The number of houses sold in November dropped considerably. November’s 454 sales were down 15.5 percent month-over-month, and off 13.5 percent year-over-year.
The median sales price in November did not follow the same decline however. November’s median sales price jumped back to $224,700, just barely missing this year’s high of 224,950 set in June. November’s median sales price was up 4.5 percent month-over-month, and up 24.1 percent year-over-year.
November’s median sold price per square foot (PPSF) came in at $126.33/sq.ft. — a 0.4 percent month-over-month increase, and an increase of 26.7 percent year-over-year.
November’s median days on market (DOM) climbed to 72 days — an increase of nine days over October’s 63 DOM, but still well below the 105 median DOM seen this time a year ago.
Inventory fell to 974 units available for sale — a drop of 7.4 percent from October’s 1,052 available units. The Reno-Sparks housing market’s current months supply of inventory (MSI) remains at two months — still in “seller’s market” territory.
For the sixth consecutive month pending sales continue to slide — down 4.3 percent month-over-month and down 28.9 percent year-over-year.
November sales by type break out as follows:
- REO sales: 6% – up from October’s 4%
- Short sales: 17% – up from October’s 16%
- Equity sales: 74% – dow from October’s 78%
The proportion of distressed sales rose in November likely due to the uncertainty of whether or not The Mortgage Forgiveness Debt Relief Act will be extended beyond December 31, 2013.
November sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 17 | 3.7% |
| 100 – 199 | 167 | 40.5% |
| 200 – 299 | 148 | 73.1% |
| 300 – 399 | 66 | 87.7% |
| 400 – 499 | 25 | 93.2% |
| 500 – 599 | 10 | 95.4% |
| 600 – 699 | 5 | 96.5% |
| 700 – 799 | 4 | 97.4% |
| 800 – 899 | 4 | 98.2% |
| 900 – 999 | 2 | 98.7% |
| 1M+ | 6 | 100% |
| total | 454 |
Sales of homes in the million dollar and above price band continue to surge. [ See Million dollar (and above) home sales double in 2013]
November’s median sold price for houses and condos combined was $209,000 –- up 3.0 percent from October’s median sold price of $202,950 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 |
| Nov 2013 | 454 | $224,700 | $126.33 | 72 | 974 | 1,171 |
| Oct 2013 | 537 | $215,000 | $125.81 | 63 | 1,052 | 1,224 |
| Sep 2013 | 512 | $224,900 | $126.57 | 70 | 1,019 | 1,305 |
| Aug 2013 | 637 | $220,000 | $124.42 | 62 | 1,028 | 1,361 |
| Jul 2013 | 593 | $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 | 525 | $181,000 | $99.68 | 105 | 640 | 1,646 |
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 – December 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: October median sales price, units sold, DOM, and inventory
