February median sales price and other market metrics

[Ed. Note — I typically post my monthly market report about one week into each new month, however a major milestone was reached in February, so I wanted to share the breaking news as soon as possible.]

Well, it’s finally happened. The median home price in the Reno-Sparks market has broken through the record high set in 2006 at the height of the housing bubble.

It has taken twelve years — six years of falling home prices followed by six years of rising home prices — to get to this point.

February’s median sales price came in at $370,000! This number blasts through the bubble high median of $365,000 set in January 2006. With home prices showing no signs of cooling one wonders just how high home prices will climb.

Month-over-month, February’s median sales price for homes sold in Reno and Sparks, Nevada surged 2.8 percent over January’s median of $359,950. Year-over-year, February’s median is up a whopping 15.6 percent over February 2017’s median sales price of $319,950.

February’s median sold price per square foot (PPSF) was $194.97/sq.ft. This number is 2.0 percent higher than January’s median sold PPSF of $191.12/sq.ft., and is 12.2 precent higher year over year.

The number of homes sold rose slightly in February. 417 homes sold in February — representing a a 2.7 percent increase over the 406 homes sold in January; and a 7.8 percent increase over the 387 homes sold in February 2017.

Lack of available inventory continues to be the major issue plaguing the Reno-Sparks housing market. Presently there are only 528 homes available for purchase in the Reno-Sparks market. That number is up slightly from the 514 homes for sales this time last month, however it is off a whopping 38.4 percent from the 857 homes available for sale in February 2017.

Pending home sales also rose for the month. Presently there are 796 homes sales pending in the Reno-Sparks Market. That number is up 1.8 percent over the 782 homes pending sale this time last month. Year-over-year, current pending sales are down 11.2 percent from February 2017.

February’s median days on market (DOM) came in at 61 days — subtracting six days from January’s median DOM. As an indicator of the velocity of the current market, compare February’s median 61 DOM with February 2017’s median DOM of 90 days.

February sales by type, break out as follows:

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

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

An unusually high 18 homes sold for over $1,000,000 in February. Last year a total of 143 homes sold for over $1,000,000 — for an average of 12 per month.

February’s median sold price for houses and condos combined was $350,000 — a 1.8 percent one-month increase over January’s median sold price of $343,750 for combined sales of houses and condos.

The table below contains the past 13 months of data…

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 2, 2018. Note: This information is deemed reliable, but not guaranteed.

Related post: January median sales price and other market metrics

Click here for historical data back to 1998.