Dickson Realty Market Trends - 1st Quarter 2018

Market Trends

2018 1st Quarter 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.

1st 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 + Â 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 +21.05% Average Price/SF

Average Price/SF

NORTH URBAN

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change + Â Year to year change +3.90% Average Price/SF Average Price/SF

NEW NORTHWEST

SINGLE FAMILY

SPARKS

CONDO

SINGLE FAMILY

Median Sales $$ Median Sales $$ Year to year change + Â? Â Year to year change +7.32% Average Price/SF

Average Price/SF

CONDO

Median Sales $$ Median Sales $$ Year to year change ˆ ‰ Â? Year to year change ˆÂ? Â

Average Price/SF

Average Price/SF

OLD SOUTHEAST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change ˆ Š Š‹ Year to year change ˆ�‹ ‹‰ Average Price/SF

OLD SOUTHWEST

SINGLE FAMILY

CONDO

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

Average Price/SF

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +28.88% Year to year change ˆ �  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 ˆ ‰Š Year to year change ˆ ‹ Average Price/SF

NEW SOUTHWEST

Average Price/SF

Reno-Sparks Market Update As of April 2nd, there were 600 homes on the market that were Active and Available for purchase. That is a very slight 1.2% decrease from the 607 available homes on the market at the end of March, but a staggering 39% decrease from the 983 homes on the market in March 2017. Nearly 64% of available homes have asking prices below $600,000. Only 104 of the homes on the market today have asking prices under $300,000.

By comparison, 258 of available listings were under $300,000 at this time last year. If you are buying in this market, you will want to be prequalified with a lender before heading out to look at any homes in the lower price ranges, as homes quickly go into contract after hitting the market.

Days of Available Inventory, is the amount of time it would take to sell off existing homes for sale if no additional homes came onto the market.

As expected, in prices below $600,000 multiple or competing offers are happening in some neighborhoods. For homes priced below $300,000, we have only 12 days of inventory, emphasizing the great need for more affordable homes in the market. For homes in the range of $300,000$600,000, available inventory is 27 days, or just under a month. 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. It is also an excellent time to consider moving up to a higher priced home where more inventory is available.

With an inventory of 2.7 months, the $600,001 to $900,000 price range is firmly in seller’s market territory like the lower price ranges. For properties in the $900,000 to $1,500,000 range, the inventory has decreased to 4.8 months. This price range represents the most balanced market between sellers and buyers. For homes priced over $1,500,000, we have a 13.2 month or a 1.1 year supply.

It is good to remember that The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage.

Let’s take a look at the Percentage of Sales by price range as of March 2018.

So far this year, 88.8% of all sales in Reno/Sparks have been under $600,000, with 33.1% of sales occurring below $300,000, and 55.7% of sales between $300,000 and $600,000. A shift can be seen between these two numbers when looking at the percentages at this time in 2017, where 51.5% of all sales occurred below $300,000 and 41.7% occurred between $300,000 and $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.

Why should this information matter to you? The supply-demand equation continues to drive home prices up in nearly every price range. We expect this trend to continue. However, the pace of price increases often depends on a specific neighborhood or area of town. Now is an excellent time to speak with a Dickson Realty agent to discuss your options for buying and/or selling..

I’M LOCAL I’M GLOBAL® LEADING THE INDUSTRY’S LEADERS

WE’VE BEEN SELLING MORE HOMES THAN ANY OTHER COMPETITOR AMONG THE TOP 500 U.S. REAL ESTATE FIRMS FOR OVER 10 YEARS.

25.7%

LEADING REAL ESTATE COMPANIES OF THE WORLD® 797,981 UNITS 9.4% RE/MAX 291,307 UNITS

20.7% KELLER WILLIAMS 645,515 UNITS

9.4% UNAFFILIATED FIRMS 293,437 UNITS

15.9% COLDWELL BANKER 495,504 UNITS

1.1 MILLION TRANSACTIONS $368 BILLION IN HOME SALES 565 COMPANIES 4,100 OFFICES 130,000 SALES ASSOCIATES 65 COUNTRIES

®

© 2017 Leading Real Estate Companies of the World. All Rights Reserved.

C–Top 500. 05.17

Equal Housing Opportunity

We bring you the power of our worldwide invitation-only network, Leading Real Estate Companies of the World.® As a global organization, we connect tens of thousands of buyers and sellers every year.

Our network dominates in home sales units among the top 500 U.S. real estate firms and overall was responsible for over 1.1 million sales units in 2016.

n Leading Real Estate Companies of the World®

n n n n n n n n n n n n n n

Keller Williams Coldwell Banker Unaffiliated Firms RE/MAX Berkshire Hathaway Home Services Century 21 Sotheby’s International Realty ERA Better Homes & Gardens Realty Executives HomeSmart Other Exit Realty Real Living

Source: REAL Trends Top 500 for 2016 production, sales units.

Dickson Realty designated Top Reno-Tahoe Firm and in the Top 200 Nationwide One of the most trusted and leading sources of real estate information has again ranked Dickson Realty the leading real estate brokerage firm in Reno-Tahoe.

REAL Trends, a national publishing and communications company based in Denver, Colo., has Dickson Realty on its prestigious list, the “REAL Trends 500,” an annual study that represents the standard of measuring performance of the nation’s leading realty service firms.

Dickson Realty is the leading Reno-Tahoe firm in the Top 500 and is tabbed the 197th largest real estate firm in the nation by dollar sales volume, and the 78th largest privately owned independent real estate firm in the nation by number of transactions.

Now in its 31st year, the study remains the undisputed leading report ranking the performance of the top residential real estate brokerage firms. Firms are ranked by both sales volume and transaction sides. A side is when a real estate firm represents either the buyer or the seller in a real estate transaction. Due to the requirement that all information be independently verified, the REAL Trends 500 remains the trusted source for information about the performance of these firms.

“Being ranked high on this prestigious national list and first in Reno-Tahoe is an honor, and a reflection of our commitment to the communities we serve with the best in real estate,” said Nancy Fennell, president of Dickson Realty. “It is important to give our clients exceptional service with buying and/or selling their home. Dickson Realty agents are experts providing experience and market leadership. The ranking is a true testament to these values.”

REAL Trends reports listed Dickson Realty with 3,061 closed transaction sides and $1,315,884,834 in sales volume in 2017.

This year’s survey represents the most comprehensive collection of data assembled on the leaders of the residential brokerage industry. Numbers are documented by outside accounting firms.

“Housing sales in the nation were up 1.1 percent in 2017 from 2016. REAL Trends 500 firms were up 3.3 percent in the same period,” said Steve Murray, president of REAL Trends. “For the fourth year in a row, the nation’s largest brokerage firms gained market share.”

It took 1,899 transactions to be included in this year’s REAL Trends 500, up from a minimum of 1,843 transactions a year ago. In 2016, there were 235 firms recording over $1 billion in residential sales while there were 274 firms that accomplished this in 2017.

To view the rankings, go to https://www.realtrends.com/rankings/rt500.

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.