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

monthly median - March 2016All metrics were up in March — including median sales price, units sold, new listings, PPSF, and pending sales. Let’s take a closer look.

March’s median sales price was $295,500 — a 1.9 percent one-month increase over February’s median of $290,000. March’s median home price now sets a new record monthly high, since the Reno-Sparks market hit bottom in 2012 — surpassing the high of $292,000 reached last November.

March’s median sales price year-over-year is up 8.1 percent over March 2015. Today’s home prices in Reno and Sparks Nevada are at levels not seen since 2007.

March’s median sold price per square foot (ppsf) increased to $165.14/sq.ft. — a 1.5 percent increase from February’s $162.77/sq.ft. Year-over-year the median sold ppsf is up 11.4 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].

March’s median sold ppsf also sets a new monthly high for this metric since the market bottomed in 2012.

As predicted last month, the number of houses sold in March increased substantially to 568 units sold. That total represents a whopping 54.8 percent increase over the 367 houses sold in February. March’s total is also 3.1 percent higher year-over-year from the 351 houses sold in March 2015.

With over 1,000 properties currently pending sale (see below), expect April sales to remain high as well.

March’s median days on market (DOM) plummeted to 65 DOM — taking more than 20 days from February’s median DOM of 85 days.

March’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 5 days – one less day than February’s median 6 DTC. The Reno-Sparks’ housing market is white hot right now. Buyer’s who are shopping for a home today know this too well.

Available inventory continues ton increase. This is a good thing as eventually higher inventory levels will ease the upward pricing pressures and market velocity. Currently 833 houses are listed and available for sale — a substantial 8.9 percent increase over the number of listings this time last month.

Pending home sales have increased to 1,037 units — a 2.7 percent increase over this time one-month ago. Look for May’s numbers to come in strong.

March sales by type break out as follows:

  • REO sales: 3% – down from February’s 4%
  • Short sales: 3% – down from February’s 4%
  • Equity sales: 90% – up from February’s 88%

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

sales price ($000’s) units sold cumulative % of sales
0 – 99 3 0.5%
100 – 199 60 11.1%
200 – 299 229 51.4%
300 – 399 177 82.6%
400 – 499 48 91.0%
500 – 599 22 94.9%
600 – 699 9 96.5%
700 – 799 7 97.7%
800 – 899 5 98.6%
900 – 999 1 98.8%
1M+ 7 100%
total 354

March’s median sold price for houses and condos combined was $279,900 — a 3.7 percent increase from February’s median sold price of $270,000 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
Mar 2016 568 $295,500 $165.14 65 833 1,037
Feb 2016 367 $290,000 $162.77 85 765 1,010
Jan 2016 388 $277,750 $155.76 86 762 853
Dec 2015 500 $290,000 $157.29 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 551 $273,391 $148.22 59 715 1,027

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 6, 2016. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

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

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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