July sales continue to be strong, units-wise. Units sold are still hovering around 500/month; 490 to be precise (but will probably hit 500 by the time all the sales for July have finally been entered into the MLS). 490 units sold is a nice 18 percent increase over July 2010’s 415 units sold.
The median sales price for July dropped back down to $150,000 – a level we last saw in May when a new low median sales price was set. Is $150,000 the floor? Is there resistance at $150,000? Only time will tell. July’s median sales price is down 16.7 percent year-over-year.
Speaking of new lows, July’s median sold price per square foot of $87.46 is a new low – dropping 3.1 percent from June’s $90.27/sq.ft., and down 14.1 percent year-over-year. To lend some perspective to these numbers; the median size of the homes sold in July was 1,749 sq.ft. At $87.46/sq.ft., such a home would cost $152,968. Compare this to a year ago, where the same size home would have cost around $178,118 (using July 2010’s median sold price per square foot of $101.84) – a difference of $25,150.
Distressed properties still account for about two-thirds of monthly sales. July’s sales breakout as follows:
- Bank-owned properties: 37% – down from June’s 41%
- Short sales: 28% – up from June’s 25%
- Equity sales: 33% – down slightly from June’s 34%
July sales by price band break out as follows: [Note: there were four sales over $1M in July; see The million dollar and above market in Reno/Sparks for a related post.]
| sales price ($000’s) | units sold |
| 0 – 99 | 88 |
| 100 – 199 | 253 |
| 200 – 299 | 83 |
| 300 – 399 | 29 |
| 400 – 499 | 18 |
| 500 – 599 | 7 |
| 600 – 699 | 2 |
| 700 – 799 | 2 |
| 800 – 899 | 0 |
| 900 – 999 | 4 |
| 1M+ | 4 |
| total | 490 |
For those readers who prefer the median sold price for houses and condos combined, July’s 581 sold houses, condos and town homes exhibited a combined median sold price of $138,500 – down 1.8 percent from June’s combined median of $141,050 for 612 sales.
Historical data follows:
| Month Year | # Sold | Sold Price | Sold Price per Sq Ft | Average DOM | # of Listings | # of Pendings |
| July 2011 | 490 | $150,000 | $87.46 | 128 | 2,028 | 1,667 |
| June 2011 | 534 | $153,400 | $90.27 | 123 | 1,990 | 1,689 |
| May 2011 | 505 | $150,000 | $88.46 | 133 | 1,968 | 1,682 |
| Apr 2011 | 435 | $155,250 | $89.74 | 137 | 1,914 | 1,593 |
| Mar 2011 | 511 | $160,000 | $91.59 | 132 | 1,906 | 1,497 |
| Feb 2011 | 387 | $161,000 | $93.35 | 142 | 1,882 | 1,416 |
| Jan 2011 | 365 | $157,000 | $92.35 | 152 | 1,970 | 1,329 |
| Dec 2010 | 485 | $165,000 | $94.31 | 143 | 2,021 | 1,148 |
| Nov 2010 | 398 | $170,000 | $96.43 | 139 | 2,060 | 1,376 |
| Oct 2010 | 418 | $174,950 | $98.57 | 135 | 2,146 | 1,371 |
| Sep 2010 | 467 | $168,000 | $97.52 | 132 | 2,186 | 1,473 |
| Aug 2010 | 450 | $180,000 | $97.54 | 127 | 2,222 | 1,513 |
| Jul 2010 | 415 | $180,000 | $101.84 | 128 | 2,158 | 1,580 |
| Jun 2010 | 602 | $170,000 | $100.52 | 145 | 1,966 | 1,625 |
| May 2010 | 450 | $175,807 | $102.37 | 138 | 1,789 | 1,804 |
| Apr 2010 | 510 | $179,995 | $103.13 | 128 | ||
| Mar 2010 | 477 | $175,000 | $99.14 | 141 | ||
| Feb 2010 | 338 | $170,000 | $101.68 | 138 | ||
| Jan 2010 | 346 | $167,000 | $97.06 | 134 | ||
| Dec 2009 | 424 | $178,000 | $101.28 | 126 | ||
| Nov 2009 | 461 | $175,000 | $103.61 | 112 | ||
| Oct 2009 | 561 | $180,000 | $103.52 | 123 | ||
| Sep 2009 | 520 | $185,948 | $103.31 | 128 | ||
| Aug 2009 | 482 | $179,900 | $102.64 | 116 | ||
| Jul 2009 | 515 | $180,000 | $103.45 | 126 | ||
| Jun 2009 | 536 | $180,317 | $104.09 | 136 | ||
| May 2009 | 426 | $175,000 | $102.29 | 139 | ||
| Apr 2009 | 429 | $190,000 | $105.71 | 133 | ||
| Mar 2009 | 369 | $200,000 | $105.85 | 133 | ||
| Feb 2009 | 293 | $205,000 | $111.52 | 132 | ||
| Jan 2009 | 233 | $200,000 | $113.04 | 117 | ||
| Dec 2008 | 294 | $218,950 | $121.74 | 145 | ||
| Nov 2008 | 269 | $220,000 | $122.24 | 152 | ||
| Oct 2008 | 354 | $230,000 | $131.43 | 144 | ||
| Sep 2008 | 358 | $239,250 | $136.72 | 145 | ||
| Aug 2008 | 321 | $250,000 | $142.14 | 140 | ||
| Jul 2008 | 397 | $251,000 | $145.48 | 139 | ||
| Jun 2008 | 369 | $262,500 | $148.05 | 142 | ||
| May 2008 | 314 | $260,215 | $152.30 | 134 | ||
| Apr 2008 | 314 | $275,000 | $154.05 | 172 | ||
| Mar 2008 | 238 | $274,000 | $150.93 | 166 | ||
| Feb 2008 | 195 | $289,000 | $156.48 | 149 | ||
| Jan 2008 | 165 | $285,000 | $170.23 | 146 | ||
| Dec2007 | 228 | $283,950 | $167.22 | 143 | ||
| Nov2007 | 204 | $299,750 | $172.24 | 126 | ||
| Oct2007 | 241 | $296,000 | $173.55 | 116 | ||
| Sep2007 | 230 | $299,945 | $179.46 | 114 | ||
| Aug2007 | 311 | $305,000 | $182.49 | 118 | ||
| Jul2007 | 300 | $315,000 | $189.78 | 113 | ||
| Jun2007 | 329 | $320,000 | $196.78 | 104 | ||
| May2007 | 364 | $313,200 | $190.81 | 107 | ||
| Apr2007 | 320 | $309,500 | $193.93 | 121 | ||
| Mar2007 | 324 | $315,000 | $189.61 | 121 | ||
| Feb 2007 | 269 | $315,000 | $191.18 | 126 | ||
| Jan 2007 | 245 | $312,900 | $199.79 | 133 | ||
| Dec2006 | 291 | $309,000 | $193.51 | 114 | ||
| Nov2006 | 281 | $318,000 | $197.32 | 111 | ||
| Oct 2006 | 363 | $312,400 | $201.44 | 105 | ||
| Sep2006 | 344 | $314,950 | $198.08 | 98 | ||
| Aug2006 | 349 | $325,000 | $210.92 | 94 | ||
| Jul2006 | 373 | $335,000 | $210.62 | 93 | ||
| Jun2006 | 424 | $339,000 | $214.54 | 91 | ||
| May2006 | 374 | $339,950 | $219.05 | 99 | ||
| Apr2006 | 368 | $334,600 | $212.08 | 88 | ||
| Mar2006 | 387 | $340,000 | $215.54 | 99 | ||
| Feb 2006 | 283 | $335,000 | $217.29 | 101 | ||
| Jan 2006 | 274 | $365,000 | $216.38 | 98 | ||
| Dec2005 | 333 | $355,000 | $217.31 | 89 | ||
| Nov2005 | 385 | $349,000 | $220.00 | 81 | ||
| Oct2005 | 484 | $359,450 | $223.06 | 77 | ||
| Sep2005 | 531 | $354,500 | $219.26 | 77 | ||
| Aug2005 | 582 | $360,500 | $220.52 | 73 | ||
| Jul2005 | 608 | $353,000 | $218.99 | 71 | ||
| Jun2005 | 679 | $350,000 | $215.69 | 69 | ||
| May2005 | 644 | $333,250 | $209.95 | 68 | ||
| Apr2005 | 558 | $326,750 | $207.57 | 77 | ||
| Mar2005 | 584 | $325,000 | $200.17 | 81 | ||
| Feb 2005 | 342 | $318,500 | $197.54 | 88 | ||
| Jan 2005 | 341 | $310,000 | $195.19 | 85 | ||
| Dec2004 | 450 | $312,500 | $190.72 | 77 | ||
| Nov2004 | 448 | $309,950 | $191.62 | 63 | ||
| Oct2004 | 512 | $299,250 | $188.72 | 53 | ||
| Sep2004 | 496 | $292,750 | $185.78 | 61 | ||
| Aug2004 | 505 | $285,000 | $182.95 | 56 | ||
| Jul2004 | 544 | $304,300 | $179.28 | 61 | ||
| Jun2004 | 533 | $285,000 | $172.16 | 65 | ||
| May2004 | 476 | $278,750 | $169.64 | 65 | ||
| Apr2004 | 526 | $259,950 | $158.08 | 67 | ||
| Mar2004 | 508 | $245,000 | $142.56 | 71 | ||
| Feb 2004 | 365 | $237,000 | unavailable | 81 | ||
| Jan 2004 | 380 | $228,500 | unavailable | 78 | ||
| Dec2003 | 441 | $240,000 | unavailable | 82 | ||
| Nov2003 | 444 | $220,750 | unavailable | 78 | ||
| Oct2003 | 430 | $219,880 | unavailable | 76 | ||
| Sep2003 | 587 | $223,000 | unavailable | 71 | ||
| Aug2003 | 512 | $220,000 | unavailable | 75 | ||
| Jul2003 | 533 | $210,000 | unavailable | 77 | ||
| Jun2003 | 475 | $207,000 | unavailable | 77 | ||
| May2003 | 450 | $198,950 | unavailable | 85 | ||
| Apr2003 | 478 | $197,750 | unavailable | 82 | ||
| Mar 2003 | 428 | $192,000 | unavailable | 77 | ||
| Feb 2003 | 321 | $186,895 | unavailable | 79 | ||
| Jan 2003 | 316 | $186,000 | unavailable | 96 | ||
| Dec 2002 | 379 | $193,500 | unavailable | 93 | ||
| Nov 2002 | 423 | $190,000 | unavailable | 82 | ||
| Oct 2002 | 483 | $189,900 | unavailable | 83 | ||
| Sep 2002 | 410 | $174,000 | unavailable | 85 | ||
| Aug 2002 | 459 | $180,000 | unavailable | 74 | ||
| Jul 2002 | 469 | $176,000 | unavailable | 83 | ||
| Jun 2002 | 445 | $185,000 | unavailable | 80 | ||
| May 2002 | 470 | $178,450 | unavailable | 77 | ||
| Apr 2002 | 360 | $169,500 | unavailable | 93 | ||
| Mar 2002 | 377 | $169,000 | unavailable | 84 | ||
| Feb 2002 | 323 | $170,900 | unavailable | 89 | ||
| Jan 2002 | 269 | $172,475 | unavailable | 99 | ||
| Dec 2001 | 287 | $182,000 | unavailable | 86 | ||
| Nov 2001 | 323 | $161,500 | unavailable | 85 | ||
| Oct 2001 | 357 | $166,500 | unavailable | 79 | ||
| Sep 2001 | 355 | $168,000 | unavailable | 81 | ||
| Aug 2001 | 448 | $160,350 | unavailable | 84 | ||
| Jul 2001 | 433 | $169,900 | unavailable | 90 | ||
| Jun 2001 | 426 | $166,225 | unavailable | 96 | ||
| May 2001 | 404 | $162,050 | unavailable | 97 | ||
| Apr 2001 | 370 | $158,750 | unavailable | 94 | ||
| Mar 2001 | 385 | $159,900 | unavailable | 97 | ||
| Feb 2001 | 297 | $159,950 | unavailable | 104 | ||
| Jan 2001 | 264 | $165,000 | unavailable | 102 | ||
| Dec 2000 | 272 | $156,500 | unavailable | 100 | ||
| Nov 2000 | 355 | $154,500 | unavailable | 93 | ||
| Oct 2000 | 348 | $153,000 | unavailable | 98 | ||
| Sep 2000 | 356 | $160,000 | unavailable | 104 | ||
| Aug 2000 | 412 | $163,375 | unavailable | 94 | ||
| Jul 2000 | 368 | $155,000 | unavailable | 110 | ||
| Jun 2000 | 466 | $165,845 | unavailable | 104 | ||
| May 2000 | 363 | $158,000 | unavailable | 105 | ||
| Apr 2000 | 312 | $155,000 | unavailable | 113 | ||
| Mar 2000 | 339 | $162,700 | unavailable | 102 | ||
| Feb 2000 | 248 | $148,000 | unavailable | 108 | ||
| Jan 2000 | 223 | $156,000 | unavailable | 113 | ||
| Dec 1999 | 264 | $155,000 | unavailable | 118 | ||
| Nov 1999 | 293 | $149,900 | unavailable | 98 | ||
| Oct 1999 | 289 | $147,895 | unavailable | 108 | ||
| Sep 1999 | 311 | $157,000 | unavailable | 106 | ||
| Aug 1999 | 360 | $148,500 | unavailable | 112 | ||
| Jul 1999 | 375 | $147,800 | unavailable | 105 | ||
| Jun 1999 | 372 | $150,000 | unavailable | 103 | ||
| May 1999 | 307 | $145,500 | unavailable | 106 | ||
| Apr 1999 | 324 | $151,700 | unavailable | 111 | ||
| Mar 1999 | 308 | $151,000 | unavailable | 121 | ||
| Feb 1999 | 249 | $148,900 | unavailable | 120 | ||
| Jan 1999 | 210 | $143,000 | unavailable | 115 | ||
| Dec 1998 | 265 | $140,000 | unavailable | 118 | ||
| Nov 1998 | 280 | $152,800 | unavailable | 126 | ||
| Oct 1998 | 286 | $142,825 | unavailable | 115 | ||
| Sep 1998 | 279 | $144,500 | unavailable | 102 | ||
| Aug 1998 | 331 | $145,000 | unavailable | 113 | ||
| Jul 1998 | 335 | $150,000 | unavailable | 108 | ||
| Jun 1998 | 351 | $148,500 | unavailable | 103 | ||
| May 1998 | 302 | $145,500 | unavailable | 99 | ||
| Apr 1998 | 235 | $149,000 | unavailable | 111 | ||
| Mar 1998 | 267 | $142,500 | unavailable | 114 | ||
| Feb 1998 | 201 | $139,900 | unavailable | 126 | ||
| Jan 1998 | 167 | $149,490 | unavailable | 129 |
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 – August 2011. Note: This information is deemed reliable, but not guaranteed.
Scranton
The median in July of 1998 was $150,000. So, the gain in the median over the past 13 years has been…..uh, well, nothing.
Kinda like the S&P 500 Index, where the gain over the past 13 years has been….uh, well, nothing.
And when we factor in inflation over the past 13 years, these investment classes have been….uh, well, dismal.
Anybody out there feeling like they have been treading water for the past several years? Just barely staying even?
Now I know there are some real nit-pickers on this blog who like to argue. You all can save your fire. I think you get my point.