March’s median sold home price for Reno-Sparks jumped 5.9 percent for the month to come in at $415,000 — setting a new record high home price for the Reno and Sparks’ markets.
Year-over-year, March’s median closed sales price was up a whopping 12.5 percent.
March’s median sold price per square foot (PPSF) also rose — coming in at $221.57, or 4.1 percent over February’s $212.80/sq.ft.
Year-over-year, March’s median sold PPSF is up 6.6 percent.
Home sales rose to 503 units sold in March — representing an impressive 10.3 percent increase over February’s 456 homes sold.
Year-over-year, March’s number of homes sold was up 9.8 percent over the 458 homes sold in March 2019.
Currently 774 homes are available for purchase in the Reno-Sparks market. This number is up a whopping 31.9 percent over the 587 homes available for sale this time last month. Despite the monthly increase, current available inventory is down 10.7 percent, year-over-year.
Pending sales are dramatically down. Presently, 658 homes are pending sale in the Reno-Sparks market. That number is down a staggering 19.4 percent from the 816 homes pending sale this time last month. This large decrease is likely due to decreased home buying activity caused by the corona virus pandemic, and portends much fewer home sales for April and May.
Current pending sales are down 19.3 percent from the number of pending sales this time last year.
Days on Market and Days to Contract
March’s median days on market (DOM) came in 56 days — a substantial decrease of 23 days (more than three weeks) from February’s median DOM. Year-over-year, March’s DOM number is down 22 days from March 2019’s number.
March’s median days to contract (DTC) fell to 5 days — a substantial decrease of 11 days from February’s median 16 DTC. Year-over-year, March’s DTC number is down 13 days from March 2019’s number.
Expect both DOM and DTC numbers to increase as the effects of the stay-at-home guidelines impact the home buying process.
Sales by Type
March sales by type, break out as follows:
- REO sales: 0.8% – down from February’s 0.9%
- Short sales: 0% – down February’s 0.7%
- Subject to Court Approval sales: 1.2% – down from February’s 1.6%
- Relocation sales: 0.4% – unchanged from February’s 0.4%
- Equity sales: 97.7% – up over February’s 96.4%