Market Trends Mid-Year 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 2nd Quarter 2020, as of July 9, 2020 Mid-Year 2020, as of July 20, 2020 (Data source: NNRMLS)
SPANISH SPRINGS
SINGLE FAMILY
NORTH VALLEYS
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +2.14% Year to year change +21.18% Average Price/SF
Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change +10.56 Year to year change +1.36%
Average Price/SF
Average Price/SF
NORTH URBAN
SINGLE FAMILY
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +7.58 Year to year change -19.15% Average Price/SF
Average Price/SF
SPARKS
CONDO
Median Sales $$ Year to year change  ��
Median Sales $$ Year to year change Â?
Average Price/SF
Average Price/SF
NEW NORTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +0 Year to year change +1.52% Average Price/SF
Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +3.93 Year to year change +1.82% Average Price/SF
Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
NEW SOUTHWEST SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +1.54% Year to year change Average Price/SF
Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change +7.58 Year to year change Â? Average Price/SF
Average Price/SF
NEW SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +4.90 Year to year change Â? Â Â Average Price/SF
Average Price/SF
Reno/Sparks Market Overview Our local housing market is heating up right along with the summer weather. What we are hearing from our clients is that people still need and want to buy and sell homes. Of course, each buyer or seller must evaluate what is best for them. As your trusted advisors, we can help explore your options. The only properties we still cannot show to prospective buyers are those occupied by tenants. Here are the latest statistics for the single-family home market in the Reno/Sparks area, as of July 1, 2020: Days, or Months of Inventory, is the amount of time it would take to exhaust all available homes for sale if no additional homes came into the market. For homes priced under $300,000, we have a remarkable 8 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 27 days. While the extremely low inventory represents a real challenge for buyers, now is a very good time to sell a home in either of these price ranges, with multiple offers being received on many listings. Inventory of homes priced from $600,000 to $900,000 is 3 months, and the $900,000 to $1,500,000 price range inventory is 6 months. For homes priced over $1,500,000, we have an 11 month supply. A five to six month supply of homes represents a balanced
market, where neither buyers nor sellers have a distinct advantage. The number of home sales so far this year is down by 267 units, or 9%, from June of last year. Eighty-five percent of the year-to-date home sales in Reno/Sparks this year have been under $600,000. Eleven percent of sales have been between $600,000 and $900,000, and four percent of sales have been over $900,000. If you have any questions about this report or would like to take a deeper look into the market conditions of your neighborhood, please reach out. It would be a pleasure to assist you. Data Source: Northern Nevada Regional Multiple Listing Service (NNRMLS), all Reno/Sparks areas (area 100).
Fianna’s Healing Garden Reopens at Renown Regional Medical Center
As patients, caregivers, and healthcare professionals continue to fight the good fight at Renown Regional Medical Center, they will also have a beautiful space for respite and recovery in the newly renovated Fianna’s Healing Garden. “For more than a decade, our staff, patients, and their loved ones have found peace and solace in spending time in Fianna’s Healing Garden,” said Tony Slonim, MD, DrPH, FACHE, president and CEO of Renown Health. “I’d like to express my sincere gratitude and thanks to all who played a role in the garden’s renovation, and those who bring such beauty to our campus. I hope everyone gets a chance to experience the garden’s healing effects, and with it, the beautiful legacy Fianna and her incredible family continues today.” Fianna Dickson Combs, one of Dickson Realty’s founders, a longtime Reno resident, business leader, and master gardener, shared Renown’s belief in the healing power of nature. Fianna lost her battle to ovarian cancer in 2008 and her family and friends carried out her wishes after she passed away, opening the original healing garden in 2009 to benefit patients and caregivers. Today, the garden continues to grow—the expansion includes connected walking paths, fountains, benches, and seating areas, additional sculptures, and a grass area with a covered pavilion. Fianna’s Healing Garden is open to patients, their supporters, and employees. The expanded healing garden now spans 28,388 square feet and includes the following new features: • More than 2,000 plants and trees • A covered pavilion on the east side of the garden offers protection from the elements and can seat up to 75 people. Featured on the back wall of the pavilion is a stunning mural of Mt. Rose. Supported by the E. L. Wiegand Foundation • 1,257 square feet of natural grass located in front of the pavilion, allowing garden guests a beautiful, relaxing spot to picnic. Supported by the Reno Aces
• A traditional rose garden featuring a variety of 20 different award-winning David Austin roses. Supported by the Fennell and Dickson families • A weeping cherry tree dedicated to healthcare heroes for their extraordinary efforts during the COVID-19 pandemic and to those in our community who lost their lives. Fianna’s legacy is sustained through the work of her family, friends, and community members. Fianna’s family, who are also key members of the Dickson Realty executive team, played an important role in the expansion and helped lead the effort to generate more than $800,000 in community support. Her brother, Harvey Fennell, sister-in-law Nancy Fennell, and oldest daughter, Rebecca Dickson lead the charge for fundraising. Fianna’s other brother and architect Thomas M. Fennell designed the garden’s new pavilion along with Dale Cox Architects in Reno. “On behalf of Renown Health Foundation, we would like to thank Becca Dickson, Harvey and Nancy Fennell for all their hard work and leadership on this project,” said Greg Walaitis, chief development officer of Renown Health Foundation. They knew Fianna’s vision and brought together the community support to make it a stunning reality. We thank them for their extraordinary gift of this garden to help improve the health and wellness of patients, families, and caregivers.” The garden is meant to create a space where people can step out of the hospital for a moment to regroup and replenish, said Dickson, vice president of the Dickson Luxury Division. “It brings me great joy knowing my mother’s contribution to Renown has already made a difference in the lives of countless individuals in need of comfort and relief,” said Dickson. “The renovated garden has even more places to sit, reflect, walk, picnic, read, or talk, all while embracing nature’s beauty. I can think of no better way to honor my mother’s legacy, and I’m incredibly grateful for the support of our friends and family to bring this project to life.” The Fianna’s Healing Garden was supported by: • E. L. Wiegand Foundation • Reno Aces • Harvey and Nancy Fennell • Rebecca Dickson • Thomas M. Fennell, Fennell-Purifoy Architects • Estelle J. Kelsey Foundation • Monroe/Schuler Foundation • Thelma and Thomas Hart Foundation • E.L. Cord Foundation • Marie Crowley Foundation • Jerry and Roxie Enneking • Dr. David and Jennifer Smith • David Geddes • Victor Bucher • Cary Lurie • Renown Employees • Architect: Dale Cox Architects • Landscaping: Reno Green Landscaping • Contractor & Builder: Clark/Sullivan Construction • Sounds of Garden: Sierra Integrated Systems To continue to support Fianna’s Healing Garden, visit renown.org/give, or call 775-982-5545.
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®
INDUSTRYLEADING SALES. WORLD-CLASS SERVICE.
MORE U.S. HOME SALES VOLUME
THAN ANY OTHER REAL ESTATE NETWORK, FRANCHISE OR BROKERAGE BRAND. $257 BILLION IN U.S. HOME SALES VOLUME. 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. ®
$257 Leading Real Estate Companies of the World
1.1 MILLION
$219
GLOBAL TRANSACTIONS
$187
550
$91
Leading Real Estate Companies of the World®
COMPANIES
4,600
$91
Keller Williams
OFFICES
$85
135,000
$78
Berkshire Hathaway HomeServices
$36
Compass
SALES ASSOCIATES
70 COUNTRIES
Coldwell Banker
RE/MAX
$31
Sotheby’s International Realty eXp Realty
$29
Redfin
$29
Douglas Elliman Century 21
$17
Homesmart
$16
Corcoran Better Homes and Gardens
$13
ERA $10 $0
$50
$100
$150
Volume shown in billions of dollars. This bar chart is sourced from REAL Trends 500 for 2019, realtrends.com.
© 2020 Leading Real Estate Companies of the World.® All Rights Reserved. C–Sales Volume. 04.20
Equal Housing Opportunity.
$200
$250
What is My Home Worth?
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 Dickson Realty real estate professional and the Comparable Market Analysis, or CMA, can be useful. WHAT IS A COMPARABLE MARKET ANALYSIS OR 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 not substitute for a real estate professional’s knowledge and advice. It would be a pleasure to provide you with a personalized Comparative Market Analysis, so feel free to reach out.
DOWNTOWN RENO 775.324.7000
CAUGHLIN RANCH 775.746.7000 TRUCKEE 530.587.7444
DAMONTE RANCH 775.850.7000 PORTOLA 530.832.1700
SOMERSETT 775.746.7222
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.