September’s median sales price of $175,000 receded slightly from August’s $175,500. Despite the slight decrease, September’s median sold price is up 17 percent year-over-year.
Sold price per square foot similarly leveled off in September. September’s $98.43/sq.ft. was down slightly from August’s $98.78/sq.ft., but, again, up more than 17 percent year-over-year.
Units sold dropped considerably for the month. September’s 459 units sold represents nearly a 13 percent decrease from the 526 houses sold in August.
Median days on market (DOM) rose from 86 in August to 92 in September.
Inventory remains extremely tight with the market still having less than a two-month supply of available listings.
September sales by type break out as follows:
- REO sales: 12% – down from August’s 13%
- Short sales: 41% – up from August’s 38%
- Equity sales: 46% – down from August’s 49%
September saw a rise in the proportion of short sales. The could be an indication of banks wanting to clear these transactions prior to the end of the year.
September sales by price band break out as follows in the table below. 10.5% of the houses sold in September sold for less than $100,000; 58.4% sold for less than $200,000; 94.1% sold for less than $300,000; and 96.5% sold for less than $400,000.
| sales price ($000’s) | units sold |
| 0 – 99 | 48 |
| 100 – 199 | 220 |
| 200 – 299 | 109 |
| 300 – 399 | 55 |
| 400 – 499 | 11 |
| 500 – 599 | 10 |
| 600 – 699 | 3 |
| 700 – 799 | 3 |
| 800 – 899 | 0 |
| 900 – 999 | 0 |
| 1M+ | 0 |
| total | 459 |
Interestingly, September saw no closed sales over $750,000.
For those readers who prefer the median sold price for houses and condos combined, September’s 515 sold houses, condos and town homes exhibited a combined median sold price of $160,000 – up 3 percent from August’s median sold price of $155,000 for 618 combined sales.
Below are the last 13 months of data:
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Sep 2012 | 459 | $175,000 | $98.43 | 92 | 836 | 1,811 |
| Aug 2012 | 526 | $175,500 | $98.78 | 86 | 882 | 1,846 |
| July 2012 | 514 | $165,000 | $94.33 | 88 | 832 | 1,873 |
| Jun 2012 | 514 | $170,000 | $91.48 | 92 | 759 | 1,891 |
| May 2012 | 524 | $164,750 | $90.56 | 99 | 783 | 1,873 |
| Apr 2012 | 526 | $151,100 | $87.04 | 95 | 785 | 1,885 |
| Mar 2012 | 540 | $149,900 | $84.89 | 107 | 809 | 1,889 |
| Feb 2012 | 465 | $145,500 | $82.12 | 100 | 980 | 1,788 |
| Jan 2012 | 448 | $135,000 | $81.16 | 123 | 1,170 | 1,643 |
| Dec 2011 | 534 | $155,000 | $85.86 | 123 | 1,403 | 1,481 |
| Nov 2011 | 497 | $149,012 | $85.02 | 115 | 1,545 | 1,635 |
| Oct 2011 | 497 | $148,000 | $84.32 | 107 | 1,682 | 1,646 |
| Sep 2011 | 575 | $149,000 | $83.73 | 106 | 2,044 | 1,967 |
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 – October 2012. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: August median sold price, units, DOM, $/sq.ft.
Sirrom
Have we reached the top of the AB 284 bubble?
Matthew
AB284 can’t be adjusted until October 2013.
GreeenNV
Is there any legislative movement to alter AB 284 in the 2013 session of the Legislature? I haven’t seen or heard anything. Is AB 284 so hard or restrictive? It seems it only asks the banks /servicers to prove that have the right to foreclose.
Sully
Not sure modifying AB284 would even make much difference as the banks settled with feds a while back and the terms were similar to AB284. The only difference is the NV law took effect sooner and was more defined.
Regardless though, with interest at 3.5% and 3% down – its almost impossible to not qualify for a loan if you have a job and can sign your name. Not a whole lot of difference from the liar loan era. Still a lot of houses on market for under 100K which is about $356/month loan payment. You don’t need a 100K income to qualify for that. Houses under 50K come out with a for sale sign and pending already attached.
Whether these are investors or just buyers looking for a roof over there heads they are going like hot cakes.
I did mention about a year ago that buying then wasn’t that bad of a time, doesn’t mean this mess is anywhere near over and the Great Depression II is still around the corner. This is not meant to be a gloom and doom analysis but more of a stark reality if things in DC don’t change soon.
Twister
With the data being presented here and the evidence of buyer demand in new homes around town the housing recovery is intact and can feed on itself. The median may fluctuate around $175K for awhile before another leg up to $200K next year. Thats my guess!
October median sales price, units sold, DOM, and inventory | Reno Real Estate Blog
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