Sales in December 2008 were up 23% compared to December 2007. The under $300K range decreased to 10 months' supply of inventory, as the average sales price rose slightly to $185K. The $300K-$500K realm saw some improvement. The volatile $500K- $1 million category nearly doubled its unit sales while the average price dropped by almost 10%. The $1 million plus market died again with no sales. One home sold in the over $2 million category. Our buyer's market continues with only 8% of the homes available on our local MLS actually selling.
The under $300K range strengthened performance by improving absorption rates and reducing the number of months of inventory. In December, these properties closed for 98% of asking price (from 96) in 110 days (from 121) for an average $185,262 (from $184,241). The market absorption rate for newly listed properties increased to 54% (from 45%). 491 new listings (from 514) contributed to the total 2,665 (from 2,706) offered for sale in this price range, leaving us a 10-month supply of homes (from 12). Expired listings increased to 28% (from 21%).
This month, the $300K-$500K category saw small improvements on all fronts. In December, of 97 new listings (from 127), 46% sold (from 38%). The average selling price was $377,898 (from $374,266). They closed in an average 99 days (from 146) for 95% of asking price (from 94%). With 663 listings in this category (from 741), we have a 14-month supply of inventory (from 15). Expireds increased to 45% (from 43%).
The ever volatile $500K-$1 million range doubled its number of units from last month, dropped its average sales price by almost 10% and reduced months' supply of inventory by more than half. Of 34 recently listed homes (from 64), 15 sold (from 8), representing a 44% absorption rate (from 13%). The average sale price in this category was $577,433 (from $640,175). These properties closed in an average 232 days (from 142) for 90% of asking price (from 94%). With a total 410 listings in this category (from 478), we have 27 months of inventory (from 60). Expireds increased to 94% (from 61%).
The $1-2 million price range went back to the grave this month with zero sales. With a total 166 listings in this category (from 191), we have an infinite supply of inventory at the current rate of sale. Expireds increased to 200% (from 100%).
The $2 million-plus realm had one closing this month at $2,700,000. Meanwhile expirations rose to 75% (from 25%). With 45 total listings in this category (from 51), at the current rate of sale, we have almost four years of inventory.
226 residential listings expired during the month of December (from 213), while 273 were withdrawn from the market (from 369). Withdrawals are some combination of sellers giving up, sellers changing agents, and/or listing agents taking non-sellers off the market to wait it out for a while.
So, what's pending?
In the under $300K range, there are 566 pending sales (from 555). In the $300K-500K range, there are 99 pendings again. In the $500K-$1M range, we have 39 again. In the $1-2M range, we have 8 pendings again, while in the $2M plus range, there are none (once again). The grand total? 712 pendings (from 701). Of the total pending, 287 are short sales (from 268) and 351 them are offered for under $200K. (For the extra curious, 128 of those pending for under $200K are short sales.)
405 homes closed in June, 422 in July, 362 in August, 388 in September, 384 in October, 297 in November and 326 closed in December. Compare this to 266 from December, 2007. This month year-to-year sales increased 23%.
Reno is a hidden gem in Northern Nevada. Thirty minutes from the wonders of Lake Tahoe and surrounded by gorgeous mountain views, the area continues to attract new residents for its quality of life.
