February’s metrics were all up compared to January’s numbers.
February’s median sales price of $190,100 represents:
- a 5.6 percent month-over-month increase from January’s $180,000
- a 30.1 percent year-over-year increase over February’s 2012’s median of $145,500
- a four-year high; the median sales price for the Reno-Sparks market has not been this high since April 2009.
The median sold price per square foot continues to skyrocket. February’s median sold ppsf of $105.03/sf increased 2.5 percent month-over-month.
408 houses sold in February representing a 14.3 percent month-over-month increase. However, that number is down 14 percent from a year ago.
Median days on market (DOM) dropped to 104 days – from 114 days in January. Now that the holidays are passed and the banks are back to work perhaps we’ll see short sales taking less time to complete. [See related post: How long are short sales taking these days?]
Inventory remains in short supply. With only 474 available houses the market currently has less than a five-week supply of inventory. [Of course, as has been discussed on the blog many times, this lack of inventory is not consistent across all price bands. See Where’s the existing inventory? …not below $400,000 for more details.]
February sales by type break out as follows:
- REO sales: 13% – up from January’s 10%
- Short sales: 37% – down from January’s 43%
- Equity sales: 49% – up from January’s 47%
“Equity” sales represented nearly half of the sales in February.
February sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 34 | 8.3% |
| 100 – 199 | 179 | 52.2% |
| 200 – 299 | 115 | 80.4% |
| 300 – 399 | 43 | 90.9% |
| 400 – 499 | 13 | 94.1% |
| 500 – 599 | 8 | 96.1% |
| 600 – 699 | 2 | 96.6% |
| 700 – 799 | 6 | 98.0% |
| 800 – 899 | 4 | 99.0% |
| 900 – 999 | 0 | 99.0% |
| 1M+ | 4 | 100% |
| total | 408 |
For those readers who prefer the median sold price for houses and condos combined, February’s 465 sold houses, condos and town homes exhibited a combined median sold price of $176,500 – up 3.8 percent from January’s median sold price of $170,000 for 406 combined sales.
The table below contains the past 13 months of data…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Feb 2013 | 408 | $190,100 | $105.02 | 104 | 474 | 1,485 |
| Jan 2013 | 357 | $180,000 | $102.43 | 114 | 465 | 1,462 |
| Dec 2012 | 492 | $186,500 | $102.42 | 107 | 539 | 1,421 |
| Nov 2012 | 522 | $181,000 | $99.61 | 105 | 640 | 1,646 |
| Oct 2012 | 536 | $180,000 | $97.93 | 102 | 728 | 1,772 |
| Sep 2012 | 473 | $175,000 | $98.41 | 92 | 836 | 1,811 |
| Aug 2012 | 535 | $176,000 | $98.56 | 86 | 882 | 1,846 |
| July 2012 | 514 | $165,000 | $94.59 | 88 | 832 | 1,873 |
| Jun 2012 | 514 | $170,000 | $91.48 | 92 | 759 | 1,891 |
| May 2012 | 524 | $164,750 | $90.56 | 99 | 783 | 1,873 |
| Apr 2012 | 526 | $151,100 | $87.04 | 95 | 785 | 1,885 |
| Mar 2012 | 540 | $149,900 | $84.89 | 107 | 809 | 1,889 |
| Feb 2012 | 465 | $145,500 | $82.12 | 100 | 980 | 1,788 |
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 – March 2013. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: January median sales price, units sold, DOM, and inventory
Guy Johnson
…also noteworthy, February looked to be a good month for luxury sales. Fourteen homes (or 3.4% of sales) sold for over $700K.
Twister
As I mentioned last fall, I thought the market would level off around 175k after the initial sharp move up off the bottom before taking another leg up this year to 200k. The leveling off that occurred for several months averaged about 180k. I believe todays report is the beginning of that second leg up to 200k and maybe to 220k before leveling off again or possibly dipping late in 2013 depending on obvious outcome and bank behavior.