Reno-Sparks Nevada Homes and Real Estate Report October 2013

The Median home sales price has remained stable for the past five months, which may be due to the beginning of the seasonal softening along with increasing interest rates.

Reno-Sparks Median Home Sales Price

• October 2013 median home price was down -3.8% to $215,000 compared to $223,500 in September 2013 and up 19.4% compared to $180,000 in October 2012.
• Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.

Reno-Sparks Homes Sold

• October, 2013 homes sold was up 4.5% to 532 compared to 509 in September, 2013 and down-1.1% compared to 538 in October 2012.

Reno-Sparks Homes New Listings

• October, 2013 new listings was up 6.4% to 631 compared to 593 in September, 2013 and up 33.4% compared to 473 in October 2012.
• Properties listed at under $250,000 made up 54% of new listings entering the market during the month of October 2013.
• 23% of new October, 2013 listings were distressed.  Short sales 17%; REO 5%; No special conditions 77%; and Other 1%.

Current Months Supply of Inventory (Unsold Inventory over Sales per Month)

• At the end of October, 2013, there was 3.8 months of unsold inventory based on the monthly sales rate.

Homes and Absorption by Price

• No price bands are in a balanced market.
• Properties over $500,000 are a buyer's market.
• All prices bands below $500,000 have less than 4.9 month's supply of inventory and would be considered a seller's market.
• 62% of the total sales for the month of October were in the under $250,000 price range.

Homes and Absorption by Area Group

• Spanish Springs had the highest level of active inventory with 170 Active listings.
• The North Valleys, Northwest, Spanish Springs, and Metro Southwest show the highest level of activity in pending sales for the month.
• The North Valleys, Northwest and Spanish Springs show the highest volume of closed sales for the month.
• Suburban Southwest is considered a balanced market with 5-7 month's supply of inventory (MSI).  Metro Southwest, VC Highlands and Washoe Valley are a buyer's market.  All remaining areas are considered a seller's market with less than 4.2 MSI.

Conclusion

• After the ramp up in sales during the spring and summer months, October home sales is down 1.1% from October 2012 and up 4.5% compared to September 2013.  With a decline in pending sales in the last three months, along with typical seasonal trends, the decline is not unexpected.
• The median home sales price has remained stable for the past five months.  This may be due to the beginning of the seasonal softening of median sales price along with increasing interest rates.
• For the second consecutive month, the sold-to-asking price ratio was below 100%.  October sold-to-asking price ratio was at 99.7% compared to September 2013 at 99.5%.  Although there is still strong buyer demand, we are not seeing the sales price exceed the list price as was the trend the first eight months of 2013.

To read the rsar-market-report Oct-2013 with charts, graphs and five year history.

To read September 2013 report and previous months and years.

Report courtesy of Reno-Sparks Association of REALTORS® with data supplied by NNRMLS.