April median sales price and other market metrics

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April’s median home sales price pulled back a bit from March’s record-setting $375,000. April’s median sales price came in at $373,500. That number is down 0.4 percent from March’s median, and is up 15.2 percent year over year.

Despite the pull back in the median sales price April’s median sold price per square foot (PPSF) jumped to $205.46/sq.ft. This number is 2.4 percent higher than March’s median sold PPSF of $200.73/sq.ft., and is 12.3 precent higher year over year.

Lack of available for-sale inventory is taking its toll on the number of homes sold. Units sales in April totaled a dismal 484 homes sold for the month. While our market typically sees sales increasing this time of year, April’s number is down 11.8 percent from the 549 homes sold in March. Year over year, April sales are down a hefty 7.1 percent.

The good news is currently available inventory shows an increase over the number of homes available this time last month. Presently 638 homes are available for purchase in the Reno-Sparks market. That number is up a whopping 20.6 percent over the 529 homes for sales this time last month, and up 23.2 percent over the 518 homes available for sale in April 2017.

Given current buyer demand, this increase in available inventory should yield higher unit sales in May. Presently there are 891 homes pending sale in the Reno-Sparks Market. That number is up 9.5 percent over the 814 homes pending sale this time last month. Year-over-year, current pending sales are down a slight 0.6 percent from April 2017.

April’s median days on market (DOM) came in at 51 days — an increase of one day over March’s median DOM.

April sales by type, break out as follows:

  • REO sales: 1% – unchanged from March’s 1%
  • Short sales: 0% – down from March’s 1%
  • Equity sales: 96% – down from March’s 97%

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 3 0.6%
200 – 299 98 20.9%
300 – 399 177 57.4%
400 – 499 99 77.9%
500 – 599 40 86.2%
600 – 699 19 90.1%
700 – 799 14 93.0%
800 – 899 11 95.2%
900 – 999 3 95.9%
1M+ 20 100%
total 484

A whopping 20 homes sold for over $1,000,000 in April. 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, 72 $1M+ homes sales have occurred. If this pace continues, 2018 will see over 200 sales of $1M+ homes.

April’s median sold price for houses and condos combined was $355,000 — up 1.4 percent over March’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
Apr 2018 484 $373,500 $205.46 51 638 891
Mar 2018 549 $375,000 $200.73 50 529 814
Feb 2018 443 $370,000 $194.48 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

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 10, 2018. 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.
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