April median sales price, units sold, DOM and inventory

Continuing the gains seen in March, April also posted some very strong numbers. Practically every metric is up.

April’s median home sales price for the Reno-Sparks real estate market increased 1.5 percent for the month to come in at $275,000. This median is a 19.6 percent year-over-year increase over April of last year. The last time our market saw a median of $275,000 was in April 2008 — seven years ago.

April’s median sold price per square foot (ppsf) came in at $151.52/sq.ft. — a 1.0 percent one-month increase over the $149.01/sq.ft. seen in March; and a 16.2 percent year-over-year increase over the median ppsf in April 2014.

The number of homes sold in April was relatively unchanged from the number sold in March. April’s 545 houses sold represents a 1.9 percent year-over-year increase over the number sold in April 2014.

April shaved off a couple more days from the median days on market (DOM) number. The current median DOM is at 57 days. Compare this to last year when the median DOM was 65 days.

For the 2nd consecutive month available inventory has risen. [That is a good thing.] After having declined every month since August 2014 available inventory in the Sparks and Reno real estate markets finally turned the corner in March of this year. Currently, 785 houses are available for sale — up 9.8 percent over March’s 715 houses for sale. However, available for-sale inventory remains low. April’s number is down 16.9 percent from this time last year.

Pending sales are also up. April’s 1,101 pending sales are up 7.2 percent over March’s pendings and is the highest number of pendings since July last year.

April sales by type break out as follows:

• REO sales: 5% – down from March’s 8%
• Short sales: 6% – up slightly from March’s 5%
• Equity sales: 87% – up slightly from March’s 85%

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

The sales of homes in the higher price bands have been trending up. Consider, for example, homes over $500,000. In February 6.9 percent of the homes sold that month sold for more than $500,000. In March 8.6 percent of the homes sold that month sold for more than $500,000. In April, that segment was 10.3 percent.

April’s median sold price for houses and condos combined was $257,500 — a 1.0 percent decrease from March’s median sold price of $260,000 for combined sales of houses and condos.

The table below contains the past 13 months of data…

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 – May 2015. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

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