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Guy Johnson, MBA, EcoBroker

September Median Home Prices for Reno-Sparks, Nevada

Median sold price and units sold for September remained relatively stable compared to August's numbers. The median sold price continues to fall, but not as dramatically as we saw last month.

The number of homes listed for sale in September fell 7% compared to August's listings. This is a typical seasonal trend observed as sellers take their homes off the market for the holidays and slower home buying season.

See all the numbers here.

Reno MLS Areas by Percent Decline in Median Home Price

From my monthly median sold price table we know that Reno-Sparks home prices are now more then 30% off their peak reached in July 2005. But this number is for all Reno and Sparks. What are the declines by MLS area? And did every area peak at the same time? These are questions I was curious about, so I pulled the data and found the following results (click here).

Distressed Properties by MLS Area - Reno and Sparks, Nevada

There's been much discussion on the blog recently about distressed properties (bank owned, short sales, court sales, etc). Currently, these types of listings account for over 40% of the properties listed on our MLS and 50% of the sales in the last thirty days.

I recently overheard a couple agents commenting about the high number of short sales in Sparks. Curious, I decided to query the MLS and break out distressed properties by MLS area to determine if a large variability between MLS areas exists, and if so, by how much.

See the breakout here.

August Median Sold Prices - Reno, Nevada

Another month, another substantial decrease. This month both the median sales price AND the number of sales dramatically decreased. August's median sales price of $240,000 represents a 2.8% decline from July's $247,000. YoY decrease is 18.6%; Yo2Y decrease is 22.6%; and we are now 30.4% off our peak of $345,000 set in July 2005. See the complete report here.

May Median Sold Prices - Reno, Nevada

Wow! The median sold price took a huge drop for the month of May - 5.2% lower than April's median. Granted, all sales for May might not be entered into the MLS yet, but even so I don't see the median fluctuating that much. Note also that the median For Sale price has remained unchanged since February of this year, while the Sold median price has dropped more than 6% during the same period. Inventory also increased to... see all the data here