April median sales price and other market metrics

Share this:

The Reno-Sparks, Nevada median home sales price rose in April to establish a new post-bubble high. April’s median sales price clocked in at $323,990 — a 1.6 percent rise over March’s median of $319,000. April was the fourth consecutive month of increasing median sales prices. Year-over-year April’s median sales price is up 9.8 percent over April 2016’s median of $295,000.

With this new high, home prices in Reno and Sparks, Nevada are now off only 11.2 percent from the housing bubble high of $365,000 set in January 2006.

April’s median sold price per square foot (ppsf) jumped to $183.02/sq.ft. — a 2.8 percent increase over March’s $178.09/sq.ft. Year-over-year, April’s median sold ppsf is up 9.0 percent.

The number of houses sold in April fell to 511 units sold. That total represents a 7.9 percent decrease from the 555 houses sold in March. Year-over-year, April’s sales were also down — coming in at 10.2 percent below April 2016’s sales.

April’s median days on market (DOM) decreased to 60 days — subtracting 10 days from March’s median DOM of 70 days. Current median DOM is now a full month less than the three months of DOM observed in February.

Available inventory increased compared to March’s number. Currently there are 896 houses listed available for sale. That number represents a increase of 6.7 percent over the 840 houses available for sale this time last month. April 2017’s inventory is also up 6.7 percent year-over-year.

Pending home sales continue to rise. Currently, there are over 1,149 houses pending sale. Compare that number to March’s 1,009 pending sales this time last month and we see that pending sales are up 12.2 percent.

April sales by type break out as follows:

  • REO sales: 3% – unchanged from March’s 3%
  • Short sales: 1% – down from March’s 2%
  • Equity sales: 95% – up from March’s 92%

April 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 0 0.0%
100 – 199 25 4.9%
200 – 299 182 40.5%
300 – 399 167 73.2%
400 – 499 80 88.8%
500 – 599 20 92.8%
600 – 699 13 95.3%
700 – 799 8 96.7%
800 – 899 3 97.5%
900 – 999 2 97.8%
1M+ 11 100%
total 511

April’s median sold price for houses and condos combined was $306,945 — a 0.6 percent increase from March’s median sold price of $305,000 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
Apr 2017 511 $323,990 $183.02 60 896 1,149
Mar 2017 555 $319,000 $178.09 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 569 $295,000 $167.98 58 840 1,142

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

Related post: March 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.
This entry was posted in Agent Insights, Market Trends and tagged , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *