May sales show a continuation of April’s trend – namely dwindling affordable inventory is causing units sold to decrease and the median sales price to increase. But the surprise in May was just how great the increase in sales price is. May’s median sold price increased a whopping 8.7 percent over April’s median sold price. The median sales price in the Reno-Sparks market is now at $165,000 – number not seen since December 2010.
Combined with the monthly increases observed since January of this year, the median sold price is now up more than 22 percent year-to-date, and up 10 percent year-over-year.
Not surprisingly, May’s median sold price per square foot also followed suit – increasing to $90.50, or a 4.2 percent over April’s number of $86.86/sf.
The number of available listings for sale remains at a record low of 783 listings. Given the current rate of sales – 479 units sold for the month of May – the Reno-Sparks market has less than two months supply of inventory.
May sales by type break out as follows:
- REO sales: 22% – down from April’s 26%
- Short sales: 39% – up from April’s 32%
- Equity sales: 37% – down from April’s 40%
May sales by price band break out as follows in the table below. 15% of the houses sold in May sold for less than $100,000; 64% sold for less than $200,000; 87% sold for less than $300,000; and 94% sold for less than $400,000.
| sales price ($000’s) | units sold |
| 0 – 99 | 74 |
| 100 – 199 | 233 |
| 200 – 299 | 111 |
| 300 – 399 | 30 |
| 400 – 499 | 15 |
| 500 – 599 | 6 |
| 600 – 699 | 3 |
| 700 – 799 | 2 |
| 800 – 899 | 0 |
| 900 – 999 | 2 |
| 1M+ | 3 |
| total | 479 |
For those readers who prefer the median sold price for houses and condos combined,
May’s 570 sold houses, condos and town homes exhibited a combined median sold price of $152,000 – up 4.6 percent from April’s median of $145,000 for 592 combined sales.
The last 13 months of data:
| Month Year | # Sold | Sold Price | Sold Price per Sq Ft | Avg/Med DOM | # of Actives | # of Pendings |
| May 2012 | 479 | $165,000 | $90.50 | 146 / 103 | 783 | 1,873 |
| Apr 2012 | 522 | $151,850 | $86.86 | 144 / 95 | 785 | 1,885 |
| Mar 2012 | 540 | $149,900 | $84.89 | 144 / 107 | 809 | 1,889 |
| Feb 2012 | 464 | $145,250 | $82.31 | 131 / 99 | 980 | 1,788 |
| Jan 2012 | 448 | $135,000 | $81.16 | 146 / 123 | 1,170 | 1,643 |
| Dec 2011 | 534 | $155,000 | $85.86 | 148 / 123 | 1,403 | 1,481 |
| Nov 2011 | 497 | $149,012 | $85.02 | 146 / 115 | 1,545 | 1,635 |
| Oct 2011 | 498 | $147,950 | $84.22 | 145 / 106 | 1,682 | 1,646 |
| Sep 2011 | 575 | $149,000 | $83.73 | 133 / 106 | 2,044 | 1,967 |
| Aug 2011 | 555 | $154,000 | $91.36 | 125 / 98 | 1,947 | 1,694 |
| July 2011 | 512 | $149,950 | $87.65 | 128 / 96 | 2,028 | 1,667 |
| June 2011 | 538 | $154,000 | $90.12 | 123 / 89 | 1,990 | 1,689 |
| May 2011 | 510 | $150,000 | $88.66 | 133 / 104 | 1,968 | 1,682 |
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 – June 2012. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data.
Related post: April median sold price, units, DOM, $/sq.ft.
E.Edward
Yes Sir AB284 is working like a charm, driving short term prices up, and even better news for the underwater non paying mortgage holder…..Good-thing there’s still lots of greedy, brainless buyers out there, This just sets up the greatest default of all-time!
All I have to do is sit back,watch the carnage unfold and pick these shacks up for half price later!
Twister
Thats quite a move for one month! Its surprising that it did that with short sales increasing and equity sales dropping. REOs dropped a little but not enough to have that big of an effect on the median.
Bob Korman
This just sets up the greatest default of all-time!
Free Falling
Hmmmm… A quick check of Northwest Foothills (Somersett and surrounding area) shows the lowest price available (not pending) 3 BD home now at $237.5 k. A few months ago there were listings in Northwest Foothills under $150 k. I am sure this is typical of other neighborhoods.
With typical short sale closings still taking four – six months, the median price is being held down by contracts written back in December. Expect to see the median bump up considerably higher over the next few months.
While we were all concerned about the impact of AB284, one clear result is that it creates a very strong incentive for the banks to process short sales since they can’t foreclose. The investors continue to dive in purchasing homes as rentals and those owner occupiers savvy enough to get off the fence are enjoying the lowest mortgage rates ever.
I would be shocked if the median price is under $180 k this time next year.
And by the way perma-bears, increasing prices is a national phenomena, so this isn’t just AB284 at work.
E.Edward
Wrong Free Falling, The National average price is falling…..
http://agbeat.com/real-estate-news-events/sp-home-prices-fall-to-ten-year-low/
Look this isn’t a perma-bear issue, The bottom line is, ab284 is absolutely artificially affecting short term prices…..Why would anybody other than a realtor want to paint this up as some kind of god-sent phenomena, when ten of thousands of future foreclosed homes are gonna hit the Nevada market like a freight train, reeking havoc on the median price?
I wouldn’t be a bit surprised to see the median drop in half at that point!
However, it sure is funny how these banks can round-up the correct documentation at a short sale, but boy when they need to service a nod…. forget about that! hmm?
Twister
If the Great Pumpkin does arrive E. Edward…let me know! In the meantime enjoy the wait.
holy moly
$80k median Edward? LOL, enjoy the wait
hmm
famous last words?
June median sold price, units, DOM, $/sq.ft. | RRB Home
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