The expiration of the tax credit appears to have an impact on sales.
- The May 2010 median price was down about 14% to $107,000 compared to $124,900 in April 2010. The median sales price has been relatively stable for the past twelve months. Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.
- May ended the month with 35 sold transactions down 25% from the prior month. Sales were down 18% over the same period last year.
- The average days on market remains relative stable at 126 days, down less than 1% from the prior month.
- 49 new listings were taken in May compared to 47 in April, a less than 1% increase. 71% of new May listings were distressed.
- May reported sales received an average of 98.7% of the seller's asking price.
- May median sales price is holding year over year. This is the first time since 2005 the year over year median price has been equal or higher to the prior year.
- As of May 31, there was 6.5 months of inventory based on the May sales rate. Absorption= unsold inventory divided by sales per month. The National Association of Realtors describes a balanced market as between 5 and 7 months supply.
Looking Back:
- May 2009 Median price was $104,000
- May 2009 sold transactions were 43
- May 2009 85% of new listings were distressed
- September 2009 was the lowest median price between May 2005 and May 2010.
Data source from Northern Nevada Regional MLS
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