The Reno-Sparks, Nevada Real Estate Market has Returned to its Normal Seasonality of a Winter Slow Down With Sales Higher in the Spring and Summer Months.
Reno-Sparks Homes Median Sales Price
- December 2013 median home price was up 2.0% to $229,500 compared to $224,900 in November 2013 and up 23.1% compared to $186,500 in December 2012.
Reno-Sparks Homes Sold
- December, 2013 homes sold was up 1.9% to 484 compared to 475 in November, 2013 and down 1.6% compared to 492 in December 2012.
Reno-Sparks Homes New Listings
- December, 2013 new listings was down -42.9% to 275 compared to 482 in November, 2013 and down -10.1% compared to 306 in December 2012.
- Properties listed at under $250,000 made up 60% of new listings entering the market during the month of December, 2013.
- 29% of new December, 2013 listings were distressed. Short Sales 22%; REO 5%; No special conditions 71%; and Other 2%.
Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- At the end of December, 2013, there was 3.3 months of unsold inventory based on the monthly sales rate.
Homes and Absorption by Price
- Properties under $100,000 and between $500,000 and $750,000 are in a balanced market.
- Properties over $750,000 are a buyer's market.
- All other prices have less than 3.3 month's supply of inventory and would be considered a seller's market.
- 54% of the total sales for the month of December were in the under $250,000 price range.
Homes and Absorption by Area Group
- Spanish Springs had the highest level of active inventory with 150 Active listings.
- The North Valleys, Northwest, Spanish Springs, and Sparks show the highest level of activity in pending sales for the month.
- Spanish Springs, North Valleys, Metro Southwest, Northwest show the highest volume of closed sales for the month.
- VC Highlands and Suburban Southwest are considered a balanced market with 5-7 month's supply of inventory (MSI). Washoe Valley is a buyer's market. All remaining areas are considered a seller's market with less than 3.6 MSI.
Conclusion
- December home sales were at 484 up 2% from November 2013 and down 2% compared to December 2012.
- Total sales for 2013 had the highest total sales for a year in history with 6,099, even though it appears to be a flat performance. In 2013, we returned to the normal sales trend of summer highs and winter lows.
- The median home sales price has slowed from the accelerated pace seen during the period January 2012 through May 2013.
- Pending sales were down from November 2013. As pending sales are a leading indicator of future closed transactions, 2014 may have a sluggish start. Even with slow start, buyer demand and low interest rates should help to sustain the current recovery.
- New listings in December are the lowest in history, but total new listings for 2013 exceeded 2012. New Listings are still down significantly from new listing levels prior to 2012.
To read theRsar Market Report Dec. 2013 with charts, graphs and 5 year history.
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