January’s median sales price was $221,000 and represented a 3.9 percent drop from December’s median; but nearly a 22 percent increase year-over-year.
340 houses sold in January 2014. This number was down 31 percent from December’s 493 houses sold; and down 5.5 percent from January 2013. The months of January and February typically have the lowest number of home sales in any given year.
January’s median sold price per square foot (ppsf) came in at $125.56/sq.ft. This number represents a 3.7 percent increase over December’s ppsf, and brings us back to the median ppsf number we saw in October. January’s median ppsf is up 22.2 percent year-over-year.
Days on market (dom) continues to increase. January’s dom climbed to 86 days — an increase of ten days over December’s 76 dom, but still well below the 114 median dom seen this time a year ago.
Inventory continues to fall. Currently 817 houses are available for sale — a slight decline from the 828 houses available for sale this time last month. The Reno-Sparks housing market’s inventory remains at about a two months supply.
Pending sales increased increased nearly 14 percent over December, indicating increased sales coming in February.
January sales by type break out as follows:
- REO sales: 9% – up from December’s 4%
- Short sales: 16% – down from December’s 24%
- Equity sales: 74% – up from December’s 71%
Short sales fell in January due to the rush to close pending short sales by the end of last year. Equity sales continue to increase
January sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 11 | 3.2% |
| 100 – 199 | 129 | 41.2% |
| 200 – 299 | 117 | 75.6% |
| 300 – 399 | 42 | 87.9% |
| 400 – 499 | 16 | 92.6% |
| 500 – 599 | 11 | 95.9% |
| 600 – 699 | 2 | 96.5% |
| 700 – 799 | 4 | 97.6% |
| 800 – 899 | 4 | 98.8% |
| 900 – 999 | 3 | 99.7% |
| 1M+ | 2 | 100% |
| total | 340 |
January’s median sold price for houses and condos combined was $202,500 –- down 5.8 percent from December’s median sold price of $215,000 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 |
| Jan 2014 | 340 | $221,000 | $125.56 | 86 | 817 | 1,084 |
| Dec 2013 | 493 | $230,000 | $121.08 | 76 | 828 | 953 |
| Nov 2013 | 475 | $224,900 | $126.51 | 71 | 974 | 1,171 |
| Oct 2013 | 537 | $214,750 | $125.45 | 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 |
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 – February 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: December median sales price, units sold, DOM and inventory
Riley
So the median is just where it was in August of 2003. And down 40% from where it was in January 0f 2006.
Real estate has been one hell of an ivestment over the past 11 years, hasn’t it?
BanteringBear
“Inventory continues to fall. Currently 817 houses are available for sale — a slight decline from the 828 houses available for sale this time last month.”
Love the spin, guy. You prefer to use month over month comparisons to put some lipstick on this pig. How does this look by comparison:
Inventory continues to climb in staggering fashion. Currently 817 houses are available for sale as compared to 465 this past January- a jaw-droppingly massive 76% increase year over year.
Mr. Cadillac
Riley and Banter, you are both idiots. Money can be made when a market collapses. I know many real estate investors (me included) who bought in 2003 and sold in 2005 and made a killing. Also, many who bought in 2009 and sold in the past 6 months have doubled their money, its all about timing. You are obviously not investors or very good at it if you are……great money to be made it you know how to time it.
Walter
Nice to know that the median price of a house in Reno is the same as it was 10.5 years ago. Nice to know the median price of a house in Reno is 40% less than it was 8 years ago. For those of us who are not self-described market-timing geniuses, these are sobering facts. And yes, they are facts. At least we don’t hear the realtor spincrap about the Great American Dream of Home Ownership anymore. Or how you can never lose money buying a house in Reno. Or how a house always beats inflation.