October median sales price, units sold, DOM, and inventory

October’s median sales price for the Reno-Sparks housing market increased to $180,750 — reaching a two-year high. October’s median price is:

• up 2.4 percent month-over-month, over September’s $176,500
• up 22 percent year-over-year, over October 2011’s $148,000
• and is nearly spot-on with October 2009’s median sold price of $180,000

Interestingly, despite the gains seen in the median sales price, the sold price per square foot has remained at $98-and-change for the past three months.

The number of houses sold also increased nicely for the month. October’s 508 units sold represents an 8 percent increase from the 470 houses sold in September. And is also up from the 497 units sold in October last year.

Median days on market (DOM) rose from 93 days in September to 102 days in October. I believe that as short sales (which typically require more time to close) comprise a larger portion of sales (see breakout below), the DOM increases.

Inventory remains extremely tight with the market having less than a 1.5-month supply of available listings.

October sales by type break out as follows:

• REO sales: 12% – unchanged from September’s 12%
• Short sales: 40% – down slightly from September’s 41%
• Equity sales: 46% – unchanged from September’s 46%

October sales by price band break out as follows in the table below. 12.6% of the houses sold in October sold for less than $100,000; 60.4% sold for less than $200,000; 84.4% sold for less than $300,000; and 92.1% sold for less than $400,000.

Interestingly, whereas September saw no closed sales over $750,000, October saw five sales over the $1M price point — with sales at $1M, $1.175M, $1.27M, $1.325M, and a whopping $1.88M.

For those readers who prefer the median sold price for houses and condos combined, October’s 572 sold houses, condos and town homes exhibited a combined median sold price of $171,500 – up a whopping 5.7 percent from September’s median sold price of $162,250 for 544 combined sales. [Condo sale prices must be rising faster than house prices. Perhaps I’ll do a post on this.]

Below are the last 13 months of data:

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 2012. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: September median sales price, units sold, DOM, and inventory