December finished 2013 by turning in the highest median sales price for the year. December’s median of $230,000 represented a 2.3 percent increase over November’s median, and a 23.3 percent increase over December 2012.
477 houses sold in December 2013. This number was down 3 percent from a year earlier; but essential unchanged from November’s 475 houses sold.
December’s median sold price per square foot (PPSF) came in at $122.32/sq.ft. This number represents a sizable drop of 3.3 percent from November, but remains up 19.4 percent year-over-year.
December’s median days on market (DOM) climbed to 76 days — an increase of five days over November’s 71 DOM, but still well below the 107 median DOM seen this time a year ago.
Inventory continues to fall. Currently 828 houses are available for sale — a large decrease of 15 percent from November’s 974 available units. The Reno-Sparks housing market’s current months supply of inventory (MSI) has fallen below two months — clearly a “seller’s market”.
The lack of inventory continues to impact pending sales. Pending sales are down 18.6 percent month-over-month and down nearly 33 percent from a year ago.
December sales by type break out as follows:
- REO sales: 4% – up from November’s 6%
- Short sales: 24% – up from November’s 17%
- Equity sales: 71% – dow from November’s 74%
Short sales increased in December due to the uncertainty of whether or not The Mortgage Forgiveness Debt Relief Act would be extended beyond December 31, 2013.
December sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 15 | 3.1% |
| 100 – 199 | 172 | 39.2% |
| 200 – 299 | 157 | 72.1% |
| 300 – 399 | 66 | 86.0% |
| 400 – 499 | 32 | 92.7% |
| 500 – 599 | 11 | 95.0% |
| 600 – 699 | 7 | 96.4% |
| 700 – 799 | 4 | 97.3% |
| 800 – 899 | 2 | 97.7% |
| 900 – 999 | 3 | 98.3% |
| 1M+ | 8 | 100% |
| total | 477 |
Sales of homes in the million dollar and above price band continue to surge — with 8 such sales in December. [ See Million dollar (and above) home sales double in 2013]
December’s median sold price for houses and condos combined was $215,000 –- up 2.9 percent from November’s median sold price of $209,000 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 |
| Dec 2013 | 477 | $230,000 | $122.32 | 76 | 828 | 953 |
| Nov 2013 | 475 | $224,900 | $126.51 | 71 | 974 | 1,171 |
| Oct 2013 | 538 | $214,875 | $125.61 | 63 | 1,052 | 1,224 |
| Sep 2013 | 513 | $224,900 | $126.53 | 70 | 1,019 | 1,305 |
| Aug 2013 | 638 | $220,000 | $124.56 | 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 |
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 – January 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: November median sales price, units sold, DOM and inventory
