Sales picked up in October compared to September’s number of houses sold. 531 houses sold in October — a 4.3 percent increase over the 509 sold in September.
October’s 531 houses sold exhibited a median sales price of $215,000 — a drop of 3.8 percent from September’s median of $223,500. October’s median sales price is up 19.4 percent year-over-year.
October’s median sold price per square foot (PPSF) was $125.81/sq.ft. — a 0.6 percent decline from September’s median PPSF of $126.53. October’s median sold PPSF is up 28.5 percent year-over-year.
October’s median days on market (DOM) receded to 63 days — removing a week from September’s 70 DOM.
Inventory rose a bit to 1,052 units available for sale. Given the 531 houses sold in October, the market’s current months supply of inventory (MSI) remains at two months — still in “seller’s market” territory.
October sales by type break out as follows:
- REO sales: 4% – down from September’s 5%
- Short sales: 16% – down from September’s 20%
- Equity sales: 78% – up from September’s 73%
The number of bank-owned properties continues to fall, while the number of equity sales continue to climb.
October sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 15 | 2.8% |
| 100 – 199 | 212 | 42.7% |
| 200 – 299 | 174 | 75.5% |
| 300 – 399 | 64 | 87.6% |
| 400 – 499 | 30 | 93.2% |
| 500 – 599 | 11 | 95.3% |
| 600 – 699 | 4 | 96.0% |
| 700 – 799 | 7 | 97.4% |
| 800 – 899 | 3 | 97.9% |
| 900 – 999 | 2 | 98.3% |
| 1M+ | 9 | 100% |
| total | 531 |
October’s median sold price for houses and condos combined was $203,120 –- down 0.9 percent from September’s median sold price of $205,000 for combined sales of houses and condos.
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 |
| Oct 2013 | 531 | $215,000 | $125.81 | 63 | 1,052 | 1,224 |
| Sep 2013 | 509 | $223,500 | $126.53 | 70 | 1,019 | 1,305 |
| Aug 2013 | 636 | $220,000 | $124.56 | 62 | 1,028 | 1,361 |
| Jul 2013 | 589 | $215,000 | $122.83 | 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 | 538 | $180,000 | $97.92 | 102 | 728 | 1,772 |
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 – November 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: September median sales price, units sold, DOM, and inventory
BanteringBear
“Inventory rose a bit to 1,052 units available for sale.”
A bit? How come you are quick to compare the increase in median price YOY, but fail to report that inventory is up a whopping 45% year over year? That’s MASSIVE. This market is melting down.
Guy Johnson
BanteringBear,
Thank you for your comment. You raise a good point, yes, inventory is up 45% Y-o-Y. And, while on the surface, 45% is a huge increase, the fact remains that the “absorption rate” or “months of supply” is still indicative of a seller’s market for the Reno-Sparks residential real estate market.
Today our market has two months supply of inventory, and yes that number is up considerably from a year ago when the market had just over one month supply; however neither scenario places the local market in a balanced or neutral state, which is typically considered to be 3 – 5 months of supply.
While the increase in inventory has removed some of the pressure off the market and has contributed to a leveling of sales prices [a healthy change of pace, I might add], I wouldn’t describe the current housing market as “melting down”.
Zen
A 45% increase in supply is pretty significant, but the supply level was freakishly low so it’s a move in the right direction. Time will tell if it’s a prelude to a new bubble. It does feel a little like deja vu all over again out there. I think until the government, both federal and state, stop manipulating the market, we will never see a “normal” steady market. Maybe chaos is the new normal.
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