March median sales price, units sold, DOM, and inventory

March’s metrics were all up compared to February’s numbers.

March’s median sales price of $195,000 represents:

  • a 2.1 percent month-over-month increase from February’s $190,100
  • a 30.1 percent year-over-year increase over March 2012’s median of $149,900
  • a four-year high; the median sales price for the Reno-Sparks market has not been this high since March 2009.

The median sold price per square foot (ppsf) continues to skyrocket. March’s median sold ppsf of $108.97/sf increased 3.8 percent month-over-month.

480 houses sold in March representing a 14.8 percent month-over-month increase. However, that number is down 11.1 percent from a year ago.

Median days on market (DOM) dropped to 90 days – from 104 days in February.

Inventory remains in short supply. With only 502 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.]

March sales by type break out as follows:

  • REO sales: 9% – down from February’s 13%
  • Short sales: 32% – down from February’s 37%
  • Equity sales: 58% – up from February’s 49%

“Equity” sales now account for more than half of monthly sales.

March sales by price band break out as follows in the table below…

sales price ($000’s) units sold cumulative %
0 – 99 34 7.1%
100 – 199 214 51.7%
200 – 299 146 82.1%
300 – 399 37 89.8%
400 – 499 13 92.5%
500 – 599 11 94.8%
600 – 699 7 96.3%
700 – 799 3 96.9%
800 – 899 3 97.5%
900 – 999 1 97.7%
1M+ 11 100%
total 480

For those readers who prefer the median sold price for houses and condos combined, March’s 550 sold houses, condos and town homes exhibited a combined median sold price of $175,000 – down 1.5 percent from February’s median sold price of $177,750 for 476 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
Mar 2013 480 $195,000 $108.97 90 502 1,479
Feb 2013 418 $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

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 2013. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: February median sales price, units sold, DOM, and inventory

Avatar

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!
This entry was posted in Agent Insights, Market Trends and tagged , , , , . Bookmark the permalink.

Leave a Reply