Up, up, up! Median sales price; median price per square foot; market velocity, new listings — all metrics are up for the month of June — excluding units sold. Let’s take a look at the numbers…
The median sales price shot to $222,000 for the month of June. June’s median represents:
- a 1.6 percent month-over-month increase from May’s $218,500
- a 30.6 percent year-over-year increase over June 2012’s median of $170,000
- a four-year high; the median sales price for the Reno-Sparks market has not been this high since November 2008.
The median sold price per square foot (ppsf) also continues to skyrocket. June’s median sold ppsf of $122.71/sf rose 3 percent month-over-month, and is now 34 percent higher than a year ago. Again, we haven’t seen a PPSF at this level since November 2008.
503 houses sold in June representing a 5.8 percent decrease 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). June’s number of sales is on par with the 512 sold in June 2012.
Median days on market (DOM) dropped to an astounding 58 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. However, the 859 currently available (non-pending) houses listed represents a nice increase and upward trend over the past few months. Compare this number to January when we had only 465 houses listed for sale. Rising sale prices are allowing many previously “underwater” homeowners to now sell their homes once again without bringing money to the table or short selling. Check out the percentage of equity sellers in the breakout below…
June sales by type break out as follows:
- REO sales: 6% – down from May’s 7%
- Short sales: 24% – down from May’s 27%
- Equity sales: 68% – up from May’s 65%
Equity sales accounted for over 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, 87 percent of the available listings have no special conditions – meaning not a short sale nor REO.
June sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 22 | 4.4% |
| 100 – 199 | 187 | 41.6% |
| 200 – 299 | 160 | 78.7% |
| 300 – 399 | 81 | 89.5% |
| 400 – 499 | 24 | 94.2% |
| 500 – 599 | 12 | 96.6% |
| 600 – 699 | 8 | 98.2% |
| 700 – 799 | 3 | 98.8% |
| 800 – 899 | 1 | 99.0% |
| 900 – 999 | 2 | 99.4% |
| 1M+ | 3 | 100% |
| total | 503 |
For those readers who prefer the median sold price for houses and condos combined, June’s 581 sold houses, condos and town homes exhibited a combined median sold price of $210,000 – Up 6.7 percent from May’s median sold price of $196,750 for 622 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 |
| June 2013 | 503 | $222,000 | $122.71 | 58 | 859 | 1,527 |
| May 2013 | 532 | $218,500 | $119.14 | 64 | 756 | 1,563 |
| Apr 2013 | 480 | $205,375 | $112.65 | 79 | 579 | 1,519 |
| Mar 2013 | 490 | $195,000 | $108.83 | 92 | 502 | 1,479 |
| Feb 2013 | 422 | $190,100 | $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 | 516 | $170,000 | $91.48 | 92 | 759 | 1,891 |
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 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: May median sales price, units sold, DOM, and inventory
Twister
Well, well, well…how far we’ve come in such a short time. You gotta luv it! It was fun watching the skeptics drop like flies. All those idiots who missed a glorious buying opportunity are now watching those who bought a year or two ago, make a killing.
Johnny Utah
Yuppp.. I could sell both the properties I purchased in 2009 and 2011 for an EASY $60K profit. which I actually intend on doing as I’m moving back to the east coast.
E.Edward
One again the mindless rant will have to be schooled…The skeptics didn’t drop out, were still here just watching all the greedy bid prices into oblivion- its insane funny! of the 10 or so posters left on this pre censored real estate blog 11 of them are Realtors…lol
As far as buying opportunities are concerned one would have to be a complete “Idiot” to think these artificially inflated prices will hold up with the coming rising rates…that might I remind everybody the real idiots said would stay low for years and years.
Well here we are just a few quarters later, bonds are tanking and rates are rising sooner than everybody expected….just like the skeptics said…aka me!
And if your one of the “idiots” that’s going to make the case of higher rates not effecting home prices …then you obviously know something the fed doesn’t because their doing everything under the sun to keep these rates suppressed!
Yes my little real-estate pumping friend….when the smoke clears home prices aren’t just gonna come down… their gonna crash down!
Twister
While the skeptics and the cynics were twiddling their thumbs, contemplating armageddon, the opportunity to buy low and sell high passed them buy. The moneys been made and still is being made but the chance to buy low is no longer there. Who knows how high median goes from here but I dont see a crash coming just a potential correction in the next year or so. Rates are being guided by the fed and most likely will slowly over the next few years, move up to 6 or 7 percent on a 30 year mortgage.
bob_c
30 year mortgages have gone from 3.5 to 4.75 a 33% increase. this would be equivilant to a rise from 7 to 9.5% approx.
the entire developed world is in a low interest rate environment, so the upward move in the US is a big deal. I predict some moderation in in mortgages to 4.25 to 4.5 and an end to the recent appreciation. If you want to sell….DO IT NOW. These current mortgage rates are awful for real estate values. Sell while the hype is still on…because it will end very, very soon.
Sully
I’ve noticed an interesting trend. For all of 2012 the number of sales (minus commercial type properties) to Californians was just under 9%. So far to date the same percentage for 2013 is a tad under 16%.
These are buyers that are having their tax bills sent to a CA address. Perhaps a lot of them are investors but it’s more likely they are preparing for their exit from the former Golden State, now the Goose that Laid the Golden Egg!
It will be interesting to watch CA next year (elections) to see how many tax increases or new taxes will pass the 2/3 vote requirement. The latest attempt by LA to increase its sales tax to 9.5% failed by 55 – 45. The 45 was for.
Chances are their chances are very slim to get any more blood from the corpse in this overtaxed state. However, Nevada stands to benefit from any future CA actions that enrage the taxpayers.