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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Incline Village, Nevada housing market report

Below please find the current housing market report for Incline Village, Nevada, provided by our friends at First Centennial Title.

From this week’s report…

This week the median list price for Incline Village, NV is $1,745,000 with the market action index hovering around 26. This is about the same as last month’s market action index of 26. Inventory has held steady at or around 32. [Note: The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.]

Home sales have begun exceeding new inventory. This is a Buyer’s market so prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller’s zone, we may see upward pressure on pricing.

Click on the chart below to access the entire report.

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

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Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How much water is in Lake Tahoe?

The Lake holds about 39 trillion gallons of water, enough to cover the state of California to a depth of 14½ inches. A dam at Tahoe City on the Lake’s outlet regulates the upper 6.1 feet of Lake Tahoe above the low water rim. Between the regulated high and low water levels, the volume of water in Tahoe can vary by 243 billion gallons. By volume, Tahoe is the sixth largest lake in the USA.

Fact credit: TahoeFacts.com

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This week’s real estate headlines

Here are a few national real estate-related stories and news pieces that came across my screen this week…

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Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How deep is Lake Tahoe?

A maximum depth of 1,645 feet in Crystal Bay makes Tahoe the second deepest lake in the USA, third deepest in North America and 11th deepest in the world. The elevation of Carson City, Nevada is 85 feet higher than the deepest part of Lake Tahoe. If the Willis (formerly Sears) Tower, the tallest building in North America, were dropped into Lake Tahoe at its deepest point, the top would still be submerged by 195 feet of water. The average depth is about 1,000 feet.

Fact credit: TahoeFacts.com

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Lake Tahoe Friday fact

Paddleboarding off Speedboat Beach, Lake Tahoe — Image by Guy Johnson

How large is Lake Tahoe?

The maximum length of the Lake is 21.2 miles (north to south) and the maximum width is 11.9 miles (east to west). The surface area is 191 square miles (122,200 acres). The shoreline length is 75.1 miles and the encircling state highway is 71.8 miles long.

Fact credit: TahoeFacts.com

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Market Quicksheets from the Reno/Sparks Association of REALTORS®

Below please find the market infographics for January 2019 for the Reno, Sparks and Fernley, Nevada housing markets.

While the Sparks and Reno markets each saw a decline in the median sales price, Fernley’s housing market experienced a slight increase in the median sales price in January 2019.

New listing inventory was up substantially in all three markets.

These infographics are provided by the Reno/Sparks Association of REALTORS®.

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