The Reno-Sparks, Nevada median home sales price rose in April to establish a new post-bubble high. April’s median sales price clocked in at $323,990 — a 1.6 percent rise over March’s median of $319,000. April was the fourth consecutive month of increasing median sales prices. Year-over-year April’s median sales price is up 9.8 percent over April 2016’s median of $295,000.
With this new high, home prices in Reno and Sparks, Nevada are now off only 11.2 percent from the housing bubble high of $365,000 set in January 2006.
April’s median sold price per square foot (ppsf) jumped to $183.02/sq.ft. — a 2.8 percent increase over March’s $178.09/sq.ft. Year-over-year, April’s median sold ppsf is up 9.0 percent.
The number of houses sold in April fell to 511 units sold. That total represents a 7.9 percent decrease from the 555 houses sold in March. Year-over-year, April’s sales were also down — coming in at 10.2 percent below April 2016’s sales.
April’s median days on market (DOM) decreased to 60 days — subtracting 10 days from March’s median DOM of 70 days. Current median DOM is now a full month less than the three months of DOM observed in February.
Available inventory increased compared to March’s number. Currently there are 896 houses listed available for sale. That number represents a increase of 6.7 percent over the 840 houses available for sale this time last month. April 2017’s inventory is also up 6.7 percent year-over-year.
Pending home sales continue to rise. Currently, there are over 1,149 houses pending sale. Compare that number to March’s 1,009 pending sales this time last month and we see that pending sales are up 12.2 percent.
April sales by type break out as follows:
- REO sales: 3% – unchanged from March’s 3%
- Short sales: 1% – down from March’s 2%
- Equity sales: 95% – up from March’s 92%
April sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % of sales |
| 0 – 99 | 0 | 0.0% |
| 100 – 199 | 25 | 4.9% |
| 200 – 299 | 182 | 40.5% |
| 300 – 399 | 167 | 73.2% |
| 400 – 499 | 80 | 88.8% |
| 500 – 599 | 20 | 92.8% |
| 600 – 699 | 13 | 95.3% |
| 700 – 799 | 8 | 96.7% |
| 800 – 899 | 3 | 97.5% |
| 900 – 999 | 2 | 97.8% |
| 1M+ | 11 | 100% |
| total | 511 |
April’s median sold price for houses and condos combined was $306,945 — a 0.6 percent increase from March’s median sold price of $305,000 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 |
| Apr 2017 | 511 | $323,990 | $183.02 | 60 | 896 | 1,149 |
| Mar 2017 | 555 | $319,000 | $178.09 | 70 | 840 | 1,009 |
| Feb 2017 | 385 | $318,500 | $174.01 | 90 | 857 | 896 |
| Jan 2017 | 364 | $302,250 | $174.83 | 88 | 872 | 810 |
| Dec 2016 | 529 | $300,000 | $173.43 | 83 | 1,032 | 675 |
| Nov 2016 | 537 | $310,000 | $173.93 | 76 | 1,211 | 845 |
| Oct 2016 | 514 | $310,000 | $175.57 | 73 | 1,306 | 956 |
| Sep 2016 | 632 | $310,000 | $175.02 | 74 | 1,451 | 928 |
| Aug 2016 | 596 | $310,000 | $172.45 | 67 | 1,440 | 1,031 |
| Jul 2016 | 600 | $318,000 | $173.38 | 65 | 1,434 | 1,036 |
| Jun 2016 | 660 | $312,650 | $175.49 | 61 | 1,299 | 1,072 |
| May 2016 | 600 | $310,000 | $172.09 | 58 | 1,156 | 1,228 |
| Apr 2016 | 569 | $295,000 | $167.98 | 58 | 840 | 1,142 |
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 9, 2017. Note: This information is deemed reliable, but not guaranteed.
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