Market Trends Q3 2016 Market Report for the Reno/Sparks Region
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3rd Quarter
Median Sales Median SalesPrice Price & and Average Sold Price per Square FootFt Average Sold Price per Sq SPANISH SPRINGS
NORTH VALLEYS
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change + Year to year change + Â Â? Average Price/SF
Average Price/SF
SINGLE FAMILY
CONDO
Median Sales $$ Year to year change Â? Â?
Median Sales $$ Year to year change Â?Â?
Average Price/SF
Average Price/SF
NORTH URBAN
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +Â Â Â Â? Year to year change +Â Â Average Price/SF
Average Price/SF
SPARKS
SINGLE FAMILY
NEW NORTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Year to year change +Â ÂÂ
Median Sales $$ 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
Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change �   � Year to year change - � Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Year to year change Â? Â Â?
Median Sales $$ Year to year change � ��
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)
Average Price/SF
NEW SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change �� ‚ Year to year change �� Average Price/SF
NEW SOUTHWEST
Average Price/SF
Reno-Sparks Market Profile Let’s compare the Reno-Sparks housing market activity, from August to September, 2016, and also to activity from September, 2015. According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area increased 2.3% from $289,000 in August to $295,750 in September. When we compare this to a year ago, we see a healthy 11.6% increase, validating a strong market locally. While the year over year increases are beginning to impact affordability in the lower price ranges, it is important to note the increases in value are being fueled mainly by sustainable economic growth and new jobs created by existing companies that are expanding and more companies moving to our region. The number of homes sold increased slightly in September, with 710 sales versus 703 in August. However, there was a 7.1% increase in sales when comparing year over year data; up from 663 in September 2015. There were 772 new listings on the market in September, which was a 16.5% decrease from August; while year over year there was a 6.9% increase in the number of new listings. Despite the year over year increase, current demand for homes continues to outpace the supply. We expect a strong seller’s market to remain in the affordable price ranges until more homes are offered for sale in the region. As we look at the Inventory numbers, there were 2,373 homes available for sale at the end of September, which was an 11% decrease from August. Inventory was relatively flat year over year, with a slight decrease of point 1%; a decrease of only 2 listings. All this information allows us to calculate the Months Supply of Inventory, which remains historically low in the most active price ranges below $600,000. Overall, there was a 3.3 months supply of inventory in September, which is a 12% decrease from August, and approximately half of what is needed for a balanced market. The year over year inventory comparison was also down; from 3.6 months in September 2015 to 3.3 months in 2016. The National Association of REALTORS considers 5 to 6 months of inventory to be a balanced housing market, where neither buyers nor sellers have a distinct advantage. If you are thinking about buying, now is the time to get prequalified for a mortgage and start your home search. Whether you are buying, selling, or curious about the value of your home in today’s real estate market, please contact me for a no obligation conversation.
HomeCrafters Returns Home with Pine Bluff Development A beautiful, new housing development is coming to Caughlin Ranch in southwest Reno. HomeCrafters returns to the neighborhood after 12 years with a new community called Pine Bluff, located in the heart of Caughlin Ranch, and nestled in the foothills between Evergreen, Seasons and Eaglesnest. The site is 26+ acres and will feature modern, semi-custom homes on lots that are approximately 1/3 acre and above. The plans range from 2,854 square feet to 4,316 square feet. HomeCrafters is celebrating its 20th year in business, and is led by brothers Troy and Travis Means. Their company grew up in Caughlin Ranch having built the Pinehaven neighborhood and several custom homes in the Eaglesnest, Castle Ridge, Mountainshyre and Whispering Pine neighborhoods. “With Pine Bluff, we wanted to introduce a neighborhood that has a modern feel, yet fit within the Caughlin Ranch lifestyle,” said Troy Means, co-owner, HomeCrafters. “Pine Bluff will be on one of the last remaining parcels of land in the Caughlin Ranch area. It is very special for us to be able to build in a community where Travis and I grew up.” Dickson Realty has been the real estate company for Caughlin Ranch since its inception, and currently sells more than 60 percent of the real estate in Caughlin Ranch, Juniper Hills and Juniper Ridge. HomeCrafters and Dickson Realty conducted focus groups prior to starting the Pine Bluff project, to gauge interest and obtain feedback on the community. “The HomeCrafters team is always on the cutting edge of
the latest trends,” said Nancy Fennell, president, Dickson Realty. “Their philosophy is centered around the northern Nevada lifestyle – surrounded by nature, being family-friendly and enjoying all of the outdoors..” The award-winning firm, Jerry Gloss & KGA Studios from Boulder, Colo, is designing the homes. The firm worked with Caughlin Crafted Homes during the Ranch’s early beginnings. The exteriors of the homes will consist of three different architectural styles featuring Tahoe Ranch, Mountain Rustic and Modern Mountain. Interior layouts will feature open floor plans and will offer several flex space options such as morning hearth rooms off the kitchen, back offices off the kitchen, multi-generational suites, kids’ private bonus rooms and more. Buyers will be able to choose from either a modern finish or one that is more traditional. HomeCrafters completed mass grading and infrastructure this past summer, and home construction is beginning this month. The first several homes will be completed in summer 2017. For more information about Pine Bluff, please visit pinebluffreno.com or contact your Dickson Realty agent.
I’M LOCAL I’M GLOBAL
TM
INDUSTRY-LEADING SALES. WORLD-CLASS SERVICE.
As an affiliate of Leading Real Estate Companies of the World,® our brokerage is a global — not just local — real estate company working on your behalf. LeadingRE provides world-class marketing and resources, allowing us to provide the very best service. The result? Our organization produced more home sales volume in 2015 than any national franchise, over $351 billion, representing over 1.1 million transactions.
PRODUCING ONE-THIRD MORE U.S. HOME SALES VOLUME IN 2015 THAN OUR CLOSEST COMPETITOR Volume shown in billions of dollars OVER ONE MILLION TRANSACTIONS VALUED AT $351 BILLION IN ANNUAL HOME SALES
4,000 OFFICES 128,000 SALES ASSOCIATES OVER 55 COUNTRIES
n Leading Real Estate Companies of the World® Leading Real Estate Companies of the World
550 COMPANIES
350
$351
$265
n RE/MAX n Coldwell Banker n Keller Williams n Century 21 n Berkshire Hathaway Home Services n Sotheby’s International Realty n Prudential n ERA n Better Homes & Gardens n Realty Executives n Real Living n HomeSmart
$262
$208
®
$113
300
250
200
150
100
$98 $77 50
$45 $28 $18
$17
$11
$8
0
Actual member statistics for LeadingRE and estimates for other networks using average sales units per agent and average sales price for firms in each respective network from published sources for 2015 production. Sources: REAL Trends National Network 2015 Totals Final Report. REALTOR® Magazine 2015 Franchise Report. ®
© 2016 Leading Real Estate Companies of the World. All Rights Reserved. C–Sales Volume. 04.16
Equal Housing Opportunity
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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© 2015-2016 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.