January median sales price and other market metrics

January’s median sales price jumped ahead of December’s to begin the year at $360,000. January’s median sales price for homes sold in Reno and Sparks, Nevada surged 4.3 percent over December’s median of $345,000. Year-over-year, January’s median is up a whopping 19.2 percent over January 2017’s median sales price of $301,975.

Not only does January 2018’s median sales price surpass 2017’s high median of $355,000 set in July last year, but it also sets a new post-bubble high. Our market’s median sales price is currently off only 1.4 percent from the housing bubble record high of $365,000 set twelve years in January 2006. That record is very close to being broken.

On a price-per-square foot (PPSF) basis the median sales price began the year at $191.42/sq.ft. Despite the increase in the median sales price for the month, the PPSF number represents a 1.5 percent decrease from December’s median sold price per square foot of $194.37/sq.ft., but is an 9.7 percent increase year-over-year.

Lack of available inventory continues to be the major issue plaguing the Reno-Sparks housing market. Presently there are only 514 homes available for purchase in the Reno-Sparks market. Not only is that number down 15.0 percent from the 605 homes available for sale this time last month, but even more telling, year-over-year, available inventory is off a staggering 41.0 percent. Yes, last year at this time 872 homes were available for sale, presently there are only 514.
[For a more detailed analysis of the inventory problem our market is experiencing, see Reno, Nevada’s Housing Shortage — How Bad Is It?]

Pending home sales, on the other hand, are up substantially for the month. Presently there are 782 homes pending sale in the Reno-Sparks Market. That number represents a 35.3 percent increase over the 578 homes pending sale this time last month. Year-over-year, current pending sales are down 3.5 percent from January 2017. Look for February units sold to increase over January’s.

Speaking of the number of houses sold, as expected January sales decreased for the month. January’s 401 houses sold was 18.5 percent fewer than the 492 houses sold in December; however, year-over-year, January’s unit sales were 10.2 percent higher.

January’s median days on market (DOM) came in at 68 days — subtracting one day from December’s median DOM.

January sales by type, break out as follows:

• REO sales: 1% – unchanged from December’s 1%
• Short sales: 1% – unchanged from December’s 1%
• Equity sales: 97% – unchanged from December’s 97%

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

An unusually high 17 homes sold for over $1,000,000 in January. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month.

January’s median sold price for houses and condos combined was $342,750 — a 5.5 percent one-month increase over December’s median sold price of $325,005 for combined sales of houses and condos.

The table below contains the past 13 months of data…

Happy New Year!

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 – February 6, 2018. Note: This information is deemed reliable, but not guaranteed.

Related post: December median sales price and other market metrics

Click here for historical data back to 1998.