The Reno-Sparks real estate market bounced back in a big way in February from the dip typically observed in January. February’s median sales price jumped to a whopping $265,000. This number represents a 5.2 percent increase over January’s median sales price, and a 13.5 percent year-over-year increase over last February’s median of $233,500.
381 houses were sold during the month of February. This number was a 5 percent increase over the 363 houses sold in January, and was 1.8 percent less than the 388 sold last year during February.
February’s median sold price per square foot (ppsf) came in at $143.26/sq.ft. — a 2.2 percent increase over the $140.12/sq.ft. seen in January; and a 13.3 percent increase over the ppsf seen last February.
February’s median days on market (DOM) was 74 days — ten fewer days than January’s median DOM of 84 days.
Available inventory in the Sparks and Reno real estate market took another big drop in February and continues its downward slide since peaking last year in August. Currently, only 630 houses are available for sale. Available inventory has not been this low since April 2013. The Reno-Sparks market currently has less than a 2-month supply of inventory.
February’s pending sales are up nearly 12 percent over January’s pendings. The warm weather has the Spring homebuyers out early this year.
February sales by type break out as follows:
- REO sales: 7% – up slightly from January’s 6%
- Short sales: 7% – down from January’s 10%
- Equity sales: 84% – up from January’s 81%
February sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 4 | 1.0% |
| 100 – 199 | 71 | 18.6% |
| 200 – 299 | 166 | 63.3% |
| 300 – 399 | 86 | 85.8% |
| 400 – 499 | 27 | 92.9% |
| 500 – 599 | 16 | 97.1% |
| 600 – 699 | 6 | 98.7% |
| 700 – 799 | 1 | 99.0% |
| 800 – 899 | 1 | 99.2% |
| 900 – 999 | 1 | 99.5% |
| 1M+ | 2 | 100% |
| total | 357 |
February’s median sold price for houses and condos combined was $250,000 — a 3.3 percent increase over January’s median sold price of $242,000 for combined sales of houses and condos.
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 2015 | 381 | $265,000 | $143.26 | 74 | 630 | 1,044 |
| Jan 2015 | 363 | $252,000 | $140.12 | 84 | 706 | 933 |
| Dec 2014 | 518 | $261,995 | $140.22 | 77 | 806 | 789 |
| Nov 2014 | 474 | $260,000 | $138.36 | 70 | 940 | 977 |
| Oct 2014 | 490 | $260,000 | $140.04 | 73 | 1,083 | 1,075 |
| Sep 2014 | 507 | $239,000 | $136.90 | 70 | 1,325 | 999 |
| Aug 2014 | 578 | $250,000 | $138.38 | 60 | 1,390 | 1,015 |
| Jul 2014 | 530 | $249,950 | $140.26 | 61 | 1,365 | 1,117 |
| Jun 2014 | 564 | $250,000 | $135.97 | 61 | 1,234 | 1,098 |
| May 2014 | 546 | $240,000 | $134.60 | 65 | 1,076 | 1,190 |
| Apr 2014 | 535 | $230,000 | $130.37 | 65 | 945 | 1,198 |
| Mar 2014 | 482 | $227,499 | $129.72 | 64 | 837 | 1,249 |
| Feb 2014 | 388 | $233,500 | $126.42 | 90 | 864 | 1,169 |
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 2015. 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
February median sales price, units sold, DOM and inventory | bestreno241
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Twister
Its looking like another surge up in the median the way things are setting up with those inventory levels getting so low. It can only mean bidding up when it gets this tight. I cant help but think this thing could break thru 300k this year. Call me crazy but it looks to me like we are transitioning or have transitioned from a recovery in housing into a strong bull market in housing locally that could see the median reaching the old highs within a few years. Never thought I’d see the possibilty of that happening this soon but all the signs are there. Many of the worst crashes make full recoveries in price…just look at the Nasdaq…from an 80% wipeout several years ago to flirting with its old high this week. Learn to ride the coaster baby!