Up, up, up! Median sales price; median price per square foot; units sold; market velocity, new listings — all metrics are up for the month of May. Let’s take a look at the numbers…
The median sales price shot to $216,500 for the month of May. May’s median represents:
- a 5.2 percent month-over-month increase from April’s $205,750
- a 31.4 percent year-over-year increase over May 2012’s median of $164,750
- a four-year high; the median sales price for the Reno-Sparks market has not been this high since December 2008.
The median sold price per square foot (ppsf) also continues to skyrocket. May’s median sold ppsf of $118.82/sf rose 5.6 percent month-over-month, and is now 31.2 percent higher than a year ago.
522 houses sold in May representing a 9.4 percent increase in month-over-month number of sales. And continuing the trend we’ve seen for the past few months, the majority of these sales have been normal “equity” sales (see the breakout below). May’s number of sales is on par with the 524 sold in May 2012.
Median days on market (DOM) dropped to an astounding 64 days. A number this low has not been seen since 2004, and represents an extremely fast market.
Inventory climbed for the month, but still remains in short supply. With 756 available houses listed the market currently has about a month-and-a-half supply of inventory.
May sales by type break out as follows:
- REO sales: 7% – down from April’s 8%
- Short sales: 27% – down from April’s 33%
- Equity sales: 65% – up from April’s 59%
Equity sales accounted for two-thirds of the sales for the month. As prices continue to rise, more homeowners are finding themselves above water and able to sell. In fact, at the moment, nearly 88 percent of the available listings have no special conditions – meaning not a short sale nor REO.
May sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 28 | 5.4% |
| 100 – 199 | 208 | 45.2% |
| 200 – 299 | 154 | 74.7% |
| 300 – 399 | 52 | 84.7% |
| 400 – 499 | 41 | 92.5% |
| 500 – 599 | 16 | 95.6% |
| 600 – 699 | 9 | 97.3% |
| 700 – 799 | 2 | 97.7% |
| 800 – 899 | 3 | 98.3% |
| 900 – 999 | 5 | 99.2% |
| 1M+ | 4 | 100% |
| total | 522 |
For those readers who prefer the median sold price for houses and condos combined, May’s 610 sold houses, condos and town homes exhibited a combined median sold price of $195,300 – Up 4.4 percent from April’s median sold price of $187,000 for 556 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 |
| May 2013 | 522 | $216,500 | $118.82 | 64 | 756 | 1,563 |
| Apr 2013 | 477 | $205,750 | $112.53 | 79 | 579 | 1,519 |
| Mar 2013 | 488 | $195,000 | $108.71 | 91 | 502 | 1,479 |
| Feb 2013 | 420 | $190,200 | $105.02 | 104 | 474 | 1,485 |
| Jan 2013 | 360 | $181,300 | $102.48 | 114 | 465 | 1,462 |
| Dec 2012 | 492 | $186,500 | $102.42 | 107 | 539 | 1,421 |
| Nov 2012 | 524 | $181,000 | $99.61 | 105 | 640 | 1,646 |
| Oct 2012 | 537 | $180,000 | $97.79 | 102 | 728 | 1,772 |
| Sep 2012 | 473 | $175,000 | $98.41 | 92 | 836 | 1,811 |
| Aug 2012 | 536 | $175,500 | $98.52 | 86 | 882 | 1,846 |
| July 2012 | 514 | $165,000 | $94.59 | 88 | 832 | 1,873 |
| Jun 2012 | 515 | $170,000 | $91.43 | 92 | 759 | 1,891 |
| May 2012 | 524 | $164,750 | $90.56 | 99 | 783 | 1,873 |
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 – June 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: April median sales price, units sold, DOM, and inventory
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