Reno/Sparks Market Report June2013
“The fact remains that we are still in a seller’s market and the demand for homes is very high,” said Helen Graham, 2013 president of the Reno/Sparks Association of REALTORS. “This demand is mostly made up of homes in the under $250,000 price range. In June 2013, 62 percent of the homes sold were priced at or below the $250,000 price.
Homebuyers need to understand that if they continue to wait for home prices to decline, while Interest rates have been Increasing for the past five months, it is likely to lower their purchasing power.”
Median Sales Price
– June 2013 median price was up 1.6% to $222,000 compared to $218,500 in May 2013 and up 30.6% compared to $170,000 in June 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.
Annualized Median Price by Area Group
– This chart shows the annualized median price by-area-group year over year. Each vertical bar represents the median for the prior 12 months of data.
Median Price by Special Conditions
– June, 2013 median price on properties with no special conditions was up 4.3% to $245,000 compared to $235,000 in May, 2013 and up 12.9% compared to $217000 in June, 2012.
– June, 2013 median price on REO (Bank Owned) properties was down -1.0% to $205,000 compared to $207,050 in May, 2013 and up 60.8% compared to $127,500 in June, 2012.
– June, 2013 median price on short sales properties was down -6.3% to $154,550 compared to $165,000 in May, 2013 and up 3.0% compared to $150,000 in June, 2012.
Number of Units Sold
– June, 2013 units sold was down -5.5% to 503 compared to 532 in May, 2013 and down -2.5% compared to 516 in June 2012.
Average Days on Market
– June, 2013 average days on market was down -13.0% to 94 compared to 108 in May, 2013 and down -33.9%
compared to 142 in June 2012.