April’s median sales price pulled back slightly from March’s. April’s median sales price came in at $294,000 — a 0.3 percent one-month decrease from March’s median of $295,000.
April’s median sales price year-over-year is up 8.1 percent over April 2015.
April’s median sold price per square foot (ppsf) increased to $168.02/sq.ft. — a 1.8 percent increase from March’s $165.07/sq.ft.
Year-over-year the median sold ppsf is up 11.4 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].
April’s median sold ppsf also sets a new monthly high for this metric since the market bottomed in 2012.
The number of houses sold in April decreased to 557 units sold. That total represents a 3.5 percent decrease from the 577 houses sold in March. April’s total is also off 1.8 percent rom the 567 houses sold in April 2015.
With over 1,100 properties currently pending sale (see below), expect the number of May sales to be higher.
April’s median days on market (DOM) fell to 57 DOM — taking more than a week from March’s median DOM of 65 days.
April’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 4 days – one less day than March’s median of 5 DTC. The Reno-Sparks’ housing market is white hot right now. Buyer’s who are shopping for a home today know this too well.
Currently 840 houses are listed and available for sale — up slightly from last month. Pending home sales have increased to 1,142 units — a 10.1 percent increase over this time one-month ago. Look for May’s numbers to come in strong.
April sales by type break out as follows:
- REO sales: 3% – unchanged from March’s 3%
- Short sales: 2% – down from March’s 3%
- Equity sales: 92% – up from March’s 90%
April sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 1 | 0.2% |
| 100 – 199 | 46 | 8.4% |
| 200 – 299 | 244 | 52.2% |
| 300 – 399 | 155 | 80.1% |
| 400 – 499 | 62 | 91.2% |
| 500 – 599 | 21 | 95.0% |
| 600 – 699 | 9 | 96.6% |
| 700 – 799 | 6 | 97.7% |
| 800 – 899 | 5 | 98.6% |
| 900 – 999 | 1 | 98.7% |
| 1M+ | 7 | 100% |
| total | 557 |
April’s median sold price for houses and condos combined was $280,000 — a 0.9 percent increase over March’s median sold price of $277,900 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 |
| Apr 2016 | 557 | $294,000 | $168.02 | 57 | 840 | 1,142 |
| Mar 2016 | 577 | $295,000 | $165.07 | 65 | 833 | 1,037 |
| Feb 2016 | 368 | $290,000 | $162.77 | 85 | 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 |
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 10, 2016. 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, DTC and inventory
