 | $92.35 | 152 | 1,970 | 1,329 |
| Dec 2010 | 485 | $165,000 | $94.31 | 143 | 2,021 | 1,148 |
| Nov 2010 | 398 | $170,000 | $96.43 | 139 | 2,060 | 1,376 |
| Oct 2010 | 418 | $174,950 | $98.57 | 135 | 2,146 | 1,371 |
| Sep 2010 | 467 | $168,000 | $97.52 | 132 | 2,186 | 1,473 |
| Aug 2010 | 450 | $180,000 | $97.54 | 127 | 2,222 | 1,513 |
| Jul 2010 | 415 | $180,000 | $101.84 | 128 | 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 | 141 | ||
| 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 | 248 | $148,000 | unavailable | 108 | ||
| 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 – November 2011. Note: This information is deemed reliable, but not guaranteed.
Cal
But, but, I thought it was a sellers’ market. I thought we were running out of houses for sale.
Walter
The talk of a sellers market is sheer nonsense. I was just in Colorado and Idaho and all the realtors there are talking about the sellers market that now exists in Colorado and Idaho. This must be the latest spinjive that the NAR has sent out to the minions all over the country. Until realtors decide to get honest and acknowledge that a sellers market exists only where there are more QUALIFIED buyers than sellers, this latest NAR hogwash will end up in the same garbage pale as all the other NAR crap. Remember the NAR’s relentless mantra back in 2005, 2006…..”There is no housing bubble. There is no housing bubble. There is no housing bubble.” Hell, if the local chapter was willing to pay for it, David Lereah was willing to come to town and tell you in person, at a nice lunch, that there was no housing bubble.
hayseed
Howdy Guy,
This here nice chart that you put up every month starts in January 0f 1998. I see that back then the median was $1,240 higher than it is now. I reckon that real soon now you are going to have to have to go back to before the NNMLS started keeping this data. 14 years and the median is lower than it was in 1/98. I imagine if we was to factor in the rate of inflation over these past 14 years, that home ownership in Reno, Nevada would look like a pretty piss poor investment.
Cleveland
YoY the median is down 15%.
YTD the median is down 10%.
Since the top of the bubble the median is down 61%.
IOW, anybody who has bought a house in Reno at any time in the last 70 consecutive months has seen the value of his house decline.
It’s just damn nice to know that you can’t ever lose money buying a house in Reno. Must be because all those rich Californians coming here and buying up houses.
October median sold price, units, DOM, $/sq.ft.
[…] October’s median sales price for the Reno/Sparks market fell to $148,250 – a 1.2 percent decrease from September’s $150,000 median sales price. So much for the resistance at $150,000 I questioned last month. Despite its decline in median sales price, … Continue reading → […]
Zen
The $148,250 October median price is only $3,250 from the very lowest predicted median price in the beginning of year contest to predict the end of year median sold price. Of the 14 people who made an end of year prediction, only two predicted December 2011 median price to be lower than it is currently at. The range of predictions was from $145,000 to $187,000. According to the historical data, prices have fallen from October to December for each of the last six years. If the trend continues, this year could end up worse than the most bearish predictions that this blogs readers could come up with. Since my prediction was $152,625, I’m hoping for a break in the trend.
E.Edward
Good to see home prices headed down toward affordability!
Why buy today what can be bought tomorrow for less!
Quant
The housing market in Reno has been one of the worst in the entire USA. How many cities in the USA have seen the median selling price of a house drop 61%? Except for Las Vegas (gee, it looks like Nevada wins the prize for biggest busted bubble) and a few scattered cities in California and Florida, no place in the country has experienced a bigger collapse in the value of houses than Reno.
What a bunch of sheer unadulterated nonsense the realtor shuck and jive turned out to be about how Reno is soooo special, soooo unique, everybody wants to live here, prices can never drop in Reno.
Cramden
The national median home price is now $169.5K. Houses in Reno are now fairly cheap compared to a lot of other places. However, Reno’s 25% unofficial unemployment/underemployment rate, the fact that Reno’s construction industry is in a coma, its gambling/tourist industry is on its ass, and there is nothing on the horizon to suggest any of this is going to improve any time soon, suggests that the value of houses here will continue to slowly erode.
This state, and all the towns in it (except Elko thanks to $1700 gold) will be the last out of the Great Recession.
Norton
But what about all the new and cool restaurants opening up downtown and CommRow and the new Siena and all the jobs they will create? Aern’t all those $8.50 an hour jobs going to turn Reno around?
lurker
where is MikeZ and Smarten? Where are the former cheerleaders? Their silence speaks volumes….
I remember clearly the arrogance and certitude with which they addressed less optimistic contributors….
trader joe
so thankful we are still waiting to buy…………..we listened to bantering bear. miss him on this board
GratefulD_420
Certainly would be interesting to know where the inventory drop occurred?
Net 362 homes less? Even with seasonal adjustments that’s a fairly significant decrease in inventory. Supply, of course being one of the important factors in true home valuation.
Equity sales pulled (traditional seasonal adjustment)
Short Sales Pulled (Lebo’s prediction already true? AB284)
REO sales pulled (Can’t find the note, AB284?)
Guy Johnson
GratefulD_420,
Agreed, it would be interesting to know where the inventory drop occurred. Unfortunately, I have not been tracking inventory levels by type (perhaps I should begin). That being said I did a little research and found these numbers from BrokerMetrics®. [Note: the numbers may not match with the numbers I report monthly, because the area covered is a little different than that on which I report. However the trend will be the same.]
The data below shows the number of bank-owned properties for sale, as well as the percent of the inventory that those bank-owned properties comprise. The markets included in the data are: Reno, Sparks, and SunValley.
Oct-11 1,100 41.4%
Sep-11 1,288 43.1%
Aug-11 1,416 44.0%
Jul-11 1,445 44.7%
Jun-11 1,500 45.5%
May-11 1,531 46.1%
Apr-11 1,552 48.1%
Mar-11 1,550 49.2%
Feb-11 1,484 48.4%
Jan-11 1,525 48.3%
Dec-10 1,505 48.7%
Nov-10 1,545 47.6%
Oct-10 1,581 47.4%
Sep-10 1,661 48.2%
Aug-10 1,678 47.5%
Jul-10 1,653 47.9%
Jun-10 1,632 49.5%
May-10 1,578 51.9%
Apr-10 1,603 52.6%
Mar-10 1,602 52.9%
Feb-10 1,584 54.2%
Jan-09 1,480 52.5%
Dec-09 1,385 50.0%
Nov-09 1,426 49.1%
Oct-09 1,457 46.9%
burnin man
Is it too soon to ask whether the destruction of ~29 homes last weekend might give a quick demand injection in the above the median segment?
Fence sitter
I would guess it might drain the lease-rental ( high-end) market right now. Might convince people to pull their vacant hse off the market to lease…