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

February’s median sales increased substantially over January’s median. February’s median sales price was $290,000 — or a whopping 4.4 percent one-month increase from January’s median of $277,750. However, keep in mind that January’s median was down the same percentage from December’s median. So, really we’re right back to where we were at the end of 2015.

February’s median sales price year-over-year is up 9.4 percent over February 2015.

February’s median sold price per square foot (ppsf) jumped to $162.67/sq.ft. — also a 4.4 percent increase from January’s $155.76/sq.ft. Year-over-year the median sold ppsf is up 13.2 percent. The median ppsf appears to be climbing faster than the median sales price. This could be due, in part, to the number of newly-built homes being sold [as new construction typically sells for a higher ppsf than resale].

I took a look back at 2015’s numbers and found that the median sold price per square foot peaked in August at $160.98/sq.ft. So February’s ppsf has surpassed 2015’s high mark. I then took a look at the historical numbers and found that the last time our market’s median ppsf was this high was January 2008 — eight years ago.

The number of houses sold in February dropped to 354 units. That total is off 8.8 percent from the 388 houses sold in January; however is up 10.8 percent year-over-year from the 397 houses sold in February 2015. Units-wise February was a slow month. However there are currently over 1,000 pending properties (see below), so expect the number of sales to bounce back in March.

February’s median days on market (DOM) increased to 87 DOM — adding 1 more days to January’s median DOM of 86 days. The large increase in the DOM (listed to close) can be attributed to the new TRID rules that recently went into effect in October last year. [For more details on TRID’s impact see: Median escrow period increases by three weeks — Days to contract now less than a week – Ed.]

February’s median days to contract (DTC) metric [the number of days that a property was listed on the MLS before going into contract (e.g. pending)] decreased to 7 days – one less day than January’s median 8 days to contract.

Available inventory remains relatively unchanged from this time last month. Currently 765 houses are listed and available for sale. Pending home sales have increased to 1,010. currently — a whopping 18.4 percent increase over this time one-month ago. Look for a big March. The Spring home buying season is upon us.

February sales by type break out as follows:

• REO sales: 4% – down from January’s 6%
• Short sales: 4% – down from January’s 5%
• Equity sales: 88% – up from January’s 86%

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

February’s median sold price for houses and condos combined was $269,000 — a 3.7 percent increase from January’s median sold price of $259,500 for combined sales of houses and condos.

The table below contains the past 13 months of data…

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 6, 2016. 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