March median sold price, units, DOM, $/sq.ft.

March’s median sold price increased to $150,000 – a 3.4 percent over February’s median of $145,000. Year-over-year, March’s median sold price is down 6.3 percent.

March’s median sold price per square foot (ppsf) also increased – rising an impressive 3.5 percent over February’s number to $84.96/sf. Sold PPSF is down 7.2 percent year-over-year.

The number of houses sold in March set another month-specific record coming in at 516 units sold for the month.

The increase sales activity, in conjunction with less properties entering the market, has wreaked havoc with inventory levels. At the moment there are only 809 houses listed as Active on the MLS – currently equivalent to 1.6-month supply of inventory. Long-time agents I’ve talked with tell me that they have never seen an inventory level this low.

March sales by type break out as follows:

  • REO sale: 32% – down from February’s 42%
  • Short sales: 34% – up from February’s 28%
  • Equity sales: 33% – up from February’s 29%

As fewer REOs enter the market (because of AB 284) we’re seeing fewer sales of REO properties.

March sales by price band break out as follows in the table below. Note that 21% of the houses sold in March sold for less than $100,000; 70% sold for less than $200,000; and 87% sold for less than $300,000. We are beginning to see increased sales in the higher price bands.

sales price ($000’s) units sold
0 – 99 110
100 – 199 246
200 – 299 93
300 – 399 35
400 – 499 14
500 – 599 8
600 – 699 4
700 – 799 0
800 – 899 1
900 – 999 3
1M+ 2
total 516

For those readers who prefer the median sold price for houses and condos combined,
March’s 603 sold houses, condos and town homes exhibited a combined median sold price of $140,400 – UP 7.6 percent from February’s combined median of $130,500 for 532 combined sales.

Historical data follows:

Month Year # Sold Sold Price Sold Price per Sq Ft Avg/Med DOM # of Actives # of Pendings
Mar 2012 516 $150,000 $84.96 145 / 107 809 1,889
Feb 2012 463 $145,000 $82.12 131 / 99 980 1,788
Jan 2012 447 $135,000 $81.07 145 / 123 1,170 1,643
Dec 2011 536 $155,000 $85.66 148 / 123 1,403 1,481
Nov 2011 497 $149,012 $85.02 146 / 115 1,545 1,635
Oct 2011 496 $148,250 $84.22 145 / 106 1,682 1,646
Sep 2011 575 $149,000 $83.73 133 / 106 2,044 1,967
Aug 2011 554 $154,000 $91.34 125 / 98 1,947 1,694
July 2011 512 $149,950 $87.65 128 / 96 2,028 1,667
June 2011 538 $154,000 $90.12 123 / 89 1,990 1,689
May 2011 510 $150,000 $88.66 133 / 104 1,968 1,682
Apr 2011 436 $156,125 $89.78 137 / 104 1,914 1,593
Mar 2011 511 $160,000 $91.59 132 /113 1,906 1,497
Feb 2011 387 $161,000 $93.35 142 / 115 1,882 1,416
Jan 2011 365 $157,000 $92.35 152 / 129 1,970 1,329
Dec 2010 485 $165,000 $94.31 143 2,021 1,148
Nov 2010 398 $170,000 $96.43 139 2,060 1,376
Oct 2010 418 $174,950 $98.57 135 2,146 1,371
Sep 2010 467 $168,000 $97.52 132 2,186 1,473
Aug 2010 450 $180,000 $97.54 127 2,222 1,513
Jul 2010 415 $180,000 $101.84 128 2,158 1,580
Jun 2010 602 $170,000 $100.52 145 1,966 1,625
May 2010 450 $175,807 $102.37 138
Apr 2010 510 $179,995 $103.13 128
Mar 2010 477 $175,000 $99.14 141
Feb 2010 338 $170,000 $101.68 138
Jan 2010 346 $167,000 $97.06 134
Dec 2009 424 $178,000 $101.28 126
Nov 2009 461 $175,000 $103.61 112
Oct 2009 561 $180,000 $103.52 123
Sep 2009 520 $185,948 $103.31 128
Aug 2009 482 $179,900 $102.64 116
Jul 2009 515 $180,000 $103.45 126
Jun 2009 536 $180,317 $104.09 136
May 2009 426 $175,000 $102.29 139
Apr 2009 429 $190,000 $105.71 133
Mar 2009 369 $200,000 $105.85 133
Feb 2009 293 $205,000 $111.52 132
Jan 2009 233 $200,000 $113.04 117
Dec 2008 294 $218,950 $121.74 145
Nov 2008 269 $220,000 $122.24 152
Oct 2008 354 $230,000 $131.43 144
Sep 2008 358 $239,250 $136.72 145
Aug 2008 321 $250,000 $142.14 140
Jul 2008 397 $251,000 $145.48 139
Jun 2008 369 $262,500 $148.05 142
May 2008 314 $260,215 $152.30 134
Apr 2008 314 $275,000 $154.05 172
Mar 2008 238 $274,000 $150.93 166
Feb 2008 195 $289,000 $156.48 149
Jan 2008 165 $285,000 $170.23 146
Dec2007 228 $283,950 $167.22 143
Nov2007 204 $299,750 $172.24 126
Oct2007 241 $296,000 $173.55 116
Sep2007 230 $299,945 $179.46 114
Aug2007 311 $305,000 $182.49 118
Jul2007 300 $315,000 $189.78 113
Jun2007 329 $320,000 $196.78 104
May2007 364 $313,200 $190.81 107
Apr2007 320 $309,500 $193.93 121
Mar2007 324 $315,000 $189.61 121
Feb 2007 269 $315,000 $191.18 126
Jan 2007 245 $312,900 $199.79 133
Dec2006 291 $309,000 $193.51 114
Nov2006 281 $318,000 $197.32 111
Oct 2006 363 $312,400 $201.44 105
Sep2006 344 $314,950 $198.08 98
Aug2006 349 $325,000 $210.92 94
Jul2006 373 $335,000 $210.62 93
Jun2006 424 $339,000 $214.54 91
May2006 374 $339,950 $219.05 99
Apr2006 368 $334,600 $212.08 88
Mar2006 387 $340,000 $215.54 99
Feb 2006 283 $335,000 $217.29 101
Jan 2006 274 $365,000 $216.38 98
Dec2005 333 $355,000 $217.31 89
Nov2005 385 $349,000 $220.00 81
Oct2005 484 $359,450 $223.06 77
Sep2005 531 $354,500 $219.26 77
Aug2005 582 $360,500 $220.52 73
Jul2005 608 $353,000 $218.99 71
Jun2005 679 $350,000 $215.69 69
May2005 644 $333,250 $209.95 68
Apr2005 558 $326,750 $207.57 77
Mar2005 584 $325,000 $200.17 81
Feb 2005 342 $318,500 $197.54 88
Jan 2005 341 $310,000 $195.19 85
Dec2004 450 $312,500 $190.72 77
Nov2004 448 $309,950 $191.62 63
Oct2004 512 $299,250 $188.72 53
Sep2004 496 $292,750 $185.78 61
Aug2004 505 $285,000 $182.95 56
Jul2004 544 $304,300 $179.28 61
Jun2004 533 $285,000 $172.16 65
May2004 476 $278,750 $169.64 65
Apr2004 526 $259,950 $158.08 67
Mar2004 508 $245,000 $142.56 71
Feb 2004 365 $237,000 unavailable 81
Jan 2004 380 $228,500 unavailable 78
Dec2003 441 $240,000 unavailable 82
Nov2003 444 $220,750 unavailable 78
Oct2003 430 $219,880 unavailable 76
Sep2003 587 $223,000 unavailable 71
Aug2003 512 $220,000 unavailable 75
Jul2003 533 $210,000 unavailable 77
Jun2003 475 $207,000 unavailable 77
May2003 450 $198,950 unavailable 85
Apr2003 478 $197,750 unavailable 82
Mar 2003 428 $192,000 unavailable 77
Feb 2003 321 $186,895 unavailable 79
Jan 2003 316 $186,000 unavailable 96
Dec 2002 379 $193,500 unavailable 93
Nov 2002 423 $190,000 unavailable 82
Oct 2002 483 $189,900 unavailable 83
Sep 2002 410 $174,000 unavailable 85
Aug 2002 459 $180,000 unavailable 74
Jul 2002 469 $176,000 unavailable 83
Jun 2002 445 $185,000 unavailable 80
May 2002 470 $178,450 unavailable 77
Apr 2002 360 $169,500 unavailable 93
Mar 2002 377 $169,000 unavailable 84
Feb 2002 323 $170,900 unavailable 89
Jan 2002 269 $172,475 unavailable 99
Dec 2001 287 $182,000 unavailable 86
Nov 2001 323 $161,500 unavailable 85
Oct 2001 357 $166,500 unavailable 79
Sep 2001 355 $168,000 unavailable 81
Aug 2001 448 $160,350 unavailable 84
Jul 2001 433 $169,900 unavailable 90
Jun 2001 426 $166,225 unavailable 96
May 2001 404 $162,050 unavailable 97
Apr 2001 370 $158,750 unavailable 94
Mar 2001 385 $159,900 unavailable 97
Feb 2001 297 $159,950 unavailable 104
Jan 2001 264 $165,000 unavailable 102
Dec 2000 272 $156,500 unavailable 100
Nov 2000 355 $154,500 unavailable 93
Oct 2000 348 $153,000 unavailable 98
Sep 2000 356 $160,000 unavailable 104
Aug 2000 412 $163,375 unavailable 94
Jul 2000 368 $155,000 unavailable 110
Jun 2000 466 $165,845 unavailable 104
May 2000 363 $158,000 unavailable 105
Apr 2000 312 $155,000 unavailable 113
Mar 2000 339 $162,700 unavailable 102
Feb 2000 248 $148,000 unavailable 108
Jan 2000 223 $156,000 unavailable 113
Dec 1999 264 $155,000 unavailable 118
Nov 1999 293 $149,900 unavailable 98
Oct 1999 289 $147,895 unavailable 108
Sep 1999 311 $157,000 unavailable 106
Aug 1999 360 $148,500 unavailable 112
Jul 1999 375 $147,800 unavailable 105
Jun 1999 372 $150,000 unavailable 103
May 1999 307 $145,500 unavailable 106
Apr 1999 324 $151,700 unavailable 111
Mar 1999 308 $151,000 unavailable 121
Feb 1999 249 $148,900 unavailable 120
Jan 1999 210 $143,000 unavailable 115
Dec 1998 265 $140,000 unavailable 118
Nov 1998 280 $152,800 unavailable 126
Oct 1998 286 $142,825 unavailable 115
Sep 1998 279 $144,500 unavailable 102
Aug 1998 331 $145,000 unavailable 113
Jul 1998 335 $150,000 unavailable 108
Jun 1998 351 $148,500 unavailable 103
May 1998 302 $145,500 unavailable 99
Apr 1998 237 $148,000 unavailable 110
Mar 1998 271 $141,990 unavailable 115
Feb 1998 204 $139,000 unavailable 125
Jan 1998 167 $147,000 unavailable 129

Note: The medians table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – April 2012. Note: This information is deemed reliable, but not guaranteed.

Related post: February median sold price, units, DOM, $/sq.ft.

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About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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11 Responses to March median sold price, units, DOM, $/sq.ft.

  1. Avatar Carlo says:

    I would have thought that what with there being no houses to buy, and bidding wars happening on every street corner, and buyers having to literally fight off each other to get to look at houses, that the median would have gone up a whole lot more than $5,000 from last month.
    Maybe if all a buyer can pay is $150K, then that’s all he can pay, and no, he is not going to offer $180K in a bidding war. Ya think?

  2. Avatar Adams says:

    It is interesting that now after a whole year of hyper-increased sales volume, to the point, apparently, that inventory is near all time lows, creating alleged bidding wars and intense competition for the few available houses, that the median is down 6.3% YoY.

  3. Avatar Twister says:

    The letter V is starting to form. Dont know if we will bounce around here for the next few months or continue to move up since its hard to say whats in all those pendings. Certainly going to be some old inventory in there which could hold things back a little. Whats going to happen after most of that old inventory works its way through the system and you have many more houses selling after days on the market instead of years? I think you get a move in the median that goes much, much higher!

  4. Avatar Martin says:

    70% of all sales are for less than $200K.
    87% of all sales are for less than $300K.

    These percentages have been holding steady for at least two years, if not longer.
    I am not sure how these numbers suggest we are seeing increased sales in the higher price bands.
    Out of 516 sales, only 67 were for more than $300K. Only 32 were for more than $400K. Where is the increased activity in these price bands?

  5. Avatar gomez says:

    Martin,
    67 sales @$300k and above is more than January and February COMBINED. I think anyone would consider that an increase in those price bands.

  6. Avatar gomez says:

    *correction* January and February had combined sales of 70 units @ $300k and above. Compared that to March’s 67 units sold @ $300k and above it’s obvious the higher end is experiencing significantly stronger sales activity.

  7. Avatar tyler durden says:

    this is historical data with lag time from time offer is accepted to when sale is closed…i suspect the in the pipeline closings will be 160-165K as short sales pending on higher priced properties are numerous

  8. Avatar GratefulD_420 says:

    It’s funny to see folks wondering what this increased activity means… and where it is headed. It’s very, very simple.

    Decreased inventory and increased demand means prices will head up. This type of shortage means prices will head up quickly. However, when there are no real items of substance to support such demand such as increased jobs, increased wages, increased population, etc, then it is clearly called a BUBBLE.

    This Bubble is created by a few things..
    #1 AB284 has eliminated the high moving, high demand inventory.
    #2 Investors and other mild wealth individuals just mobilized their cash to take advantage of the high rental rate compared to ownership costs.

    So the only question that should be a daily obsession of this BLOG, any BANK, and RE agent, any politician, any citizen, is WHEN will the problems caused by AB 284 be resolved?

    My prediction is we are about to go from record sales to almost no sales. The RE market is about to come to a stand-still…. and then we will see some action on AB 284 from politics and from the Banks. Something WILL give. I believe in the serious slow-down cause after your first few suckers caught into the “heat of the market,” people will realize that all of the inventory left is either shite or dis-illusion-ed sellers.

    Our focus should be to understand WHY AB 284 is stopping the banks in the foreclosure process? When will they begin to process the delinquent folks? Is anyone considering change to the law?

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