Reno/Sparks Market Trends, Year-End 2020

Market Trends Year-End 2020 Market Report for the Reno/Sparks Region

For more information about the real estate market, or to search for homes, visit DicksonRealty.com.

R���/S�����­R�������­P����­M�� Reno/Sparks Regional Price Map Year-End 2020, as of January 11, 2021 4th Quarter 2020, as of January 6, 2021 (Data source: NNRMLS)

SPANISH SPRINGS

NORTH VALLEYS

SINGLE FAMILY

SINGLE FAMILY

CONDO

Median Sales $$ Year to year change +9.87%

Median Sales $$ Year to year change +50%

Average Price/SF

Average Price/SF

CONDO

Median Sales $$ Median Sales $$ Year to year change +14.45 Year to year change +12.6%

Average Price/SF

Average Price/SF

NORTH URBAN

SINGLE FAMILY

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +15.63 Year to year change +15.89% Average Price/SF Average Price/SF

SPARKS

CONDO

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

Average Price/SF Average Price/SF

NEW NORTHWEST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +16.30 Year to year change +10.6% Average Price/SF Average Price/SF

OLD SOUTHWEST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +11.91 Year to year change +15.02% Average Price/SF Average Price/SF

OLD SOUTHEAST

SINGLE FAMILY

NEW SOUTHWEST SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +29.08% Year to year change Average Price/SF

Average Price/SF

CONDO

Median Sales $$ Median Sales $$ Year to year change +15.33 Year to year change Â?Â? Â?

Average Price/SF

Average Price/SF

NEW SOUTHEAST

SINGLE FAMILY

CONDO

Median Sales $$ Median Sales $$ Year to year change +23.87 Year to year change Â? Â?

Average Price/SF Average Price/SF

Reno/Sparks Market Overview Our local housing market is still very strong as we enter into the new year. Here are the latest statistics for the single-family home market in the Reno/Sparks area.

As of December 29, 2020, there were 203 homes available for purchase, a remarkable 75 percent decrease from this time last year. The persistent low inventory represents a challenge for buyers, but also makes it an extremely good time to sell a home with little competition in almost every price range.

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 $300,000, we have only 2 days of inventory in Reno/ Sparks, and for homes in the range of $300,000 to $600,000, inventory is 4.5 days.

Inventory of homes priced in the mid to upper price ranges is historically low. The $600,000 to $900,000 price range is 29.5 days. The $900,000 to $1,500,000 price range is 40 days or 1.3 months. For homes priced over $1,500,000, we have a 4.1 month supply.

A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have a distinct advantage.

The total number of home sales so far this year is up by 318 units over the same period last year. Over 80% of the year-to-date home sales in Reno/Sparks have been under $600,000; 13.1% of sales have been between $600,000 and $900,000, and 6.4% of sales have been over $900,000.

Record 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 current lifestyle. A professional real estate agent with negotiation expertise is one of your best assets in today’s housing market.

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).

Incline Village / Crystal Bay Market Single Family Homes - Quick Look DecemBer 2020 vsï¹’ DecemBer 2019 Incline Village/Crystal Bay - Single Family Homes AvailaBle Homes

62 121

2020

2019 AVAILABLE HOMES

-48.8% FROM LAST YEAR

Median Price

$1,725,000 $1,425,000

MEDIAN PRICE

21.1%

FROM LAST YEAR

Units Sold

38 16

UNITS SOLD

137.5% FROM LAST YEAR

Days on Market

90 300

DAYS ON MARKET

-70%

FROM LAST YEAR

Incline Village / Crystal Bay Market Condos - Quick Look DecemBer 2020 vsï¹’ DecemBer 2019 Incline Village/Crystal Bay - Condos AvailaBle Condos

2020

30 58

2019 AVAILABLE CONDOS

-48.3% FROM LAST YEAR

Median Price

$770,000 $688,750

MEDIAN PRICE

11.8%

FROM LAST YEAR

Units Sold

20 10

UNITS SOLD

100% FROM LAST YEAR

Days on Market

73 104

Data Source: Incline Village REALTORS (IVR)

DAYS ON MARKET

-29.8% FROM LAST YEAR

Quick Look at Regional Market Areas

Data Source: Northern Nevada Regional Multiple Listing Service (NNRMLS), single-family residence, as of 1/7/2021.

What’s My Home Worth?

There’s no time like the present to discover what your home is worth in today’s robust marketplace. 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 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.

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ENCOMPASSING

4,600 OFFICES

70

COUNTRIES

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.