Market Trends Mid-Year 2021 Market Report for the Reno/Sparks Region
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Reno/Sparks Regional Regional Price MapMap Reno/Sparks Price 2nd Quarter 2021, as of June 30 2nd Quarter 2021, as of June 30, 2021 (Data source: NNRMLS) Data Source: Northern NV Regional MLS (NNRMLS)
SPANISH SPRINGS
SINGLE FAMILY
NORTH VALLEYS
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +27.1% Year to year change +11.8% Average Price/SF
CONDO
Average Price/SF
Median Sales $$ Median Sales $$ Year to year change + Year to year change +13.5% Average Price/SF Average Price/SF
NORTH URBAN
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +26.8 Year to year change +31.6% Average Price/SF
Average Price/SF
SINGLE FAMILY
Median Sales $$ Year to year change
NEW NORTHWEST
SINGLE FAMILY
SPARKS
Average Price/SF
CONDO
CONDO
Median Sales $$ Year to year change Average Price/SF
Median Sales $$ Median Sales $$ +22% Year to year change + Year to year change Average Price/SF Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +23.7 Year to year change +10.1% Average Price/SF Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change Year to year change Average Price/SF Average Price/SF
NEW SOUTHWEST SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +49.7% Year to year change Average Price/SF Average Price/SF
NEW SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +26.9 Year to year change Average Price/SF Average Price/SF
Reno/Sparks Market Overview Our local housing market has good news for buyers with another monthly increase in inventory to help meet the sustained high demand. As of July 1, 2021, there were 299 homes available for purchase which is an increase of nearly 12% over last month. Although inventory is down 54% compared to June of 2020, today’s low inventory numbers don’t necessarily mean fewer homes are being listed or sold. We actually have more sales this year than last year at this time. Demand for the homes that are coming to market is one of the biggest causes for the low inventory numbers that we are seeing. Months or Days of Inventory is typically how REALTORS refer to the amount of time it would take to sell all existing homes for sale if no additional homes entered the market. For homes priced under $400,000, we have 5 days of inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 13 days. For inventory of homes priced in the mid to upper price ranges, we have about 36 days of inventory in the $700,000 to $1,000,000 price range. Inventory in the $1,000,000 to $1,500,000 price range is 38.5 days. For homes priced over $1,500,000, we have a 2.2 month supply. A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have a distinct advantage. Sellers typically have a greater negotiation advantage when the supply of inventory is low. We’ve had 2,991 year-to-date home sales as of the end of June, 2021. That is a 9.4% increase from the same period in 2020. Breaking down the home sales this year, we see that: •
80% of sales were under $700,000
•
11.3% of sales were between 700,000 and $1,000,000
•
8.7% of sales were over $1,000,000.
Low mortgage rates make this an excellent time to enter the market or move up to a home that better meets the needs of your lifestyle. A professional real estate agent with negotiation and market expertise is one of your best assets when buying or selling. 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.
I’M LOCAL I’M GLOBAL
®
INDUSTRYLEADING SALES. WORLD-CLASS SERVICE.
MORE U.S. HOME SALES VOLUME
THAN ANY OTHER REAL ESTATE NETWORK, FRANCHISE OR BROKERAGE BRAND. $296 BILLION IN U.S. HOME SALES VOLUME. 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. ®
$296 Leading Real Estate Companies of the World
1.3 MILLION
$260
GLOBAL TRANSACTIONS
$207
550
$152
Leading Real Estate Companies of the World®
COMPANIES $110
4,600
Keller Williams
OFFICES
$97
150,000
$96
Compass
$72
Berkshire Hathaway HomeServices
SALES ASSOCIATES
70
Coldwell Banker
Sotheby’s International Realty
$37
COUNTRIES
RE/MAX eXp Realty
$29
Redfin
$29
Century 21 Douglas Elliman
$23
Homesmart
$20
Corcoran Better Homes and Gardens
$11
ERA $11 $0
$50
$100
$150
$200
Volume shown in billions of dollars. This bar chart is sourced from REAL Trends 500 for 2020, realtrends.com.
© 2021 Leading Real Estate Companies of the World.® All Rights Reserved. C–Sales Volume. 05.21
Equal Housing Opportunity.
$250
$300
Incline Village Market Overview Demand remains strong and market times are very fast in the Incline Village market. Median prices for single family homes and condos are up double digits when comparing June 2020 to June 2021. With low standing inventories, this is a great time to sell a home in the Incline Village and Crystal Bay area. If you are curious about your property’s value and your options for selling or buying, a professional REALTOR® with negotiation and market expertise on your side is an invaluable asset. Please reach out if you have any questions about buying or selling in the Lake Tahoe Region.
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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© 2021 --- 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.