The seasonal slow down is upon us. 497 houses sold in September, and this is the first month since April that the number of houses sold was below 500 units. September’s 497 houses sold is a 21% reduction from the 629 houses sold in August.
September’s median price came in at $224,900 and increased 2.2 percent over August’s median. September’s median also came very close (within $50) of edging out the year’s high of $224,950 set in June.
September’s median represents a 28.5 percent year-over-year increase over September 2012’s median of $175,000.
September’s median sold price per square foot (PPSF) also increased — hitting $126.58/sq.ft. This PPSF represents not only a high for the year, but also a PPSF not seen since October 2008.
September’s median days on market (DOM) jumped to 70 days — adding more than a week to August’s 62 DOM.
Inventory is holding steady at 1,019 units available for sale. Given the 497 houses sold in September, current months supply of inventory (MSI) stands at just over two months — still in “seller’s market” territory.
September sales by type break out as follows:
- REO sales: 5% – unchanged from August’s 5%
- Short sales: 20% – down from August’s 21%
- Equity sales: 73% – unchanged from August’s 73%
Equity sales accounted for nearly three-quarters of the sales for the month of September.
September sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 18 | 3.6% |
| 100 – 199 | 179 | 36.0% |
| 200 – 299 | 158 | 71.4% |
| 300 – 399 | 69 | 85.3% |
| 400 – 499 | 34 | 92.2% |
| 500 – 599 | 17 | 95.6% |
| 600 – 699 | 6 | 96.7% |
| 700 – 799 | 3 | 97.4% |
| 800 – 899 | 4 | 98.2% |
| 900 – 999 | 1 | 98.4% |
| 1M+ | 8 | 100% |
| total | 479 |
For those readers who prefer the median sold price for houses and condos combined, September’s 568 sold houses, condos and town homes exhibited a combined median sold price of $205,000 – unchanged from August’s median sold price of $205,000 for 717 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 |
| Sep 2013 | 497 | $224,900 | $126.58 | 70 | 1,019 | 1,305 |
| Aug 2013 | 629 | $220,000 | $124.42 | 62 | 1,028 | 1,361 |
| Jul 2013 | 587 | $215,000 | $123.25 | 64 | 920 | 1,455 |
| Jun 2013 | 532 | $224,950 | $123.60 | 59 | 859 | 1,527 |
| May 2013 | 538 | $218,500 | $119.14 | 64 | 756 | 1,563 |
| Apr 2013 | 481 | $205,000 | $112.53 | 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 |
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 – October 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: August median sales price, units sold, DOM, and inventory
