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, 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.

16 comments

  1. Cal

    But, but, I thought it was a sellers’ market. I thought we were running out of houses for sale.

  2. 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.

  3. 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.

  4. 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.

  5. 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 → […]

  6. 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.

  7. E.Edward

    Good to see home prices headed down toward affordability!

    Why buy today what can be bought tomorrow for less!

  8. 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.

  9. 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.

  10. 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?

  11. 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….

  12. trader joe

    so thankful we are still waiting to buy…………..we listened to bantering bear. miss him on this board

  13. 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?)

  14. 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%

  15. 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?

  16. 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…

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