Market Trends Report - Reno/Sparks - 3rd Quarter 2019 by Dickson Realty

Market Trends

3rd Quarter 2019 Market Report for the Reno/Sparks Region

Cover Home: 1892 Laurel Ridge, Reno, NV 89523 NNRMLS #190015009 For more information about the real estate market, or to search for homes, visit DicksonRealty.com.

Rď?Ľď?Žď?Ż/Sď?°ď?Ąď?˛ď?Ťď?łÂRď?Ľď?§ď?Šď?Żď?Žď?Ąď?ŹÂPď?˛ď?Šď?Łď?ĽÂMď?Ąď?° Reno/Sparks Regional Price Map 3rd3rd Quarter 2019, 2019 Quarter 2019,as asof of October October 6,8,2019

SPANISH SPRINGS

SINGLE FAMILY

NORTH VALLEYS

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +7.47% Year to year change -3.85% Average Price/SF

Average Price/SF

CONDO

Median Sales $$ Median Sales $$ Year to year change + Year to year change +20.56%

Average Price/SF

NORTH URBAN

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +1.48 Year to year change -20.91% Average Price/SF

Average Price/SF

SPARKS

CONDO

Median Sales $$ Year to year change Â

Median Sales $$ Year to year change Â Â? Â?Â?

Average Price/SF

NEW NORTHWEST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change + Year to year change +42.34% Average Price/SF Average Price/SF

OLD SOUTHWEST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change -3.33 Year to year change -16.15% Average Price/SF

Average Price/SF

OLD SOUTHEAST

SINGLE FAMILY

NEW SOUTHWEST SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +11.68% Year to year change Â Â? Â? Average Price/SF Average Price/SF

CONDO

Median Sales $$ Median Sales $$ Year to year change Â Â? Â? Year to year change Â Â?Â? Average Price/SF

Average Price/SF

NEW SOUTHEAST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +4.49 Year to year change - Â? Average Price/SF

Average Price/SF

A Message from the President I am pleased to share with you the numbers and trends for housing that are happening in our region. It is an exciting time to live in northern Nevada and witness the economic growth and prosperity that is occuring. I am particularly excited to see young people that I have watched grow up, become educated in specialized fields at the University of Nevada, Reno and Truckee Meadows Community College, begin their careers and choose to stay in their hometown. Our local talent, coupled with those moving from California and other states for economic reasons, are taking jobs in industries that never existed here before. While all of this is exciting to see, I along with many people, understand the need for growth but do not want to see northern Nevada lose its authentic heritage. To keep these unique traits, it will take the collective involvement of all of us. I am honored to work with a group of hand-selected real estate professionals at Dickson Realty, who constantly improve their skills. They believe that homeownership is still the American Dream, even for younger generations. They take advising home buyers and sellers as an important responsibility. They believe that homes create neighborhoods, which grow into communities where we choose to raise our children and build our lives. They believe homeownership is the foundation of financial stability for all of us and the generations that follow us. Since the founding of Dickson Realty in 1973, a vital part of our core values has included our collective involvement in leadership roles and financial participation in organizations that enhance our community. In September, Harvey and I were honored by KNPB (Public Broadcasting Station) for our community work at the Aged to Perfection Gala. I was also recognized by EDAWN (Economic Development Authority of Western Nevada) as the Business Community Arts Advocate of the Year. While Harvey and I are honored to be recognized, we know that we are able to do the work we do because of the many people in our organization who handle the day-to-day business so we can donate time, talent and money on behalf of Dickson Realty. We are so proud to lead and be part of a company that shares our vision of donating their time, talent and money to the many organizations that improve our region. Most of all, we appreciate the fact that we are part of a community that is always punching above its weight class, accomplishing outstanding results to make lives better for everyone. Thank you for all that you do to enhance our community. Living in today’s complicated and complex world, we believe in what Ghandi once said, “The best way to find yourself is to lose yourself in the service of others.” We know that our community gives back because it teaches us to find compassion within ourselves and keeps us attached to values that are linked to the common good. We look forward to working with the rest of our community to keep northern Nevada a unique and authentic area that creates opportunities for all.

—President & CEO Dickson Realty

I’M LOCAL I’M GLOBAL

INDUSTRYLEADING SALES. WORLD-CLASS SERVICE.

MORE U.S. HOME SALES VOLUME $32 BILLION MORE U.S. HOME SALES VOLUME IN 2018 THAN OUR CLOSEST COMPETITOR AMONG THE TOP 500 FIRMS 300

Leading Real Estate Companies of the World® Keller Williams

GLOBAL TRANSACTIONS

565 COMPANIES

4,300 OFFICES

130,000 SALES ASSOCIATES

OVER 70 COUNTRIES

250

Non-LeadingRE Independents Berkshire Hathaway Home Services RE/MAX

$222

Sotheby’s International Realty Century 21

200

HomeSmart

$192

ERA

$182

Better Homes & Gardens Realty Executives Exit Realty

150

100

Leading Real Estate Companies of the World

1.1 MILLION

Coldwell Banker

$254

$89

$83 $72

$30 $14

$14

$12

$.5

Volume shown in billions of dollars This bar chart is sourced from REAL Trends Top 500 for 2018, realtrends.com

Equal Housing Opportunity.

As an affiliate of Leading Real Estate Companies of the World,® Dickson Realty 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.

Reno/Sparks Market Overview Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty. There were 1,278 homes active on the market and available for purchase at the end of September, which was a 5.2% decrease from August and a 13.6% decrease from September 2018. Over two-thirds of the available homes for sale on September 30th were priced below $600,000. Reno/Sparks area REALTORS® sold 558 single family homes in September, which was a 10% decrease from August 2019 and a 21% decrease from September of 2018. It is typical this time of year to see the number of sales start to decrease as we move out of the peak selling season. After several months of increases, September’s median sold price for single family homes in Reno/ Sparks decreased by one percent, to $395,000. Despite the monthover-month decrease, our regional median price is up by 6% year over year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. An annualized upward trend in median price is expected for the foreseeable future. The Average Days on Market for homes sold in September decreased by 1%, to 85 days from the last month. Last year at this time, days on market was nearly 12% lower at 76 days. The Days on Market that we see today still represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy, and ensure you are prepared to make an offer when you find the perfect house to call home. If you have any questions about this report or would like more information about the real estate market, please reach out. It would be our pleasure to assist you.

Neighborhood Focus on Somersett The Resort-Like Community Close To Everything You Want

There are so many reasons to live in Somersett, an award-winning, master-planned golf community in northwest Reno, Nevada. From location to community to amenities, Somersett has it all. Nestled in the Sierra Nevada foothills, Somersett is just a few miles east of the California-Nevada state line. Historic Truckee, California, 13 world-class ski resorts, and four-seasons recreation around Lake Tahoe are 30 to 45 minutes away on Interstate 80. Exciting Downtown Reno and the very hip Midtown Reno are an easy 15-minute drive. Activities abound in Somersett, including two Tom Kite golf courses, a 22,000-square foot recreation center, and more than 27 miles of recreation trails. Housing in Somersett ranges from attached and detached single-family homes in small neighborhood settings and gated custom luxury home neighborhoods. Somersett also features a 55+ Del Webb community, Sierra Canyon. Home prices generally start above the regional median price and can be more than $1 million for a custom home. Schools serving the Somersett community include Westergard Elementary, Billinghurst Middle, and McQueen High School. These schools are well known for their parental involvement, quality education, athletic and arts programs. To learn more about what it’s like to live in Somersett, I talked to five our of Dickson Realty agents who have more than 60 years of combined local real estate experience and have been involved in Somersett since its inception. Here’s what they had to say:

What do you like about Somersett’s location? Mary: I’ve lived in three different areas in Somersett, and I like the wildness of it. You can see hawks. You can

Neighborhood Focus on Somersett see deer. You see all kinds of animals. It feels as though you’re away from town and in a place that’s really very special. It’s a very relaxing place to live. Anne: I love the wildlife as well and being on the edge of town. The air is cleaner, and you have the spectacular views of the mountains. Mountain bike riding and hiking is so available. Most people have to drive to get access to those things, and we have it right in our back yard. Patrick: Even though Somersett has a feeling of sitting by itself, you can be at the airport or downtown Reno within 15 minutes.

How would you describe the Somersett community? Jeff: The thing that drew us to the Somersett area was we saw people of all ages out and about, enjoying the outdoors and fresh air. Patrick: There’s a feeling of community here. There are many activities and things to do all year around. It’s a selfcontained community.

What does the neighborhood look like? Mary: I like the open space and common grounds. I love the feeling of driving in and having a well-manicured community. And I like the security. We have security gates in the neighborhood where we live. Anne: I just love the beauty of Somersett. The natural beauty, along with the manicured parkways and just the general upkeep of the areas is beautiful.

What’s special about the golf courses at Somersett? Jeff: We’ve got the 9-hole Tom Kite designed Canyon Nine Golf Course, and the Somersett Golf Country Club features a Tom Kite signature 18-hole Championship Golf Course. There are some really breathtaking views of the Sierra Nevada from every hole. Debbie: Everybody gets to use the nine-hole par-three golf course who lives in Somersett, including the Del Webb 55+ community residents. That’s unique compared to any other community.

What’s it like buying a home in Somersett? Anne: I’ve noticed people who live in Somersett, when they move, go to another house in Somersett. It’s quite unique to our area. People come here, and they want to stay. Patrick: You can also build your dream home in Somersett. We still have custom lots with amazing views of the golf course, mountains and city skyline. Debbie: I think Somersett appeals to a lot of different buyers. You have first time home buyers. You have families who need a bigger home. You have retirees who are downsizing. You have people who want a custom home. There are different price ranges because we go from townhomes to custom homes. There are so many reasons to love Somersett. If you’d like to find out more about homes for sale in Somersett, please reach out. It would be a pleasure to help you.

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

DicksonRealty.com | info@dicksonrealty.com

© 2019--- 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.