Wow! 2011 goes out with a nice uptick in the medians. December 2011’s median sold price was $155,400 – the highest monthly median we’ve seen since April last year. Not only was December’s median higher than the seven previous months, but it was also higher than the overall median sales price for all of 2011 — $154,000 (see 2011 by the numbers).
December’s median sold price per square foot also rose nicely. At $85.97/sq.ft. December’s number represented a 1.2 percent increase over November’s $84.99/sq.ft.
Units sold continue to be robust tallying an unprecedented 524 houses sold during December. The Reno-Sparks market has never seen that many houses sold in a December. Not only does December 2011’s number represent a eight percent increase over December 2010’s 485 units sold, but 524 units sold sets a new high for number of sales in any December on record – surpassing even the bubble years. And I thought sales typically slowed this time of year.
Average days on market, 148 days, continues to hover around five months.
The number of Active listings continue to slide. The current 1,403 Active listings represent an 9.2 percent decline from November’s 1,545 Active listings. This decline in inventory is to be expected this time of year, and usually is not noteworthy because house buying activity (i.e. Pending sales) typically slows in concert. However, the number of Pendings, 1,481, exceeds the number of Active listings for the second consecutive month.
With demand exceeding supply, I suppose a rising median sales price should not be surprising. Will the trend continue? If so, for how long? Will we look back at 2011 as the year the market bottomed – hitting $148,250 in October of that year?
December sales by type break out as follows (below). The splits are similar to November’s breakout. At this time REOs still comprise over a third of the market’s monthly sales. The effects of AB 284 are not yet showing up in sales numbers, but remember the bill just went into effect October 1st, and average DOM for properties is nearly five months (see above). So, expect a lag before any effects from the bill are seen in final sales numbers.
- REO sale: 34% – down slightly from November’s 35%
- Short sales: 35% – down slightly from November’s 36%
- Equity sales: 30% – up slightly from November’s 29%
December sales by price band break out as follows:
| sales price ($000’s) | units sold |
| 0 – 99 | 104 |
| 100 – 199 | 262 |
| 200 – 299 | 100 |
| 300 – 399 | 29 |
| 400 – 499 | 13 |
| 500 – 599 | 6 |
| 600 – 699 | 3 |
| 700 – 799 | 2 |
| 800 – 899 | 1 |
| 900 – 999 | 1 |
| 1M+ | 3 |
| total | 524 |
For those readers who prefer the median sold price for houses and condos combined, December’s 606 sold houses, condos and town homes exhibited a combined median sold price of $145,000 – UP 5.4 percent from November’s combined median of $137,600 for 577 combined sales.
Historical data follows:
| Month Year | # Sold | Sold Price | Sold Price per Sq Ft | Average DOM | # of Actives | # of Pendings |
| Dec 2011 | 524 | $155,400 | $85.97 | 148 | 1,403 | 1,481 |
| Nov 2011 | 494 | $149,506 | $84.99 | 146 | 1,545 | 1,635 |
| Oct 2011 | 494 | $148,250 | $84.22 | 145 | 1,682 | 1,646 |
| Sep 2011 | 572 | $149,450 | $83.73 | 133 | 2,044 | 1,967 |
| Aug 2011 | 554 | $154,000 | $91.34 | 125 | 1,947 | 1,694 |
| July 2011 | 511 | $150,000 | $87.59 | 128 | 2,028 | 1,667 |
| June 2011 | 538 | $154,000 | $90.12 | 123 | 1,990 | 1,689 |
| May 2011 | 510 | $150,000 | $88.66 | 133 | 1,968 | 1,682 |
| Apr 2011 | 436 | $156,125 | $89.78 | 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 | ||
| 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 – January 2012. Note: This information is deemed reliable, but not guaranteed.
And the winner is… | RRB Home
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Martin
It appears we have not hit the bottom in the overpriced $1 million segment of the market. I see that the Holly House on Skyline Blvd., which hit the blog with such a big splash, has had its first price reduction. At the itme, back in August, I requested that Guy advise us all when the first price reduction occured. I guess Guy fogot about my request.
lurker
When Holly House gets down to ~$500k, I’m in!
Raymond
This blog, which used to host the finest discusssions of the Reno real estate market, has, sadly, morphed into just another realtor shill site. All this blog provides now are puff pieces from the NAR and realtor related spin outlets. Martin, I think you will wait a long time for Guy to let you know when the next price reduction occurs for the Holly House. Price reductions are just downers you know, best to be kept secret and hope nobody notices.
This blog has lost its balls. God forbid anybody in the real estate business should get offended.
Goodnight_CommRow
I question why an uptick in median price is, in Guy’s own words, “nice.” Perhaps Guy can explain this. I, personally, find this sort of REALTOR thought process deeply disturbing, since low housing prices provide happier lives for people who just need a roof over their head. With all due respect, it seems Guy has not learned a damn thing from the bubble. High housing prices destroy entire economies, and human lives.
Goodnight_CommRow
PS- I note that Guy is comparing month-over-month numbers, when year-over-year numbers- those that really matter- are down. I also note an increasing Average DOM number. I’ll have to agree, this blog has become nothing more than your average shill piece.
Guy Johnson
Goodnight_CommRow, I used the word “nice” in the sense that it is nice that perhaps we have seen the end of declining home values. Nice in that there may be some stability seen in the market. The question as to when/if the bottom of the market has been reached has been asked on this blog for for the past five years. Wouldn’t it be nice to finally have an answer to that question?
Raymond and GC, as to this blog being a “just another realtor shill site”, I feel that I maintain balance on the blog by presenting pieces from a variety of sources representing many takes on the market. For example, last week I posted, Reno market projected to decline 5% in 2012. I didn’t see this piece picked up by the other local blogs or media outlets.
A couple weeks ago I posted Nationally, no turnaround in home prices anticipated in 2012 where I linked to a piece that was not a “shill piece”
I’ve been compiling and reporting the monthly median numbers for years on this blog; just because the direction of the median trend has turned positive does not a “shill site” make.
Sully
G C; while I agree with your comment regarding high housing prices, I also think it’s nice to see price sq/ft moving back toward actual cost to build prices. The effect on the economy works both ways, high housing prices hurt and too low pricing hurts (jobs).
You’ll find it hard to have a good economy (or recovery) with no jobs, unless you’re the Chairman of the Federal Reserve – then of course you can think whatever you want.
. . . . and after 5 years it would be nice to see this thing bottom, however I think we might have a couple more quarters to go before that happens.
Sully
. . . . and to lighten the mood a little bit:
THIS STUDENT RECEIVED 0% ON AN EXAM. I would have given him 100% the
answers are so logical.
Q1. In which battle did Napoleon die?
* his last battle
Q2. Where was the Declaration of Independence signed?
* at the bottom of the page
Q3. River Ravi flows in which state?
* liquid
Q4. What is the main reason for divorce?
* marriage
Q5. What is the main reason for failure?
* exams
Q6. What can you never eat for breakfast?
* Lunch & dinner
Q7. What looks like half an apple?
* The other half
Q8. If you throw a red stone into the blue sea what it will become?
* It will simply become wet
Q9. How can a man go eight days without sleeping ?
* No problem, he sleeps at night.
Q10. How can you lift an elephant with one hand?
* You will never find an elephant that has only one hand..
Q11. If you had three apples and four oranges in one hand and four apples
and three oranges in other hand, what would you have ?
* Very large hands
Q12. If it took eight men ten hours to build a wall, how long would it take
four men to build it?
* No time at all, the wall is already built.
Q13. How can u drop a raw egg onto a concrete floor without cracking it?
*Any way you want, concrete floors are very hard to crack.
skeptical
I take umbrage at all these insults directed Guy’s way. He’s putting in no small amount of time maintaining this blog.
I love these wankers who come on the blog and berate and insult the person running it. If you don’t like the direction this blog is going, then build your own. Insulting the contributions of others is fair game, but if you don’t like the content, change the channel.
Meanwhile, a bear market only ends in utter revulsion and disgust. While only anecdotal, I see the large number of negative posts on this blog as a possible turn for the better. If you look at the general tenor of remarks over the last few months, there are a majority that are replete with sarcasm, insult, and pessimism. Gone are the retorts of Smarten and MikeZ. Gone are the once vibrant, combative throwdowns. I believe that this is simply because no one is willing to champion the positive side.
What’s positive? Homes are affordable in northern NV. Unlike 5 years ago, when a shack went for north of $350k. I see places every day that appear to be for sale for less than replacement value.
Do I think we’ll see a V-shaped recovery? No way. Do I think it is now officially safe and perhaps even wise to buy a place in northern NV? Absolutely! We may not see real appreciation for many years, but I think the great washout has largely run its course. Color me neutral to mildly bullish. If you have a few extra bucks, you’d do much better buying a property in Washoe County that investing your money with the banksters and crooks on wall street. That’s for darn sure. IMHO, FWIW.
Johnny
I feel these attacks on Guy are not only unwarranted but also pretty disturbing. Guy offers all of this awesome info to us for FREE. He doesn’t have to but he does! Try being a little more thankful jerk offs!
Guy, I want to personally thank you for all the hard work and dedication you have poured into this blog. The countless hours you have spent compiling data, answering questions, and offering truly great UNBIASED content should be more appreciated by a select few in here.
Let’s not forget about the THOUSANDS of dollars you have saved me and so many others that follow RRB. Keep it up Guy! If given the option I would totally donate to this blog.
Johnny
2011 might just be a good year to pick up some more rental property 😉
Guy Johnson
skeptical and Johnny, thank you for your comments regarding the blog. Very much appreciated.
Johnny, I hadn’t thought about a donation option. 🙂
Anonymous Coward
Ditto what skeptical & Johnny said.
Gadfly
I want to throw in my support for Guy as well. Sure, Guy sometimes has a more optimistic tone than I might take about certain items, but he gives us a great deal of information, both optimistic and pessimistic, and lets us hash it out.
lurker
such a pithy, concise comment. Is that really you, Gadfly?
OBTW, Guy’s efforts are greatly appreciated, and the whiners who follow this blog, regularly complaining about the blogmaster’s comments, with blog posts of their own, using the same blog……seem not to appreciate the irony of the situation….
Gadlfly
Yes, lurker, it is I, the true Gadfly. I had written something much longer about the progression of the RRB from a hot bed for the “hostile pessimists” who intelligently, if not always politely, championed rational analysis in a world of irrational exuberance to a den of vipers who wantonly and indiscriminately attack anyone whose posts might even tangentially suggestive some positive, or even neutral, prognostication on the Reno real estate market. I also lamented that Mike would not be involved with the RRB henceforth, specifically as his posts often served to balance, or at least give new light to, some of the more “optimistic” topics Guy posted.
However, on my read through, I grew concerned that I had strayed from my intent of showing support for Guy to such an extent that the efficacy of my primary message was problematic. Thus, I merely posted my first paragraph, which contained the sentiment I most wished to convey. I apologize for disappointing anyone with the brevity of the comment, and I will endeavor to maintain my expected verbosity in future postings.
U.S. housing supply lowest in four years | RRB Home
[…] How does the local inventory compare to the Nation’s? Looking at the most recent numbers (see December median sold price, units, DOM, $/sq.ft.) I see that December 2011′s Active listed inventory for Reno-Sparks, Nevada was 1,403 units. […]
January median sold price, units, DOM, $/sq.ft | RRB Home
[…] January’s median sales price plummeted a whopping 12.9 percent from December’s median sales price — the largest 1-month drop we’ve ever seen. January’s median sales price was $135,000, and is so low, in fact, that looking through our MLS data back to 1998 (which is as far back as the MLS has data), I can not find a month that had a lower median sales price. February 1998 came close with a median sales price of $139,900, but last month’s median of $135,000 is 3.7 percent below even that — placing current home prices back to 1997 levels. [So much for hoping that October 2011's $148,000 median may have been the bottom.] […]