January median sales price and other market metrics

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January’s median sales price jumped up to $303,750 for the month — an increase of 1.3 percent over December’s median of $300,000. Year-over-year, January’s median sales price is up 8.9 percent over January 2016’s median of $279,000.

January’s median sold price per square foot (ppsf) climbed to $174.83/sq.ft. — a 0.3 percent increase over December’s $174.30/sq.ft. Year-over-year, January’s median sold ppsf is up 12.1 percent.

In last month’s report I wrote, “With the sharp drop in December pendings, expect January closings to be sharply down as well.” Well, that was certainly the case. The number of houses sold in January was 358. That total represents a whopping 31.2 percent decrease from the 525 houses sold in December. Sales of homes are oftentimes the lowest this time of year, but January 2017’s sales were particularly low — coming in at 7.0 percent below January 2016’s sales.

January’s median days on market (DOM) climbed to 88 days — adding five more days to December’s median DOM of 83 days. As our market enters the spring home buying season, we should observe that DOM number begin to retract.

Available inventory continues to drop precipitously. Currently there are only 872 houses listed available for sale. That number represents a decrease of 15.5 percent from the 1,032 houses available for sale this time last month — a total that, itself, was down 14.8 percent from the month previously. That being said, January 2017’s inventory is markedly higher year-over-year — coming in at 14.4 percent above January 2016’s inventory.

Pending home sales rose sharply. Currently, there are 810 houses pending sale. Compare that number to December’s 675 pending sales this time last month and we see that pending sales are up 20 percent. With the sharp rise in January pendings, expect February sales to mover higher as well.

January sales by type break out as follows:

  • REO sales: 3% – unchanged from December’s 3%
  • Short sales: 1% – unchanged from December’s 1%
  • Equity sales: 95% – up from December’s 94%

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

Sales by Price Segment
sales price ($000’s) units sold cumulative % of sales
0 – 99 1 0.3%
100 – 199 21 6.1%
200 – 299 149 47.8%
300 – 399 104 76.8%
400 – 499 39 87.7%
500 – 599 18 92.7%
600 – 699 8 95.0%
700 – 799 7 96.9%
800 – 899 4 98.0%
900 – 999 0 98.0%
1M+ 7 100%
total 358

January’s median sold price for houses and condos combined was $287,500 — a 0.8 percent decrease from December’s median sold price of $289,900 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Jan 2017 358 $303,750 $174.83 88 872 810
Dec 2016 525 $300,000 $174.30 83 1,032 675
Nov 2016 537 $310,000 $173.93 76 1,211 845
Oct 2016 514 $310,000 $175.57 73 1,306 956
Sep 2016 632 $310,000 $175.02 74 1,451 928
Aug 2016 596 $310,000 $172.45 67 1,440 1,031
Jul 2016 600 $318,000 $173.38 65 1,434 1,036
Jun 2016 660 $312,650 $175.49 61 1,299 1,072
May 2016 600 $310,000 $172.09 58 1,156 1,228
Apr 2016 571 $295,000 $167.86 58 840 1,142
Mar 2016 578 $295,000 $165.09 64 833 1,037
Feb 2016 369 $290,000 $162.77 85 765 1,010
Jan 2016 385 $279,000 $155.94 87 762 853

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 9, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: December median sales price and other market metrics

Click here for historical data back to 1998.

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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4 Responses to January median sales price and other market metrics

  1. Pingback: January median sales price and other market metrics | bestreno241

  2. Twister says:

    Things appear to be setting up for another move up in median prices. Doubts over the last few months about a continuation of our strong housing market have faded away and we are now looking at higher prices coming. Inventory has plunged recently and is similar to what it was a year ago, interest rates are near what they were a year ago nothing much has really changed as far as factors that affect our market. We are about 5% off the recent peak in median price…look for that to be broken through this year as the sellers market continues the job market gets even stronger and more people come here to live.

  3. Guy Johnson says:

    Thank you for your comment Twister. I, too, believe it is likely home prices in our market will increase this year.

    From the latest quarterly report by the National Association of Realtors®:

    “Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices. Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit,” added [NAR Chief Economist, Lawerence] Yun.

  4. Pingback: February median sales price and other market metrics | Reno Real Estate Blog

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