January’s median sales price of $180,000 took a big hit from December’s median, falling back to October’s level. January’s median price is:
- Down a 3.2 percent month-over-month, from December’s $186,000
- However, up 33.3 percent year-over-year, over January’s 2012’s median of $135,000
January’s median sold price per square foot held relatively flat at $102.15/sq.ft.
The bigger story with January’s metrics is the number of houses sold for the month. …or perhaps I should say “lack of houses sold for the month”. Only 345 houses sold in January. This number represents a whopping 29.7 percent fall from December’s 491 units sold, and a 23.2 percent decrease from the 449 sold in January last year. The lack of inventory continues to hamper the market.
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). January’s median DOM now sits at 114 days. January added a full week over December’s median DOM of 107 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 465 available houses the market currently has about a five-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.]
January sales by type break out as follows:
- REO sales: 10% – unchanged from December’s 10%
- Short sales: 41% – down from December’s 47%
- Equity sales: 47% – up from December’s 42%
January sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 40 | 11.6% |
| 100 – 199 | 157 | 57.1% |
| 200 – 299 | 83 | 81.2% |
| 300 – 399 | 24 | 88.1% |
| 400 – 499 | 24 | 95.1% |
| 500 – 599 | 9 | 97.7% |
| 600 – 699 | 2 | 98.3% |
| 700 – 799 | 1 | 98.6% |
| 800 – 899 | 2 | 99.1% |
| 900 – 999 | 0 | 99.1% |
| 1M+ | 3 | 100% |
| total | 345 |
For those readers who prefer the median sold price for houses and condos combined, January’s 394 sold houses, condos and town homes exhibited a combined median sold price of $168,000 – down 1.2 percent from December’s median sold price of $170,000 for 559 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 |
| Jan 2013 | 345 | $180,000 | $102.15 | 114 | 465 | 1,462 |
| Dec 2012 | 491 | $186,000 | $102.31 | 107 | 539 | 1,421 |
| Nov 2012 | 522 | $181,000 | $99.61 | 105 | 640 | 1,646 |
| Oct 2012 | 536 | $180,000 | $97.93 | 102 | 728 | 1,772 |
| Sep 2012 | 473 | $175,000 | $98.41 | 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 |
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 – February 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: December median sales price, units sold, DOM, and inventory
Carleton
Boy this blog has turned into a shill site. I note that now the table of median price only goes back one year. So that the only historical data offered shows the median up 33% over a year ago. But any historical perspective on this blog? Not any more. Nothing to show how the median is still down (even after the last 12 months) 50% from the top of the bubble in early 2006.
Why, from reading this blog, one would think real estate in Reno only goes up.
Guy Johnson
Carelton,
I discontinued monthly postings of the table containing all historical data (back to 1998) in April of last year. This format change was due to space and readability reasons. Posting 15 years of monthly data every month was simply unwieldy. A much cleaner solution to provide the historical data was to place it on its own page and then to link to that page within the “medians” post. If you take a look at the bottom of each “medians” post, you’ll see a link that reads: Click here for historical data back to 1998 Each month I update and add to the data in that table. My monthly medians post always contains the most recent thirteen months of data.
Additionally, I added a link under the “Local Market” menu pick called “Historical median sold data” so that readers could easily access that data at anytime rather than having to wait for my monthly “medians” post to be posted.
jacky
Carlton
If you had actually navigated the web page you would see the historical data you mention is freely available.
RG3
1379 Tioga Way in Reno. Sold via short sale on 1/17/2013 for $111,000 and relisted on 2/8/2013 for $195,000. Guy I thought you said there were procedures in place to make sure this didn’t happen. I count atleast 12 times it happened in January alone and that’s just with my limited data. With the Tioga house the realtor gets paid 3 times, the buyer, who is also a local mortgage broker, makes a huge profit, the short sale lender gets screwed because they were given false value information, and the homeowner is the ultimate loser because they get to pay an inflated tax bill to Uncle Sam since their trusted realtor doesn’t care about the possible deficiency or debt relief tax bill they’ll be receiving next April. Am I misunderstanding something? How is this not fraud? Where does a person go to file a real complaint since I would think these 2 are overseen by some higher state authority that controls realtors and lenders.