Market Trends Year-End 2019 Market Report for the Reno/Sparks Region
Cover Home: 1851 Laurel Ridge, Reno, NV 89523 NNRMLS #190009893 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 4th Quarter 2019, as of January 8, January 2020 (Data 4th Quarter 2019, as of 12,source: 2020 NNRMLS)
SPANISH SPRINGS
SINGLE FAMILY
NORTH VALLEYS
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +3.98% Year to year change -5.77% Average Price/SF
Average Price/SF
CONDO
Median Sales $$ Median Sales $$ Year to year change + Year to year change +85.19%
Average Price/SF
Average Price/SF
NORTH URBAN
SINGLE FAMILY
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +1.43 Year to year change +50.5% Average Price/SF
Average Price/SF
SPARKS
CONDO
Median Sales $$ Year to year change Â? Â?Â?
Median Sales $$ Year to year change 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 -5.05% Average Price/SF Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +11.36 Year to year change +12.36% Average Price/SF
Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
NEW SOUTHWEST SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +7.24% Year to year change Â? 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 -0.67 Year to year change - Â? Average Price/SF
Average Price/SF
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.
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 December 31st, there were 817 single family homes available for purchase, a 16% decrease from the prior month. It is the fourth consecutive month of declining inventory and the lowest inventory of available homes since early 2019. About 67% of the available homes are priced under $600,000. For homes priced under $300,000, we have just 19 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 42 days. With little competition in the market, it’s a very good time to sell a home in either of these price ranges. Inventory of homes priced from $600,000 to $900,000 is less than 3 months, and the $900,000 to $1,500,000 price range is about 4 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we have an 8 and a half month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage. The total number of home sales in 2019 is up by 3.8% compared to the same period in 2018. As of December 31st, 86% of home sales in Reno/Sparks have been under $600,000, and 9% of sales have been between $600,000 and $900,000. About 5% of sales have been over $900,000. If your resolutions include selling or buying a new home, the time to list your home for sale or buy a new home is now. 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.
Midtown’s Past, Present, And Future Reno Architect Jack Hawkins Talks
Whether you’re dining, shopping, living, or just wandering around Midtown, you’re probably doing it in or near a building touched by Reno architect Jack Hawkins. Since he established Hawkins & Associates in 1994, Jack Hawkins has left his mark on the Reno landscape and cityscape, with some key projects in Midtown. Hawkins specializes in innovative contemporary architecture and interiors for residential and commercial properties. A LEED-certified professional Reno architect, Hawkins is committed to creating architecture that is beautiful, functional, and sustainable. We sat down with Hawkins to chat about Midtown Reno—where it’s been, what he’s seen, and where he thinks it’s going. Here are some excerpts from that conversation.
Reno architect on Midtown’s beginnings Midtown started for me with Pete Stremmel and the Stremmel Gallery renovation more than 20 years ago. At the time, everybody was building in South Meadows for any sort of office space. Because Pete was already here, I said, “Pete, what if you did some nice boutique office spaces? If we had told a commercial developer or real estate person at the time, they would have laughed us out of the office because everybody was moving away. But Pete was already established in the area, and he said, “All right, let’s do it.” The thing I think most proud of the Stremmel Gallery building is that it’s never been vacant. We’ve never had office space empty in 20 plus years.
Modern on Cheney Then, I designed four modern, loft townhomes on Cheney street. That was kind of experimental. Nobody was doing any sort of modern urban infill at the time. We built them behind these beautiful little 1938 bungalows that we renovated. When you go down Cheney Street, you almost don’t notice them because they’re stepped back from the street. We were able to take what had been pretty derelict homes with definitely neglected backyards,
and we more than doubled the density and enhanced the environment.
8 on Center We started developing 8 on Center about the same time. That was an old derelict piece of property, and we built these eight award-winning, contemporary, environmentally friendly townhomes located in the 800 block of Center Street. I feel like 8 on Center was a catalyst for Center Street because after 8 on Center went in, right across the street, GuiDenby developed and built a nice building for themselves.
777 Center Street Renovating 777 Center Street, which was the old Maytan music building, was a tough one. Even though it was one of the ugliest buildings in town, people had a lot of memories there. A lot of people had seen pretty important concerts there on the upper floor. It was used as a music venue. My kids had their music lessons there. So, it was an important building for the community, and the owner was pretty sensitive to that. But at the same time, it needed a facelift. The idea was to give it a whole new use. It became a nice mixed-use facility. We worked with the city to get some street trees. We carved out some of the square footage to create that courtyard where Piñon Bottle Company is. If you go down there on even a warm spring or fall night, that place is packed.
1039 S. Virginia St. This was another building where part of it had been derelict for a long, long time. We actually pulled the facade off the sidewalk because we wanted to create outdoor space, that sense of presence on the street. People can sit out there when the weather’s nice. Rum Sugar Lime has the best pulled-back space because we left some of the old roof structure and created this trellis space. When it’s sunny, it’s really cool to be in that space, and the sun is coming in.
On Midtown Entrepreneurs What’s cool about Midtown is it developed organically. It was people who took a chance. They took an old house and said, “Hey, we think we can make a go of this.” And there were little retail spaces that said, “Let’s see what we can do.” A lot of these small entrepreneurs and developers really took some chances and made things happen. They took a gamble. And now Midtown has these great little venues that you’re happy to take somebody from out of town to.
On The Future of Midtown I’m not very good at the crystal ball, but the one thing that I’d love to see more of is great mixed-use development. These kinds of projects are springing up in other cities, and consequently, it creates really great communities because you’ve got people living, working, eating, retailing right in one spot. I’d love to see more of that kind of thing happening to Midtown.
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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© 2019--- 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.