Happy Independence Day! I hope you’re enjoying the holiday.
I’ve pulled the numbers for June, and not surprisingly the metrics continue to rise. Both median sales price and median sold price per square foot are now in their fifth consecutive month of increases.
So what are June’s numbers?
- Median sales price: $169,950. June’s median is up 3.0 percent over May’s; up 10.4 percent Y-o-Y (over June 2011); and up a whopping 25.8 percent over the low median, of $135,000, reached in January of this year.
- Median price per square foot (ppsf): $91.49/sq.ft. June’s median ppsf is up 1.1 percent over May’s; up 1.5 perent Y-o-Y (over June 2011); and up 12.7 percent over the low median ppsf, $81.16/sf, reached in January of this year.
- Houses sold: 488. This number is down from June 2012’s 538 units sold.
- Median DOM (days on market): 93 days. This number is down from May’s median DOM of 99 days. This number has been trending down over the past few months as increased competition for available houses has led to offers being written with shorter closing times in order to stand out from the multiple offers.
- Homes for sale: 759. Inventory continues to drop, hitting a new low of 759 houses. Given the current rate of sales, the Reno-Sparks market continues to have less than a two-month supply of inventory.
June sales by type break out as follows:
- REO sales: 21% – down from May’s 22%
- Short sales: 37% – down from May’s 39%
- Equity sales: 41% – up from May’s 37%
Equity sales continue to climb – comprising over 40 percent of June’s sales. When’s the last time we’ve seen that proportion so high?
June sales by price band break out as follows in the table below. 15% of the houses sold in June sold for less than $100,000; 62% sold for less than $200,000; 84% sold for less than $300,000; and 87% sold for less than $400,000.
| sales price ($000’s) | units sold |
| 0 – 99 | 73 |
| 100 – 199 | 230 |
| 200 – 299 | 109 |
| 300 – 399 | 39 |
| 400 – 499 | 12 |
| 500 – 599 | 11 |
| 600 – 699 | 4 |
| 700 – 799 | 3 |
| 800 – 899 | 2 |
| 900 – 999 | 0 |
| 1M+ | 5 |
| total | 488 |
For those readers who prefer the median sold price for houses and condos combined, June’s 567 sold houses, condos and town homes exhibited a combined median sold price of $160,000 – up 6 percent from May’s median of $151,000 for 619 combined sales.
The last 13 months of data:
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Jun 2012 | 488 | $169,950 | $91.49 | 93 | 759 | 1,891 |
| May 2012 | 519 | $165,000 | $90.50 | 99 | 783 | 1,873 |
| Apr 2012 | 526 | $151,100 | $87.04 | 95 | 785 | 1,885 |
| Mar 2012 | 540 | $149,900 | $84.89 | 107 | 809 | 1,889 |
| Feb 2012 | 465 | $145,500 | $82.12 | 100 | 980 | 1,788 |
| Jan 2012 | 448 | $135,000 | $81.16 | 123 | 1,170 | 1,643 |
| Dec 2011 | 534 | $155,000 | $85.86 | 123 | 1,403 | 1,481 |
| Nov 2011 | 497 | $149,012 | $85.02 | 115 | 1,545 | 1,635 |
| Oct 2011 | 497 | $148,000 | $84.32 | 107 | 1,682 | 1,646 |
| Sep 2011 | 575 | $149,000 | $83.73 | 106 | 2,044 | 1,967 |
| Aug 2011 | 555 | $154,000 | $91.36 | 98 | 1,947 | 1,694 |
| July 2011 | 513 | $149,900 | $87.71 | 95 | 2,028 | 1,667 |
| June 2011 | 538 | $154,000 | $90.12 | 89 | 1,990 | 1,689 |
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 2012. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data.
Related post: May median sold price, units, DOM, $/sq.ft.
A friend of mine is looking in the $280K-$320K range and has been outbid on 2 houses within the last few weeks. Both were short sales and his offers were ~5% below recent comps. The winning bids were 5% or more above recent comps. One was a cash offer. Demand seems to have picked up, at least for now.
Sales arent dropping off a cliff as some feared and with pendings numbers holding steady we could see a respectable 400+ sales a month for quite awhile. With the sharp move up in prices, more sellers should appear to feed the market and buoy the sales numbers.
Who knew a “recovery” could be so easy?! Amazing to think that an artificial halt to foreclosures is all that was ever needed to get prices off and running. I mean, with a more than 25% increase in less than 6 months, we could see over 50% in a year! That’s bubblicious, baby! Nevermind the 7,500+ houses that have been back-burnered. Better hurry, or you’ll be priced out forever! Jobs? We don’t need no stinkin’ jobs. Let’s just have an economy based on buying and selling houses to one another!
PS- Why isn’t the PPSF up 25% over the low? Oh, that’s right, house prices aren’t really appreciating, it’s the mix of homes sold which has changed. Nicer homes is all. OOPS- looks like things aren’t that grand after all!
ZZZZZZZZZZZzzz……had this crazy dream about a grizzly bear talkin bout bubble gum or somethin!
Call me a skeptic, but last year was similiar and dropped off in August. Another problem is I have 3 realtor friends at well known real estate firms here in Renp and unless a cash deal at least 1/2 of their deals are being turned down due to exceeding the appraisals. You can’t have a 30% increase in price in several months and have a 6-12 month comp justify that increase in price. Based on Guy’s median sales price and the median asking price, the sold price is 25-30% less. Accordingly, the inventory available increased 2 1/2% in May and over 4% increase in June, so inventory is building, not decreasing.
FYI, we did not make that decrease in inventory list that Guy posted as its cutoff was 35% and Reno was 25.9%. We are now approaching 24% as we are adding imventory several hundred the past 2 months. Appears to me a short lived bubble based on my info, but i could be wrong. Several reports from known Real Estate Outllook Companies show Reno to decrease another 6-7% for 2012.
I think the bottom is behind us. Safer to buy a place in Reno now than any time in the last 10 years, IMHO.
A neighbor just sold his home in 3 days, due mostly to sanity in his listing price.
best of luck selling homes over 300K
“best of luck selling homes over 300K”
I just did the end of May just 4 days after it was listed.
let me rephrase…..the snap back hasn’t been as large in 300K homes