Dickson Realty Market Trends Q1 2015 - Reno/Sparks

Market Trends

1st Quarter 2015 Market Report for the Reno/Sparks Region

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st Quarter

Median Sales Price & &Average Median Sales Price Average Price per Square Foot Price per Square Foot SPANISH SPRINGS

NORTH VALLEYS

SINGLE FAMILY

CONDO

SINGLE FAMILY

CONDO

Median Sales $$ Year to year change +

Median Sales $$ Year to year change

Median Sales $$ Year to year change ƒ

Median Sales $$ Year to year change

Average Price/SF

Average Price/SF

Average Price/SF

Average Price/SF

NORTH URBAN

SINGLE FAMILY

CONDO

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

Year to year change - Â Â?

Average Price/SF

Average Price/SF

SPARKS

SINGLE FAMILY

NEW NORTHWEST

SINGLE FAMILY

CONDO

Average Price/SF

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

Year to year change +­� �

Average Price/SF

Average Price/SF

CONDO

Median Sales $$ Median Sales $$ Year to year change  Year to year change � �

Average Price/SF

OLD SOUTHEAST

SINGLE FAMILY

CONDO

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

Median Sales $$ Year to year change ­

Average Price/SF

OLD SOUTHWEST

SINGLE FAMILY

CONDO

Median Sales $$ Year to year change ­

Median Sales $$ Year to year change -­Â

Average Price/SF

Average Price/SF

SINGLE FAMILY

CONDO

Median Sales $$ Year to year change -­

Median Sales $$ Year to year change -

Average Price/SF

Average Price/SF

Source: Northern Nevada Multiple Listing Service (NNRMLS), All Reno/Sparks areas (Area 100).

Average Price/SF

NEW SOUTHEAST

SINGLE FAMILY

CONDO

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

Year to year change -5 Â?

Average Price/SF

NEW SOUTHWEST

Average Price/SF

MARKET NEWS YOU CAN USE

Regional Housing Study RENO/SPARKS Percentage of Sales AREA MARKET NEWS YOU CAN USE

Percentage of Sales

MARKET NEWS YOU CAN USE

To help give you a better idea of what is happening in the Reno/ years, versus the RENO/SPARKS AREA RENO/SPARKS AREA Sparks area housing market, we conducted an in-depth study previous average of the existing housing inventory and sales statistics through of 7 years. This is  Â? - Â?  Â? - Â? Â? Â?  Â? ď?Ąď?Žď?¤Â€ď?¨ď?Šď?§ď?¨ď?Ľď?˛ RENO/SPARKS AREA  Â? - Â?  Â? - Â? Â? Â?  Â? ď?Ąď?Žď?¤Â€ď?¨ď?Šď?§ď?¨ď?Ľď?˛ helping to reduce March 15, 2015. We researched data from First Centennial Title, UNR Center for Regional Studies, National Association the number of  Â? - Â?  Â? - Â? Â? Â?  Â? ď?Ąď?Žď?¤Â€ď?¨ď?Šď?§ď?¨ď?Ľď?˛ of REALTORS, Reno-Sparks Association of REALTORS and homes that are Šˆ Northern Nevada Regional MLS. Here are the results: being offered Šˆ for sale, and According to First Centennial Title Company, the total number the resulting of homes and condos in the greater Reno/Sparks area as of low inventory is March 15th, is just under 115,000. The total number of noncontributing greatly owner occupied homes and condos is just over 36,600, or to the increase in approximately 32% of the total. our median home Using the Reno/Sparks Association of Realtors calculations for price. available inventory, there was 2.6 months’ supply of inventory If we break down at the end of March. This includes all active statuses; Active the Months of and Available plus Active/Pending (or in contract / in escrow).

Inventory by price However, if we look at only Active and Available, which are range, as of the properties available to purchase and make an offer on, there sales through is just a 1.48 month supply. These numbers are for condos, March 15th, we MARKET NEWS YOU CAN USE manufactured homes and single family residences in greater see even lower levels MARKET NEWS YOU CAN USE Source: Northern Nevada Multiple Listing Service (NNRMLS), Reno/Sparks.

Source: Northern Nevada Multiple Listing Service (NNRMLS), All Reno/Sparks areas (Area100), 100),asasofofMarch March 15, 15, 2015. of inventory, especially All Reno/Sparks areas (Area 2015.

According to the National Association of REALTORS, homeowners in the under $300,000 are staying in their homes longer than in the past. The new price range. For homes priced $10,000-$300,000 there is only MARKET NEWS YOU CAN USE average time between a purchase and subsequent sale isSource: 10+ Northern Nevada Multiple Listing Service (NNRMLS), 17.6 days of inventory.

For homes in the range of $301,000All Reno/Sparks areas $600,000, (Area 100), as inventory of March 15, 2015. is less than 2 months. Only when the price RENO/SPARKS AREA is over $600,000 do inventory levels get higher, to just over 9 RENO/SPARKS AREA months of inventory. And for homes priced over $1.5 million, the

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current months of inventory is just over 34 months. The National RENO/SPARKS AREA

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Association of REALTORS describes a balanced market as

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between 5 and 7 months’ supply.

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Percentage of Sales Šˆ

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‡ ˆ ‡ ˆ

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Months Months of of Inventory Inventory Months of Inventory

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Days

Days

Days Source: Northern Nevada Multiple Listing Service (NNRMLS),

When looking at sales for the first quarter of this year, seventy percent of all closed sales since January, 2015, were in the under $300,000 price range. For perspective, nationally 40% of sales were in this price range. Twenty-six percent of all closed sales were in the $301,000-$600,000 range; and only four percent of closings were for homes over $600,000.

What are the reasons for the inventory shortage, especially in the lower price ranges? There are many first time homebuyers.

For all home buyers, credit is more difficult to obtain, and larger down payments are required to purchase. Competing in the first time buyer price ranges are the investors who are using their capital reserves to pay cash, and in some cases pay over asking price and further drive prices up.

The good news for sellers in this market is that increased values are putting more homeowners in a positive equity position. This may be you, and if you are ready to relocate, move up or downsize, the time may be right to talk to a Dickson agent.

Dickson Realty Market Trends All Reno/Sparks areas (Area 100), as of March 15, 2015.

Source: Northern Nevada Multiple Listing Service (NNRMLS), All Reno/Sparks (Area 100), Listing as of March 15,(NNRMLS), 2015.

Source: Northernareas Nevada Multiple Service All Reno/Sparks areas (Area 100), as of March 15, 2015.

To hear the latest information on the market and see Dickson’s Featured Listings, be sure to “Like� us on Facebook, or read our blog at www.RenoTahoeRealEstateNews.com. You’ll have access to our exclusive video content, and see newly listed homes every day.

DOWNTOWN RENO 775.324.7000

CAUGHLIN RANCH 775.746.7000

DAMONTE RANCH 775.850.7000

SOMERSETT 775.746.7222

TRUCKEE 530.587.7444

GRAEAGLE 530.836.1700

DONNER LAKE 530.587.4811

MONTRÊUX 775.849.9444

SPARKS 775.685.8800

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© 2015 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.