March median sales price and other market metrics

March has come and gone, and upon review it appears that March Madness has infiltrated the housing market. The median sales price for homes in Reno and Sparks, Nevada jumped 2.1 percent in March to come in at $377,121 — setting another all-time record for home prices.

March’s new record high of $377,121 eclipses the previous month’s record-setting median sales price of $369,399. Year-over-year, March’s median is up a whopping 18.2 percent over March 2017’s median sales price of $319,000.

March’s median sold price per square foot (PPSF) soared to $200.73/sq.ft. This number is 3.2 percent higher than February’s median sold PPSF of $194.31/sq.ft., and is 12.7 precent higher year over year.

What is driving these rising home prices? Lack of available inventory.

Home buyer demand greatly exceeds the number of homes available for purchase. Multiple offers, bidding wars, and homes selling above asking price are commonplace. Presently there are only 529 homes available for purchase in the Reno-Sparks market. That number is essentially the same as the 528 homes for sales this time last month, however it is down a whopping 37 percent from the 840 homes available for sale in March 2017.

The lack of available homes for sale not only drives home prices higher, but also impacts the overall number of homes sold, days on market, and future (pending) sales.

Take for example the number of homes in March. 479 homes sold in March. While this number was higher than the number of homes sold in February, year-over-year March’s units sold represented a 14.3 percent reduction compared to the 559 homes sold in March 2017.

Similarly, pending home sales, although slightly higher for the month, are substantially lower when looked at year-over-year. Presently there are 814 homes sales pending in the Reno-Sparks Market. That number is up 2.3 percent over the 796 homes pending sale this time last month. However, year-over-year, current pending sales are down 19.3 percent from March 2017.

March’s median days on market (DOM) came in at 50 days — subtracting 11 days from February’s median DOM. As an indicator of the velocity of the current market, compare March’s median 50 DOM with March 2017’s median DOM of 71 days. Current days on market is a full three weeks less than DOM this time last year.

March sales by type, break out as follows:

  • REO sales: 1% – unchanged from February’s 1%
  • Short sales: 1% – unchanged from February’s 1%
  • Equity sales: 97% – unchanged from February’s 97%

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 0.0%
100 – 199 11 2.5%
200 – 299 95 22.3%
300 – 399 170 57.8%
400 – 499 105 79.7%
500 – 599 29 85.8%
600 – 699 19 89.8%
700 – 799 20 93.9%
800 – 899 6 95.2%
900 – 999 7 96.7%
1M+ 16 100%
total 479

16 homes sold for over $1,000,000 in March. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month. Thus far, year-to-date, 51 $1M+ homes sales have occurred. If this pace continues, 2018 will see over 200 sales of $1M+ homes.

March’s median sold price for houses and condos combined was $350,000 — unchanged from February’s median sold price 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 2018 479 $377,121 $200.73 50 529 814
Feb 2018 443 $369,399 $194.31 61 528 796
Jan 2018 405 $360,000 $191.42 68 514 782
Dec 2017 494 $345,000 $194.36 69 605 578
Nov 2017 534 $353,000 $197.03 61 767 713
Oct 2017 555 $345,000 $191.48 64 851 843
Sep 2017 613 $336,900 $194.62 59 925 889
Aug 2017 721 $347,900 $190.53 61 952 1,032
Jul 2017 641 $355,000 $192.15 57 1,002 1,034
Jun 2017 763 $340,000 $188.82 56 963 1,127
May 2017 680 $334,950 $182.46 60 903 1,240
Apr 2017 518 $324,287 $183.03 60 896 1,149
Mar 2017 559 $319,000 $177.99 71 840 1,009

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 1, 2018. 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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5 Responses to March median sales price and other market metrics

  1. Jeff Parker says:

    Thanks, an Easter egg we can all enjoy for now! I would be curious to see the breakout for Reno only zipcodes?? As a realtor, is there a realistic difference in customer preception between the two cities, or is it just the same one generic market as far as you’re concerned?

  2. Guy Johnson says:

    Hello Jeff. Thank you for your question, and thank you for reading the Reno Realty Blog.

    Yes, there are differences between customer perception of Reno and Sparks, as well as differences in median home prices. For the purposes of reporting housing market overall trends, I typically report on the housing metrics for the entire Reno-Sparks area. Within our MLS, that area is referred to as “Area 100 — All Reno/Sparks”. However, it is also very easy to split out Reno’s numbers from Sparks’ numbers, or vice versa. Our MLS provides the following subsets for doing so: “Area 101 — All Reno” and “Area 108 — All Sparks”.

    The current median sales price in each area is as follows:

    • Area 100 — All Reno/Sparks: $377,122 (479 units sold in March)
    • Area 101 — All Reno: $400,000 (317 units sold in March)
    • Area 108 — All Sparks: $345,700 (162 units sold in March)

    If you would like to see the median broke out by specific zip codes, I recently posted this blog post that you may find of interest: Washoe County Home Sales By Zip Code

  3. Brian Connors says:

    Great info Guy, thanks!

  4. Guy Johnson says:

    You’re welcome, Brian.

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

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