November’s median sales price for the Reno-Sparks housing market rose slightly to $182,500 — continuing the increasing trend we’ve seen all year. In fact, the median sales price has now reached a three-year high. November’s median price is:
- up 0.4 percent month-over-month, over October’s $181,750
- up 22.5 percent year-over-year, over November 2011’s $149,012
- up 35.2 percent from the low set in January of this year at $135,0000
The median sold price per square foot also increased in November — rising 1.5 percent to $99.83/sq.ft.
The number of houses sold in November fell 5.4 percent from October’s units sold, however November’s 503 houses sold was up slightly over the 497 sold in November last year.
Median days on market (DOM) continues to rise as short sales (which typically require more time to close) comprise a larger portion of sales (see breakout below). November’s median DOM now sits at 105 days.
Inventory continues to shrink. The metric “months supply of inventory” should be changed to “weeks supply of inventory”. The market currently has only a five-week supply of inventory. [Of course, as has been discussed on the blog many times, this lack of inventory is not consistent across all price bands. See Where’s the existing inventory? …not below $400,000 for more details.]
November sales by type break out as follows:
- REO sales: 9% – down from October’s 12%
- Short sales: 41% – up slightly from October’s 40%
- Equity sales: 49% – up from October’s 46%
Equity sales now comprise nearly half of the sales. Bank-owned properties now account for less than 9 percent of monthly sales.
November sales by price band break out as follows in the table below. 8.7% of the houses sold in November sold for less than $100,000; 56.7% sold for less than $200,000; 81.3% sold for less than $300,000; and 91.1% sold for less than $400,000.
| sales price ($000’s) | units sold |
| 0 – 99 | 44 |
| 100 – 199 | 241 |
| 200 – 299 | 124 |
| 300 – 399 | 49 |
| 400 – 499 | 19 |
| 500 – 599 | 16 |
| 600 – 699 | 4 |
| 700 – 799 | 2 |
| 800 – 899 | 2 |
| 900 – 999 | 0 |
| 1M+ | 2 |
| total | 503 |
For those readers who prefer the median sold price for houses and condos combined, November’s 561 sold houses, condos and town homes exhibited a combined median sold price of $170,000 – down slightly, 0.9 percent, from October’s median sold price of $171,500 for 600 combined sales.
Below are the past 13 months of data:
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Nov 2012 | 503 | $182,500 | $99.83 | 105 | 640 | 1,646 |
| Oct 2012 | 532 | $181,750 | $98.40 | 103 | 728 | 1,772 |
| Sep 2012 | 471 | $175,000 | $98.43 | 93 | 836 | 1,811 |
| Aug 2012 | 533 | $175,000 | $98.56 | 86 | 882 | 1,846 |
| July 2012 | 514 | $165,000 | $94.59 | 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 | 449 | $135,000 | $81.07 | 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 |
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 – December 2012. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: October median sales price, units sold, DOM, and inventory
Twister
Veeeeeeeeeeeee bottom!