April median sales price, units sold, DOM, DTC and inventory

April 2016 medianApril’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

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