February median sales price, units sold, DOM, and inventory

February’s metrics were all up compared to January’s numbers.

February’s median sales price of $190,100 represents:

  • a 5.6 percent month-over-month increase from January’s $180,000
  • a 30.1 percent year-over-year increase over February’s 2012’s median of $145,500
  • a four-year high; the median sales price for the Reno-Sparks market has not been this high since April 2009.

The median sold price per square foot continues to skyrocket. February’s median sold ppsf of $105.03/sf increased 2.5 percent month-over-month.

408 houses sold in February representing a 14.3 percent month-over-month increase. However, that number is down 14 percent from a year ago.

Median days on market (DOM) dropped to 104 days – from 114 days in January. Now that the holidays are passed and the banks are back to work perhaps we’ll see short sales taking less time to complete. [See related post: How long are short sales taking these days?]

Inventory remains in short supply. With only 474 available houses the market currently has less than a five-week supply of inventory. [Of course, as has been discussed on the blog many times, this lack of inventory is not consistent across all price bands. See Where’s the existing inventory? …not below $400,000 for more details.]

February sales by type break out as follows:

  • REO sales: 13% – up from January’s 10%
  • Short sales: 37% – down from January’s 43%
  • Equity sales: 49% – up from January’s 47%

“Equity” sales represented nearly half of the sales in February.

February sales by price band break out as follows in the table below…

sales price ($000’s) units sold cumulative %
0 – 99 34 8.3%
100 – 199 179 52.2%
200 – 299 115 80.4%
300 – 399 43 90.9%
400 – 499 13 94.1%
500 – 599 8 96.1%
600 – 699 2 96.6%
700 – 799 6 98.0%
800 – 899 4 99.0%
900 – 999 0 99.0%
1M+ 4 100%
total 408

For those readers who prefer the median sold price for houses and condos combined, February’s 465 sold houses, condos and town homes exhibited a combined median sold price of $176,500 – up 3.8 percent from January’s median sold price of $170,000 for 406 combined sales.

The table below contains the past 13 months of data…

Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Feb 2013 408 $190,100 $105.02 104 474 1,485
Jan 2013 357 $180,000 $102.43 114 465 1,462
Dec 2012 492 $186,500 $102.42 107 539 1,421
Nov 2012 522 $181,000 $99.61 105 640 1,646
Oct 2012 536 $180,000 $97.93 102 728 1,772
Sep 2012 473 $175,000 $98.41 92 836 1,811
Aug 2012 535 $176,000 $98.56 86 882 1,846
July 2012 514 $165,000 $94.59 88 832 1,873
Jun 2012 514 $170,000 $91.48 92 759 1,891
May 2012 524 $164,750 $90.56 99 783 1,873
Apr 2012 526 $151,100 $87.04 95 785 1,885
Mar 2012 540 $149,900 $84.89 107 809 1,889
Feb 2012 465 $145,500 $82.12 100 980 1,788

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 – March 2013. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: January median sales price, units sold, DOM, and inventory

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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2 Responses to February median sales price, units sold, DOM, and inventory

  1. Avatar Guy Johnson says:

    …also noteworthy, February looked to be a good month for luxury sales. Fourteen homes (or 3.4% of sales) sold for over $700K.

  2. Avatar Twister says:

    As I mentioned last fall, I thought the market would level off around 175k after the initial sharp move up off the bottom before taking another leg up this year to 200k. The leveling off that occurred for several months averaged about 180k. I believe todays report is the beginning of that second leg up to 200k and maybe to 220k before leveling off again or possibly dipping late in 2013 depending on obvious outcome and bank behavior.

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