March 2016 Real Estate Report for Reno and Sparks
Northern Nevada and the Reno Sparks area real estate has seen increases from last month and last year including median sold price, number of units sold, price per square foot and new listings. These increases indicate that the housing market in Reno and Sparks is considered to more of a seller’s market. However, prices are still reasonable enough to encourage buying. “We have seen continued year-over-year price gains for the past four years, but percentage gai...
Northern Nevada and the Reno Sparks area real estate has seen increases from last month and last year including median sold price, number of units sold, price per square foot and new listings. These increases indicate that the housing market in Reno and Sparks is considered to more of a seller’s market. However, prices are still reasonable enough to encourage buying. “We have seen continued year-over-year price gains for the past four years, but percentage gains year over year have lessened as pricing appears to be stabilizing,” said William Process, 2016 RSAR president. Let's break down the statistics for each of the major factors determining the real estate market.
Median Sold Price: For March 2016, the median sold price was $296,000 which rose just 2.1% from last month and 8.4% from last year. While there have been fluctuations throughout the year. While it has shown a slow, but steady increase, March 2016 was the highest median price for the year. Year over year, the median sold price has gained for the past four years.
Units Sold: For the year, the number of units sold in the Reno Sparks area is up by 1.5% and from last month, it is up 52.7% for a total of 559 for March 2016. There was a steady decrease throughout the year with a slight uptick for the month of March. The highest level over the last year was June 2016 at 655.
New Listings: New listings were up from both last year and last month with 28.2% increase from last month with 736 for March 2016 and up 12.5% from 654 last March. New listings held fairly steady throughout the year with a small dip in November and December.
Price per Square Foot: The price per square foot has been steadily growing with an 11.1% increase for the year and a 0.2% increase from last month to a current price of $167.67 per square foot for March 2016. March is also the highest price per square foot for the year.
Inventory: Current inventory levels grew from March 2015 of 1,719 to a high in of 2,169 in August to the current level of 1,543 for March 2016. Overall, the percent from last year was down by 10.2% and down 4.2% from last month.
Months Supply of Inventory (MSI): The MSI held fairly steady year to year with March 2015 at 3.1 and March 2016 at 2.8, that’s a drop of 11.5%. However, from last month the MSI dropped 37.3% and over the year the MSI varied from the current low of 2.8 in March 2016 to a high of 4.4 in February.
Median Sold Price by Area Group: For each individual area the averages for the nine main areas according to the Reno/Sparks Association of Realtors are Metro Southwest at $435,000 up from $350,000 from last year. New Southwest grew steadily from $320,000 to $360,000. North Valleys jumped from $190,000 to $230,000. Northwest started at $230,000 in March 2015 to a current average of $275,000. Old Southwest held steady throughout the year with March 2015 at $220,000 to $260,000 in March 2016. Spanish Springs rose from $280,000 to $320,000. Sparks climbed from $210,000 to $225,000. Suburban Southwest and West Suburban were the only two areas to decrease with Suburban Southwest starting at $650,000 and falling to $525,000, and West Suburban began at $390,000 to end at $340,000.
Information provided by Reno/Sparks Association of REALTORS®.