February’s median home price jumps 2.8 percent over January’s
The median home price in Reno-Sparks, Nevada climbed to $370,950 in February — reversing a prior three-month downward trend. February’s median sales price represents a 2.8 percent increase over January’s median and is essentially the same as it was a year ago when the median was $370,000 in February 2018.
Despite the increase in the median sales price, February’s median sold price per square foot (PPSF) fell slightly to $209.40/sq.ft — a decrease of 0.4 percent from January’s. Year-over-year, February’s median sold PPSF is up 8.0 percent.
Home sales climbed for the month. February’s 344 homes sold represents a 6.2 percent increase over the 324 homes sold in January. However, home sales in general are substantially down. Year-over-year February’s units sold are down a whopping 22.5 percent from February 2018.
To place February’s home sales in perspective, one would have to look back to 2009 in order to find a February with a lower total number of homes sold.
Regarding inventory, presently 888 homes are available for purchase in the Reno-Sparks market. This number is down 7.6 percent from the 961 homes available for sale this time last month. Year over year, however, February’s current available inventory is up 68.2 percent.
That being said, despite the number of homes currently available for purchase, only 26.8 percent are priced at, or below, the current median sales price. Lack of affordable inventory remains a problem.
On a brighter note, pending sales rose in February. Presently, 774 homes are pending sale in the Reno-Sparks market. That number is up 18.2 percent over the 655 homes pending sale this time last month. Look for unit sales to increase in March as the spring home-buying season ramps up. Year-over-year, current pending sales are down 2.8 percent from February 2018.
February’s median days on market (DOM) came in at 88 days — an increase of 2 days over January’s DOM. What is noteworthy is that February’s DOM are up a significant 44.3 percent year-over-year, indicating a relatively much slower market than this time last year.
February sales by type, break out as follows:
- REO sales: 0.6% – down from January’s 1.6%
- Short sales: 0.6% – unchanged from January’s 0.6%
- Subject to Court Approval sales: 0.9% – down from January’s 1.9%
- Relocation sales: 0.6% – up from January’s 0.3%
- Equity sales: 97.4% – up from January’s 95.6%
February 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 | 1 | 1.9% |
| 200 – 299 | 77 | 25.5% |
| 300 – 399 | 124 | 61.4% |
| 400 – 499 | 79 | 82.2% |
| 500 – 599 | 23 | 87.2% |
| 600 – 699 | 16 | 91.6% |
| 700 – 799 | 5 | 94.1% |
| 800 – 899 | 5 | 96.0% |
| 900 – 999 | 4 | 97.2% |
| 1M+ | 10 | 100% |
| total | 344 |
February’s median sold price for houses and condos combined was $355,000 — a whopping 4.4 percent increase over January’s median sold price of $340,000 for combined sales of houses and condos.
The table below contains the past 13 months of data[1]…
| Month Year | # Sold | Median Sold Price | Sold Price per Sq Ft | Median DOM | # of Actives | # of Pendings |
| Feb 2019 | 344 | $370,950 | $209.40 | 88 | 888 | 774 |
| Jan 2019 | 324 | $361,000 | $210.31 | 86 | 961 | 655 |
| Dec 2018 | 385 | $365,000 | $209.82 | 77 | 1,079 | 541 |
| Nov 2018 | 469 | $377,500 | $211.75 | 71 | 1,237 | 634 |
| Oct 2018 | 469 | $385,000 | $213.62 | 65 | 1,300 | 717 |
| Sep 2018 | 460 | $372,527 | $210.74 | 60 | 1,333 | 725 |
| Aug 2018 | 572 | $370,725 | $211.79 | 57 | 1,208 | 790 |
| Jul 2018 | 567 | $385,000 | $216.37 | 53 | 1,154 | 838 |
| Jun 2018 | 602 | $381,950 | $215.88 | 49 | 923 | 906 |
| May 2018 | 575 | $375,000 | $209.12 | 49 | 725 | 920 |
| Apr 2018 | 491 | $374,000 | $205.34 | 51 | 638 | 891 |
| Mar 2018 | 549 | $375,000 | $200.86 | 50 | 529 | 814 |
| Feb 2018 | 444 | $370,000 | $193.91 | 61 | 528 | 796 |
Thank you for taking the time to read this market report. As always, your comments and questions are welcomed.
1. 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 5, 2019. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data back to 1998 click here.
