March median sales price and other market metrics

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The Reno-Sparks, Nevada median home sales price rose slightly in March to establish a new post-bubble high. March’s median sales price clocked in at $319,450 — a 0.3 percent rise over February median of $318,500. Both month’s median sales prices surpass the previous post-bubble high of $318,000 set in July last year. Year-over-year March’s median sales price is up 7.7 percent over March 2016’s median of $295,000.

With this new high, home prices in Reno and Sparks, Nevada are now off only 12.5 percent from the housing bubble high of $365,000 set in January 2006.

March’s median sold price per square foot (ppsf) jumped to $178.11/sq.ft. — a 2.4 percent increase over February’s $174.01/sq.ft. Year-over-year, March’s median sold ppsf is up 7.9 percent.

The number of houses sold in March jumped to 542 units sold. That total represents a 40.8 percent increase over the 385 houses sold in February. Our market is well into the spring home buying season. Year-over-year, March’s sales were down — coming in at 6.4 percent below March 2016’s sales.

March’s median days on market (DOM) decreased to 70 days — that almost a three-week decrease from February’s median DOM of 90 days. As I predicted last month, days on market would begin to decrease as we entered the spring home buying season, and March’s number did not disappoint.

Available inventory decreased compared to February’s number. Currently there are only 840 houses listed available for sale. That number represents a decrease of 2.0 percent from the 857 houses available for sale this time last month. March 2017’s inventory is slightly higher year-over-year — coming in at 0.8 percent above March 2016’s inventory.

Pending home sales continue to rise. Currently, there are over 1,000 houses pending sale. Compare that number to February’s 896 pending sales this time last month and we see that pending sales are up 12.6 percent. With the sharp rise in March pendings, expect April sales to move higher as well.

March sales by type break out as follows:

  • REO sales: 3% – down from February’s 5%
  • Short sales: 2% – unchanged from February’s 2%
  • Equity sales: 92% – unchanged from February’s 92%

March 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 0.2%
100 – 199 25 4.8%
200 – 299 208 43.2%
300 – 399 168 74.2
400 – 499 71 87.3%
500 – 599 28 92.4%
600 – 699 19 95.9%
700 – 799 9 97.6%
800 – 899 7 98.9%
900 – 999 1 99.1%
1M+ 5 100%
total 542

March’s median sold price for houses and condos combined was $305,000 — a 2.7 percent increase from February’s median sold price of $297,000 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
Mar 2017 542 $319,450 $178.11 70 840 1,009
Feb 2017 385 $318,500 $174.01 90 857 896
Jan 2017 364 $302,250 $174.83 88 872 810
Dec 2016 529 $300,000 $173.43 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 579 $295,000 $165.07 65 833 1,037

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 10, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: February 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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One Response to March median sales price and other market metrics

  1. Pingback: April median sales price and other market metrics | Reno Real Estate Blog

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