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
