Wow! February’s median sales price jumped to $235,000, and represented a 6.8 percent one-month increase from January’s median of $220,000. Year-over-year, February’s median sales price is up 23.6 percent. Also, interesting to note, Reno-Sparks median home sales price is now $100,000 higher than it was when prices bottomed in January 2012 at $135,000.
375 houses sold in February 2014. This number was up 6.6 percent from January’s 350 houses sold; but down 11 percent from February 2013. As can be seen in the monthly data below, pending sales are increasing, so expect the number of homes sold to increase as we move into Spring and Summer.
February’s median sold price per square foot (ppsf) came in at $128.08/sq.ft. This number represents a 2.2 percent increase over January’s $125.38 ppsf. February’s median ppsf is up 22 percent year-over-year.
Days on market (DOM) continues to increase. February’s DOM climbed to 89, but is still well below the 104 median DOM seen this time a year ago.
Inventory bumped up a little in February. Currently, 864 houses are available for sale — a 5.8 percent increase from the 817 houses available for sale this time last month. Year-over-year, February’s inventory is up 82.3 percent. The Reno-Sparks housing market’s inventory currently sits a little more than two months supply.
Pending sales continue to increase – gaining 7.8 percent over January’s pendings, indicating increased sales coming in March.
February sales by type break out as follows:
- REO sales: 7% – down from January’s 9%
- Short sales: 13% – down from January’s 16%
- Equity sales: 79% – up from January’s 74%
February sales by price band break out as follows in the table below…
| sales price ($000’s) | units sold | cumulative % |
| 0 – 99 | 12 | 3.2% |
| 100 – 199 | 137 | 39.7% |
| 200 – 299 | 115 | 70.4% |
| 300 – 399 | 61 | 86.7% |
| 400 – 499 | 19 | 91.7% |
| 500 – 599 | 6 | 93.3% |
| 600 – 699 | 9 | 95.7% |
| 700 – 799 | 4 | 96.8% |
| 800 – 899 | 3 | 97.6% |
| 900 – 999 | 3 | 98.4% |
| 1M+ | 6 | 100% |
| total | 340 |
Six $1M+ homes sold in February. It appears 2014 is continuing 2013’s increasing trend of million-dollar home sales – See Million dollar (and above) home sales double in 2013
February’s median sold price for houses and condos combined was $215,000 –- up 7.5 percent from January’s median sold price of $200,000 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 |
| Feb 2014 | 375 | $235,000 | $128.09 | 89 | 864 | 1,169 |
| Jan 2014 | 350 | $220,000 | $125.38 | 87 | 817 | 1,084 |
| Dec 2013 | 492 | $231,000 | $120.80 | 76 | 828 | 953 |
| Nov 2013 | 475 | $224,900 | $126.51 | 71 | 974 | 1,171 |
| Oct 2013 | 537 | $214,750 | $125.45 | 63 | 1,052 | 1,224 |
| Sep 2013 | 513 | $224,900 | $126.53 | 70 | 1,019 | 1,305 |
| Aug 2013 | 638 | $220,000 | $124.56 | 62 | 1,028 | 1,361 |
| Jul 2013 | 593 | $215,000 | $123.25 | 64 | 920 | 1,455 |
| Jun 2013 | 532 | $224,950 | $123.60 | 59 | 859 | 1,527 |
| May 2013 | 538 | $218,500 | $119.14 | 64 | 756 | 1,563 |
| Apr 2013 | 481 | $205,000 | $112.53 | 79 | 579 | 1,519 |
| Mar 2013 | 490 | $195,000 | $108.83 | 92 | 502 | 1,479 |
| Feb 2013 | 422 | $190,100 | $105.02 | 104 | 474 | 1,485 |
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 2014. Note: This information is deemed reliable, but not guaranteed.
Click here for historical data back to 1998.
Related post: January median sales price, units sold, DOM and inventory
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