Market Trends 1st Quarter 2020 Market Report for the Reno/Sparks Region
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 1st Quarter 2020, as of April 8, 2020 1st Quarter 2020, as of April 8, 2020 (Data source: NNRMLS)
SPANISH SPRINGS
SINGLE FAMILY
NORTH VALLEYS
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +9.48% Year to year change +17.61% Average Price/SF
Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change +10.74 Year to year change +65.38%
Average Price/SF
Average Price/SF
NORTH URBAN
SINGLE FAMILY
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +8.94 Year to year change +38.73% Average Price/SF
Average Price/SF
SPARKS
CONDO
Median Sales $$ Year to year change Â?Â
Median Sales $$ Year to year change Â?Â? Â?
Average Price/SF
Average Price/SF
NEW NORTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change + Year to year change +32.80% Average Price/SF Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +11.11 Year to year change -0.09% Average Price/SF
Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
NEW SOUTHWEST SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change -1.90% Year to year change -Â Â? Average Price/SF
Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change - � Year to year change �  � Average Price/SF
Average Price/SF
NEW SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +2.99 Year to year change Â?ÂÂ Â?Â? Average Price/SF Average Price/SF
Everyone’s Health & Wellbeing Matters All of us at Dickson Realty hope that you and yours are staying healthy and safe. While these days are unsettling, we are encouraged by the resilience, strength and goodness of the people in our country. Although it seems so long ago, it was only on March 20, 2020 that Governor Sisolak directed all non-essential businesses in Nevada to close. On March 27, President Trump signed into law the first stimulus bill. We look back on how our lives have changed in this very short time and are proud as to what has been accomplished. Things are certainly not perfect, but we have pivoted in a remarkable way. We feel certain we will do what we need to do in order to protect as many people as possible in the near future. As you will see, the first quarter of 2020 started off strong. We are grateful for that, but the coronavirus has changed all of our lives overnight. The reports speak for themselves and may be the best report we have for a while. Homes and housing have always been a major part of most people’s net worth. We hear daily of their concerns. The good news is that, as an asset, we believe real estate is one of the best-positioned to weather this crisis. When the pandemic started, housing and the economy were not in the same place as they were in 2008 so we believe we are better off with real estate in this instance. While real estate markets nationally and locally have been affected, we are still doing business. Each buyer or seller must evaluate what is best for them. Real estate has been declared an essential business in Nevada. Much of the work in real estate can be done through electronic tools and technology and does not require that all meetings be face-to-face. We talk daily with our clients by phone, email and text as well as meet with them virtually. All properties for sale via our offices and through the Multiple Listing Service (MLS), can be viewed on dicksonrealty.com. Most properties have virtual tours that allow the viewer to feel as they are walking through the property. Properties can still be viewed in person with the proper preparation. In an effort to keep people safe, we ask agents, buyers and sellers to answer a short health questionnaire. Sellers set their homes up with the lights on, the closets open and prepare their homes to allow buyers to walk through without touching anything. Our agents meet buyers at the property, and we ask all to wear gloves and masks. After each showing, we request that sellers wipe down all hard surfaces. Many times, sellers simply step outside during the showing which is helpful if there are questions. The only properties we are unable to show are those occupied by tenants. Don’t hesitate to call your Dickson Realty trusted advisor to answer any questions you may have. We believe Home has never been so important. We hope you and your loved ones remain healthy and safe.
— Chief Executive Officer
— President
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
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 GLOBAL TRANSACTIONS
Coldwell Banker
$254
$89
$83 $72
50
$30 $14
$14
$12
$7
$.5
0
Volume shown in billions of dollars This bar chart is sourced from REAL Trends Top 500 for 2018, realtrends.com
®
© 2019 Leading Real Estate Companies of the World. All Rights Reserved. C–Sales Volume. 04.19
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 As of March 31st, there were 716 homes active in the Reno/ Sparks market and available for purchase. This represented a 37% increase from February and a 16% decrease from March, 2019. Typically, we would see inventory begin to rise this time of year. While many people still need to sell their home and move, some are holding off for now. Reno/Sparks area REALTORS® sold 502 single family homes in March, which was a 10% increase from February and a 9.6% increase from March of 2019. While these numbers are a result of homes that went into contract prior to the health crisis, demand for homes today remains relatively strong. The median sold price for single family homes in Reno/Sparks was $415,000 in March, which was 5.8% higher than February. The regional median price is up by 12% year over year and is a new record high. “Median” means “in the middle”, so half of homes sold for less and half sold for more. The Average Days on Market for homes sold decreased by 7% to 92 days over the last month. Last year at this time, days on market was higher at 103 days. The Days on Market that we see today represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy. If you have any questions about this report or to talk about what steps we’re taking to safely list and show homes during the health crisis, please reach out. It would be a pleasure to assist you.
Supporting Northern Nevada’s Arts And Nonprofits During COVID-19
Photo by Bill Timmerman, courtesy of Nevada Museum of Art
One of the best things about living in Northern Nevada is its vibrant philanthropic and arts community, and because of that, people want to know how to support artists, organizations, and nonprofits during COVID-19. There are a variety of ways to support the organizations and individuals who bring creativity and compassion to our community. Here’s a shortlist of what you can do to champion artists, organizations, and nonprofits during COVID-19.
1. Give Some Love On Social Media This first tip won’t cost you a thing! Many of our beloved local nonprofits and arts organizations have taken to the internet to spread joy, positivity, and creativity. Support their efforts by clicking the “like” or “share” button, or leaving a kind comment. For example, the Nevada Museum of Art is sharing pieces of art and #MueseumFromHome moments via its Instagram and Facebook accounts. Check out this video to get a tour of “Where Art and Tech Collide” or see the soothing movements of “Bloom” here.
2. Donate To A Strong Foundation In cooperation with the City of Reno, the City of Sparks, and Washoe County, the Community Foundation of Western Nevada has established a charitable relief fund to help address needs arising from the COVID-19 pandemic in northern Nevada. The COVID-19 Relief Fund is intended to address the larger and long-term picture and take action where needed most. A fund advisory committee made up of City and County
representatives in a position to be familiar with local needs will make grant recommendations to the grants to the Community Foundation Board of Trustees. For more information and to donate, click here.
3. Fund Artists Directly The Sierra Arts Foundation has established a Go Fund Me portal to serve as a relief fund for artists and art organizations in the region that are currently affected by COVID-19. As funds filter in, Sierra Arts will allocate up to $500 in awards per awardee. To learn more and to donate, click here.
4. Donate Your Tickets To The Organization Per Governor Sisolak’s directive and The President’s Coronavirus Guidelines for America, all large events and gatherings have been impacted in Nevada. The widespread cancellation of group events has a direct and disproportionate effect on arts and nonprofit organizations in particular. If you registered to attend a nonprofit conference or fundraising event and it is canceled, donate your registration fee back to the organization. They’re losing money in two ways: first, the funds already spent on hosting the event and second, the loss of fundraising expected from the event. “A huge thing people can do to help support the arts is to not ask for a refund on events that have been canceled,” said Evelyn Klatt, the Director of Marketing for the Reno Philharmonic Association.
5. Set Up A Monthly Donation If You Can Afford To For individuals who can afford to, now is a vital time to set up small monthly donations to nonprofits. “This is a great time for people to set up recurring monthly donations to organizations as it ensures a steady and consistent flow of income,” said Michael Hicks, Director of Development for the Reno Philharmonic Association.
6. Redirect Canceled Travel Funds To A Nonprofit If you receive a refund for a canceled flight or hotel reservation, consider donating it to a nonprofit. This money can make a big difference financially for organizations that may be shut down or being forced to reduce services.
7. Donate Blood Due to the cancellation of blood drives, the American Red Cross faces a severe blood shortage. Healthy individuals are needed to donate now to maintain a sufficient supply. Make an appointment here or call 1-800-RED-CROSS to find a local donation site. At Dickson Realty, we are all committed to supporting our community. If you’ve got another way to support Northern Nevada arts and nonprofits during COVID-19, please let us know on Facebook, Twitter, or Instagram.
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 PORTOLA 530.832.1700
MONTRÊUX 775.849.9444
SPARKS 775.685.8800
NORTHSTAR 530.562.1140
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© 2020--- 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.