December’s median sales price for the Reno-Sparks housing market rocketed to $187,000 — finishing 2012 with a bang and continuing the upward trend in home prices we’ve seen all year. The median sales price for the Reno-Sparks housing market has not been at this level since early 2009. December’s median price is:
- Up a whopping 3.3 percent month-over-month, over November’s $181,000
- Up an impressive 20.6 percent year-over-year, over December 2011’s $155,000
- and Up an astounding 38.5 percent from the low set in January of this year at $135,0000
The median sold price per square foot also rocketed upward in December — rising 2.6 percent to $102.31/sq.ft.
The 485 houses sold in December represent a 6.9 percent fall from November’s units sold, and a 9.2 percent decrease from the 534 sold in December last year. Inventory level is so low right now that year-over-year units sold will be negative for the foreseeable future.
Median days on market (DOM) continues to rise as short sales (which typically require more time to close) comprise a larger portion of sales (see breakout below). December’s median DOM now sits at 108 days. [See related post: How long are short sales taking these days?]
Inventory continues to shrink. The metric “months supply of inventory” should be changed to “weeks supply of inventory”. With only 539 available houses the market currently has just over a four-week supply of inventory. [Of course, as has been discussed on the blog many times, this lack of inventory is not consistent across all price bands. See Where’s the existing inventory? …not below $400,000 for more details.]
December sales by type break out as follows:
- REO sales: 10% – up slightly from November’s 9%
- Short sales: 47% – UP from November’s 41%
- Equity sales: 42% – down from November’s 49%
December sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 48 | 9.9% |
| 100 – 199 | 217 | 54.6% |
| 200 – 299 | 134 | 82.3% |
| 300 – 399 | 37 | 89.9% |
| 400 – 499 | 14 | 92.8% |
| 500 – 599 | 16 | 96.1% |
| 600 – 699 | 4 | 96.9% |
| 700 – 799 | 2 | 97.3% |
| 800 – 899 | 5 | 98.4% |
| 900 – 999 | 2 | 98.8% |
| 1M+ | 6 | 100% |
| total | 485 |
For those readers who prefer the median sold price for houses and condos combined, December’s 551 sold houses, condos and town homes exhibited a combined median sold price of $170,000 – unchanged from November’s median sold price of $170,000 for 581 combined sales.
The table below contains the past 13 months of data…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Dec 2012 | 485 | $187,000 | $102.31 | 108 | 539 | 1,421 |
| Nov 2012 | 521 | $181,000 | $99.68 | 105 | 640 | 1,646 |
| Oct 2012 | 535 | $180,000 | $98.05 | 103 | 728 | 1,772 |
| Sep 2012 | 472 | $175,000 | $98.42 | 92 | 836 | 1,811 |
| Aug 2012 | 535 | $176,000 | $98.56 | 86 | 882 | 1,846 |
| July 2012 | 514 | $165,000 | $94.59 | 88 | 832 | 1,873 |
| Jun 2012 | 514 | $170,000 | $91.48 | 92 | 759 | 1,891 |
| May 2012 | 524 | $164,750 | $90.56 | 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 | 449 | $135,000 | $81.07 | 123 | 1,170 | 1,643 |
| Dec 2011 | 534 | $155,000 | $85.86 | 123 | 1,403 | 1,481 |
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 – January 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: November median sales price, units sold, DOM, and inventory
Jacky
I don’t feel one bit sorry for all the doom and gloomers who were too cheap to buy last year because they thought prices were still way too high..
Your loss!
piotr
How much of this was due to our freind Jeremy and Nres-NV?
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