February median sales price and other market metrics

February’s median home price jumps 2.8 percent over January’s

The median home price in Reno-Sparks, Nevada climbed to $370,950 in February — reversing a prior three-month downward trend. February’s median sales price represents a 2.8 percent increase over January’s median and is essentially the same as it was a year ago when the median was $370,000 in February 2018.

Despite the increase in the median sales price, February’s median sold price per square foot (PPSF) fell slightly to $209.40/sq.ft — a decrease of 0.4 percent from January’s. Year-over-year, February’s median sold PPSF is up 8.0 percent.

Home sales climbed for the month. February’s 344 homes sold represents a 6.2 percent increase over the 324 homes sold in January. However, home sales in general are substantially down. Year-over-year February’s units sold are down a whopping 22.5 percent from February 2018.

To place February’s home sales in perspective, one would have to look back to 2009 in order to find a February with a lower total number of homes sold.

Regarding inventory, presently 888 homes are available for purchase in the Reno-Sparks market. This number is down 7.6 percent from the 961 homes available for sale this time last month. Year over year, however, February’s current available inventory is up 68.2 percent.

That being said, despite the number of homes currently available for purchase, only 26.8 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains a problem.

On a brighter note, pending sales rose in February. Presently, 774 homes are pending sale in the Reno-Sparks market. That number is up 18.2 percent over the 655 homes pending sale this time last month. Look for unit sales to increase in March as the spring home-buying season ramps up. Year-over-year, current pending sales are down 2.8 percent from February 2018.

February’s median days on market (DOM) came in at 88 days — an increase of 2 days over January’s DOM. What is noteworthy is that February’s DOM are up a significant 44.3 percent year-over-year, indicating a relatively much slower market than this time last year.

February sales by type, break out as follows:

  • REO sales: 0.6% – down from January’s 1.6%
  • Short sales: 0.6% – unchanged from January’s 0.6%
  • Subject to Court Approval sales: 0.9% – down from January’s 1.9%
  • Relocation sales: 0.6% – up from January’s 0.3%
  • Equity sales: 97.4% – up from January’s 95.6%

February 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 1 1.9%
200 – 299 77 25.5%
300 – 399 124 61.4%
400 – 499 79 82.2%
500 – 599 23 87.2%
600 – 699 16 91.6%
700 – 799 5 94.1%
800 – 899 5 96.0%
900 – 999 4 97.2%
1M+ 10 100%
total 344

February’s median sold price for houses and condos combined was $355,000 — a whopping 4.4 percent increase over January’s median sold price of $340,000 for combined sales of houses and condos.

The table below contains the past 13 months of data[1]

Past 13 Months of Home Sales Data
Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Feb 2019 344 $370,950 $209.40 88 888 774
Jan 2019 324 $361,000 $210.31 86 961 655
Dec 2018 385 $365,000 $209.82 77 1,079 541
Nov 2018 469 $377,500 $211.75 71 1,237 634
Oct 2018 469 $385,000 $213.62 65 1,300 717
Sep 2018 460 $372,527 $210.74 60 1,333 725
Aug 2018 572 $370,725 $211.79 57 1,208 790
Jul 2018 567 $385,000 $216.37 53 1,154 838
Jun 2018 602 $381,950 $215.88 49 923 906
May 2018 575 $375,000 $209.12 49 725 920
Apr 2018 491 $374,000 $205.34 51 638 891
Mar 2018 549 $375,000 $200.86 50 529 814
Feb 2018 444 $370,000 $193.91 61 528 796

Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.


1. 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 – March 5, 2019. Note: This information is deemed reliable, but not guaranteed.

For historical home sale data back to 1998 click here.

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About Guy Johnson

I am a licensed Nevada REALTOR® (lic.# S.0075262.LLC) living and working in fabulous Reno, Nevada. I cover Reno, Sparks, Incline Village, Carson City, and beyond. Give me a call at 775-722-4011 and I will be happy to assist you with your real estate needs. I'm your Guy!
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