January median sales price, units sold, DOM and inventory

monthly medians - Jan 2016January’s median sales price pulled back substantially from December’s. January’s median sales price was $277,250 — or a 4.4 percent one-month decrease from December’s median of $290,000. Despite the large drop in January’s median sales price, year-over-year January’s median represents a 8.7 percent increase from January 2015’s median sales price of $255,000.

January’s median sold price per square foot (ppsf) fell to $155.44/sq.ft. — a 1.1 percent decrease from December’s $157.20/sq.ft. Year-over-year the median sold ppsf is up 9.7 percent.

The number of houses sold in January fell to only 376 units. That total is off a whopping 24.6 percent from the 499 houses sold in December; however is up 3.6 percent year-over-year from the 363 houses sold in January 2015. [For further analysis of January’s decline in houses sold see Reno’s housing market’s “January Effect”Ed.]

January’s median days on market (DOM) increased to 87 DOM — adding 11 more days to December’s median DOM of 76 days. The large increase in the DOM (listed to close) is likely attributed to the new TRID rules that recently went into effect in October last year.

A new metric: Two months ago I published a blog post introducing a new metric available on our MLS [See MLS adds “Days to Contract” metric for more details] This new Days to Contract metric reflects the number of days that a property was listed on the MLS before going into contract (e.g. pending). January’s median DTC was 8 days. Compare that to December’s median DTC of 12 days.

Available inventory continued to decline in January. Currently 762 houses are listed and available for sale. Compare that to the 819 available at this time last month. Using the 376 houses sold during the month of January as the divisor, the current months-supply-of-inventory (MSI) stands at about two months — a Seller’s market — particularly at the lower price points.

January sales by type break out as follows:

  • REO sales: 6% – up from December’s 2%
  • Short sales: 5% – up from December’s 4%
  • Equity sales: 86% – down from December’s 92%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 0 0%
100 – 199 50 13.3%
200 – 299 171 58.8%
300 – 399 96 84.3%
400 – 499 29 92.0%
500 – 599 11 94.9%
600 – 699 5 96.3%
700 – 799 3 97.1%
800 – 899 3 97.9%
900 – 999 5 99.2%
1M+ 3 100%
total 376

January’s median sold price for houses and condos combined was $258,000 — a 6.9 percent decrease from December’s median sold price of $277,000 for combined sales of houses and condos.

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
Jan 2016 376 $277,250 $155.44 87 762 853
Dec 2015 499 $290,000 $157.20 76 819 749
Nov 2015 423 $292,000 $158.97 72 925 890
Oct 2015 541 $279,900 $158.88 66 1,105 886
Sep 2015 572 $285,000 $159.42 63 1,231 931
Aug 2015 526 $290,000 $160.98 56 1,238 1,021
Jul 2015 650 $290,000 $159.31 57 1,138 991
Jun 2015 657 $280,000 $155.22 54 1,005 1,088
May 2015 578 $283,450 $152.71 52 930 1,129
Apr 2015 567 $272,000 $150.85 57 785 1,101
Mar 2015 552 $272,195 $148.88 59 715 1,027
Feb 2015 397 $265,000 $143.66 75 630 1,044
Jan 2015 363 $255,000 $140.34 84 706 933

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 – February 8, 2016. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

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

About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262) 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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