Market Trends 2018 Mid-Year Market Report for the Reno/Sparks Region
Compliments of your Dickson Realty Agent For more information about the real estate market, or to search for homes, visit DicksonRealty.com.
2nd Quarter Median Sales Median SalesPrice Price &and Average Sold Price per Square Foot Average Sold Price per Sq Ft
SPANISH SPRINGS
NORTH VALLEYS
SINGLE FAMILY
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change + Year to year change -0.65% Average Price/SF
Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change +  € Year to year change +12.53% Average Price/SF Average Price/SF
NORTH URBAN
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change + … †‡ Year to year change +4.48% Average Price/SF Average Price/SF
NEW NORTHWEST
SINGLE FAMILY
SPARKS
CONDO
SINGLE FAMILY
Median Sales $$ Median Sales $$ Year to year change + ‡‡ Year to year change +22.95% Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change Œ € ‡ Year to year change ŒŽ Ž
Average Price/SF
Average Price/SF
Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change Œ € € Year to year change Œ…  Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change + ‹  Year to year change -1.84% Average Price/SF
Average Price/SF
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +18.99% Year to year change Œ  ‡ Average Price/SF
Average Price/SF
Source: Northern Nevada Multiple Listing Service (NNRMLS)
Average Price/SF
NEW SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change Œ  ‹ Year to year change Œ † Ž€ Average Price/SF
NEW SOUTHWEST
Average Price/SF
Reno-Sparks Market Update Our market has heated up as the summer selling season gets into full swing. As of July 2nd, there were 1,029 homes available for purchase in Reno-Sparks, which is nearly a 26% increase from May. However, our inventory is still less than this time last year. Over 70% of available homes have asking prices below $600,000. Absorption Rate, or Days of Available Inventory, is the amount of time it would take to sell off existing homes for sale if no additional homes entered the market. The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage. For homes priced below $300,000, we have only 23 days of inventory. For homes in the range of $300,000-$600,000, available inventory is 51 days. If you own a home in either of these price ranges, it is a very good time to sell with little competition in the marketplace. The Inventory of homes in the $600,001 to $900,000 range is 4 months. The $900,000 to $1,500,000 price range is the most balanced at 5 months. For homes priced over $1,500,000, we have a 17 month, or just over a 1.25 year supply (a year ago, supply in this price range was nearly 3 years). Let’s take a look at the Percentage of Sales by price range as of June 30, 2018. The total number of home sales year to date is nearly equal to this time last year. Nearly 89% of year-to-date home sales in Reno/Sparks have been under $600,000. Only 7.2% of sales this year have been between $600,000 and $900,000. The remaining sales, or just 4% of all sales, were over $900,000. If you are planning to buy a home, it is more important than ever to be pre-qualified with a lender before looking at houses, as many homes go into contract quickly after entering the market. Contact your Dickson Realty neighborhood expert if you would like to have a more detailed explanation of the market conditions in our region.
I’M LOCAL I’M GLOBAL ®
$55 BILLION MORE U.S. HOME SALES VOLUME IN 2017 THAN OUR CLOSEST COMPETITOR Volume shown in billions of dollars
400
$372
®
Leading Real Estate Companies of the World
INDUSTRYLEADING SALES. WORLD-CLASS SERVICE.
$317
$306 $298
$250
n
Leading Real Estate Companies of the World®
n n n n n n n n n n n
RE/MAX
350
Keller Williams Coldwell Banker Berkshire Hathaway Home Services
300
Century 21 Sotheby’s International Realty ERA 250
Exit Realty Realty Executives Better Homes & Gardens HomeSmart
200
$181
150
1.1 MILLION TRANSACTIONS
$121
$116
100
$372 BILLION IN HOME SALES 565 COMPANIES 4,300 OFFICES
50
130,000 SALES ASSOCIATES OVER 70 COUNTRIES
$26
$25
$22
$20
$12
For informational purposes only. Based on available data for average sales units per agent and average sales prices per firm. In compiling this report, LeadingRE relies on third party sources including REAL Trends National Network 2018 Totals Final Report and REALTOR® Magazine 2017 Franchise Report. LeadingRE is not responsible for the accuracy of third party data.
As an affiliate of Leading Real Estate Companies of the World,® our brokerage is a local and global market leader working on your behalf. LeadingRE’s world-class marketing resources and connections allow us to provide you with a truly exceptional real estate experience. ®
© 2018 Leading Real Estate Companies of the World. All Rights Reserved. C–Sales Volume. 04.18
Equal Housing Opportunity.
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What is a CMA?
No two homes are identical, which is why choosing a sales price or offer price for a home can be challenging. While convenient and sometimes relied upon by home shoppers, online estimates are often not accurate, because a computer algorithm alone cannot adjust for a recent remodel project or a view that neighboring homes may not have. That’s where your local real estate professional and the Comparable Market Analysis, or CMA, can be useful. WHAT IS A CMA? The CMA is a side-by-side comparison of homes for sale and homes that have recently sold in the same neighborhood and price range. This information is further sorted by data fields such as single-family residence or condo, number of bedrooms, number of baths, zip codes, and many other factors. Its purpose is to show fair market value, based on what other buyers and sellers have determined through past sales, pending sales and homes recently put on the market. HOW IS THE CMA CREATED? CMAs are generated by a real estate professional and the local multiple listing service (MLS). The MLS is available to licensed members only, including real estate brokers, salespeople, and appraisers, who pay dues to gain access to the service’s public and proprietary data, including tax roll information, sold transactions, and listings input by all cooperating MLS members. Listing agents generate CMAs for their sellers, and buyer’s agents create them for their buyers so both sides know what current market conditions are for the homes they’re interested in comparing. HOW ACCURATE IS A CMA? The CMA is a here-and-now snapshot of the market, based on the most recent data available, but it can instantly be rendered obsolete by a new listing, or a change of status in a home with the same criteria. Why? The market is constantly changing – new listings, pending sales, closed sales, price reductions, and expired listings. CMAs can vary widely, depending on the knowledge and skill of the person inputting the search parameters to the software as well as the number and type of data fields that are chosen. That means some features may not be included. As informative as the CMA is, it should only be used as a tool and should not substitute for a real estate professional’s knowledge and advice.
DOWNTOWN RENO 775.324.7000
CAUGHLIN RANCH 775.746.7000 TRUCKEE 530.587.7444
DAMONTE RANCH 775.850.7000 DONNER LAKE 530.587.4811
SOMERSETT 775.746.7222
MONTRÊUX 775.849.9444
SPARKS 775.685.8800
PORTOLA 530.832.1700
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© 2015-2018--- Dickson Realty. All rights reserved. Although the information above is deemed reliable, Dickson Realty does not guarantee its accuracy. If your property is currently listed for sale, this is not intended to be a solicitation.