February’s median sales increased substantially over January’s median. February’s median sales price was $290,000 — or a whopping 4.4 percent one-month increase from January’s median of $277,750. However, keep in mind that January’s median was down the same percentage from December’s median. So, really we’re right back to where we were at the end of 2015.
February’s median sales price year-over-year is up 9.4 percent over February 2015.
February’s median sold price per square foot (ppsf) jumped to $162.67/sq.ft. — also a 4.4 percent increase from January’s $155.76/sq.ft. Year-over-year the median sold ppsf is up 13.2 percent. The median ppsf appears to be climbing faster than the median sales price. This could be due, in part, to the number of newly-built homes being sold [as new construction typically sells for a higher ppsf than resale].
I took a look back at 2015’s numbers and found that the median sold price per square foot peaked in August at $160.98/sq.ft. So February’s ppsf has surpassed 2015’s high mark. I then took a look at the historical numbers and found that the last time our market’s median ppsf was this high was January 2008 — eight years ago.
The number of houses sold in February dropped to 354 units. That total is off 8.8 percent from the 388 houses sold in January; however is up 10.8 percent year-over-year from the 397 houses sold in February 2015. Units-wise February was a slow month. However there are currently over 1,000 pending properties (see below), so expect the number of sales to bounce back in March.
February’s median days on market (DOM) increased to 87 DOM — adding 1 more days to January’s median DOM of 86 days. The large increase in the DOM (listed to close) can be attributed to the new TRID rules that recently went into effect in October last year. [For more details on TRID’s impact see: Median escrow period increases by three weeks — Days to contract now less than a week – Ed.]
February’s median days to contract (DTC) metric [the number of days that a property was listed on the MLS before going into contract (e.g. pending)] decreased to 7 days – one less day than January’s median 8 days to contract.
Available inventory remains relatively unchanged from this time last month. Currently 765 houses are listed and available for sale. Pending home sales have increased to 1,010. currently — a whopping 18.4 percent increase over this time one-month ago. Look for a big March. The Spring home buying season is upon us.
February sales by type break out as follows:
- REO sales: 4% – down from January’s 6%
- Short sales: 4% – down from January’s 5%
- Equity sales: 88% – up from January’s 86%
February sales by price band break out as follows in the table below…
sales price ($000’s) | units sold | cumulative % of sales |
0 – 99 | 1 | 0.3% |
100 – 199 | 41 | 11.9% |
200 – 299 | 152 | 54.8% |
300 – 399 | 92 | 80.8% |
400 – 499 | 25 | 87.8% |
500 – 599 | 15 | 92.1% |
600 – 699 | 7 | 94.1% |
700 – 799 | 6 | 95.8% |
800 – 899 | 2 | 96.3% |
900 – 999 | 2 | 96.9% |
1M+ | 11 | 100% |
total | 354 |
February’s median sold price for houses and condos combined was $269,000 — a 3.7 percent increase from January’s median sold price of $259,500 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 2016 | 354 | $290,000 | $162.67 | 87 | 765 | 1,010 |
Jan 2016 | 388 | $277,750 | $155.76 | 86 | 762 | 853 |
Dec 2015 | 500 | $290,000 | $157.29 | 76 | 819 | 749 |
Nov 2015 | 423 | $292,000 | $158.97 | 72 | 925 | 890 |
Oct 2015 | 541 | $279,900 | $158.88 | 66 | 1,105 | 886 |
Sep 2015 | 572 | $285,000 | $159.42 | 63 | 1,231 | 931 |
Aug 2015 | 526 | $290,000 | $160.98 | 56 | 1,238 | 1,021 |
Jul 2015 | 650 | $290,000 | $159.31 | 57 | 1,138 | 991 |
Jun 2015 | 657 | $280,000 | $155.22 | 54 | 1,005 | 1,088 |
May 2015 | 578 | $283,450 | $152.71 | 52 | 930 | 1,129 |
Apr 2015 | 567 | $272,000 | $150.85 | 57 | 785 | 1,101 |
Mar 2015 | 552 | $272,195 | $148.88 | 59 | 715 | 1,027 |
Feb 2015 | 397 | $265,000 | $143.66 | 75 | 630 | 1,044 |
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 6, 2016. 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
Ray Hancock
Lower sales, more days on market looks like we peeked. Incomes can't support this home price.
You are a great spokesperson for Nevada and try to be unbiased, but Nevada is still #2 in forclosure in the US. It will take some time for this all to flush out. We are still seeing homes 2-3 years in forclosure come to market. With 20% still underwater this could be a bumpy ride.
Ray Hancock
Forgot the data link
http://www.bankrate.com/finance/real-estate/foreclosures-by-state/
Guy Johnson
Ray, Thank you for your comment and for sharing the link above. Much Appreciated.
And thank you for reading the Reno Realty Blog.
Derrick Crispell
Don't bet on it… markets can remain rational longer than you can remain sane.
I wouldn't be surprised in the least if median prices AND sales both continue to increase in the coming months and right into fall.
Guy… any data for what % of sales are being driven by out of state buyers? I'm sure many of them might not adhere to the median income/affordability models.
D
Don’t bet on it… markets can remain rational longer than you can remain sane.
I wouldn’t be surprised in the least if median prices AND sales both continue to increase in the coming months and right into fall.
Guy… any data for what % of sales are being driven by out of state buyers? I’m sure many of them might not adhere to the median income/affordability models.
Guy Johnson
D,
Thank you for your comment and question. Unfortunately, I do not have that buyer data available through our MLS. I agree, it would be interesting to know, though.
– Guy
RSAR Monthly Market Report – February 2016 | Reno Real Estate Blog
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