Market Trends Mid-Year 2022 Market Report for the Reno/Sparks Region
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PrICe MaP RRenO/SParks eno/SparksReGIOnaL R egional P rice M ap 2nd Quarter 2022, as of June 30, 2022 2nd Quarter 2022, as of June 30, 2022 (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 +18.2% Year to year change +20% Average Price/SF
CONDO
Average Price/SF
Median Sales $$ Median Sales $$ Year to year change + Year to year change +25% Average Price/SF
Average Price/SF
NORTH URBAN
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +15.6 Year to year change +34.8% Average Price/SF Average Price/SF
SINGLE FAMILY
NEW NORTHWEST
SINGLE FAMILY
CONDO
SPARKS
CONDO
Median Sales $$ Year to year change
Median Sales $$ Year to year change
Average Price/SF
Average Price/SF
Median Sales $$ Median Sales $$ Year to year change + Year to year change +19.7% Average Price/SF Average Price/SF
OLD SOUTHWEST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change +17.1 Year to year change -0.8% Average Price/SF Average Price/SF
OLD SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Year to year change
Median Sales $$ Year to year change
Average Price/SF
Average Price/SF
NEW SOUTHWEST SINGLE FAMILY
CONDO
Median Sales $ Year to year change +15.8%
Median Sales $$ Year to year change
Average Price/SF
Average Price/SF
NEW SOUTHEAST
SINGLE FAMILY
CONDO
Median Sales $$ Median Sales $$ Year to year change 19.2 Year to year change Average Price/SF Average Price/SF
Reno/Sparks Market Overview The busy summer selling season is here. We anticipate strong demand for new to market listings to continue despite mortgage rate increases, but it is also likely to be tempered when compared to the recent past. Sellers should have a realistic pricing strategy in mind when going to market with their homes. Here is the latest info on the single-family home market in the Reno/Sparks area. As of July 1st, 2022, there were 1,151 homes available for purchase, which is an increase of 54% from last month. Although this represents an increase of about 285% in standing inventory for the region compared to this time last year, it is important to remember that we were in an inventory crisis during 2021. So, an increase in inventory is welcomed by buyers and by real estate professionals. Buyers have more choices and more time to make informed decisions before submitting offers. Months or Days of Inventory is 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 22 days of standing inventory in Reno/Sparks. For homes in the range of $400,000 to $700,000, inventory is about 2 months, or 85% more than that of last month. For inventory of homes priced in the mid to upper price ranges, we have: • 3.1 months in the $700,000 to $1,000,000 price range • 3.4 months in the $1,000,000 to $1,500,000 price range • 5.1 months for homes priced over $1,500,000 Sellers typically have a greater negotiation advantage when the supply of inventory is low. A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have an advantage. As of June 30th, our region has had 2,749 home sales so far this year. That is 8.8% fewer than the 3,015 sales we had at the end of June 2021. A small decrease in sales coincides with increases in mortgage rates. Stock market and global geo-political uncertainty is also contributing to a decrease in sales, but it’s not believed to be a long-term problem. Breaking down the home sales through the first six months of this year, we see that: • 69.2% of sales were under $700,000 • 19.1% of sales were between 700,000 and $1,000,000, and • 11.7% of sales were over $1,000,000 Mortgage rates have been increasing for some time now, so be sure that you have recently been pre-qualified by a lender to understand how much house you can afford. A professional real estate agent with negotiation and market expertise is as important now as it has ever been, whether buying or selling. Source: NNRMLS Residential listings/sales, area 100
INDUSTRY-LEADING SALES. As a member of Leading Real Estate Companies of the World,® our company 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 services. Our invitation-only network was responsible for $405 billion in annual home sales volume among the top 500 U.S. real estate firms in 2021.
2021 U.S. HOME SALES VOLUME AMONG THE TOP 500 U.S. REAL ESTATE FIRMS.
$405
LEADINGRE
$353
KELLER WILLIAMS NETWORKS, FRANCHISES AND COMPANIES
$317
COLDWELL BANKER
$251
COMPASS BERKSHIRE HATHAWAY HOMESERVICES
$139 $132
EXP REALTY SOTHEBY’S INTERNATIONAL REALTY
$115
RE/MAX
$113 $39
CENTURY 21 HOMESMART INTERNATIONAL
$35
Volume shown in billions of dollars. For informational purposes only. In compiling this report, LeadingRE relies on third party sources. The information set forth in the chart above is sourced from REAL Trends Top 500 for 2021, realtrends.com. Neither LeadingRE nor its member companies are responsible for the accuracy of third-party data presented herein.
1.2
million annual global transactions
$586
billion total annual home sales volume
550
companies
4,700 offices
136,000 sales associates
© 2022 Leading Real Estate Companies of the World.® All Rights Reserved. | C–GlobalNetwork. 05.22. Equal Housing Opportunity.
70+
countries
Incline Village Market Snapshot (Data source: Incline Village REALTORS®)
Statewide Exhibition Of Art In Nevada Showcases An Architect Who Helped Shape The West Janna Ireland’s contemporary photography exploring the revolutionary work of Paul Revere Williams, the first certified Black architect west of the Mississippi River, will launch an exhibition at the Nevada Museum of Art exploring his work throughout the state. Williams, a native of Los Angeles who established a successful career as an architect decades before the Civil Rights Movement, designed municipal buildings, private homes, banks, churches, hospitals, university halls, public housing projects, and mansions for celebrities such as Frank Sinatra and Lucille Ball. Some of his most recognizable structures in Southern California include the headquarters of the Music Corporation of America and the renovation of the Beverly Hills Hotel. In Nevada, Williams’ most notable buildings include the La Concha Motel (now part of the Neon Museum) in Las Vegas and the First Church of Christ, Scientist (now known as the Lear Theater) in Reno. Williams was first introduced to northern Nevada in the 1930s by Luella Garvey, for whom he designed a house in Reno in 1934. That commission was followed two years later by his design of the Ranch House at Rancho San Rafael Park. Williams also designed other residential and lodging properties in Northern Nevada, including the El Reno Apartments in Reno, the Lovelock Inn and Tharpe Residence in Lovelock, and E.L. Cord’s Circle L Ranch House outside of Dyer. Ireland’s exhibition entitled Janna Ireland on the Architectural Legacy of Paul Revere Williams in Nevada captures Williams’ work in the following Reno locations: •
Staircases at the Luella Garvey House
•
Charming bay windows and ironworks for apartment complexes, including the El Reno Apartments
•
Curve-lined ceilings and fireplaces in the Ranch House at Rancho San Rafael
In Southern Nevada, Williams designed many historic buildings, including the Guardian Angel Cathedral, La Concha Motel, and Berkley Square Historic District, Southern Nevada’s first Black suburban community.
Art in Nevada: The Architectural Legacy of Paul Revere Williams Through his work, Williams literally brought dreams to life. Ireland approaches Williams’ architecture from a fine arts perspective through black and white photography. This exhibition will open with a premiere dinner in Reno on July 15, and a symposium on July 16 will follow. It will travel to the Nevada State Museum Las Vegas from Dec. 3, 2022, through May 30, 2023.
Curator talks about the exhibition We asked Carmen Beals, Associate Curator and Outreach Director for the Nevada Museum of Art in Reno, to tell us more about what drew Ireland’s artistic eye to Williams’ work and how he built a successful career as an architect decades before the Civil Rights Movement. “Through her lens, Janna Ireland presents Williams’ passion for architecture, his love for community, and his belief in providing people from all walks of life with the comfort of a home,” Beals said. “The Nevada Museum of Art is proud to partner with Our Story, Claytee White of
UNLV, KME Architects, LGA Architects, and the National Pan-Hellenic Council, Las Vegas, to bring visibility to Williams’ timeless designs and the work ethic exhibited through his approach.”
How have Williams’ architectural contributions helped redefine the built environment over the last century? Beals says: To understand his significant impact, it’s essential to consider what Williams accomplished throughout his career. As the American dream was at the forefront of everyone’s mind in the 1920s, Los Angeles transformed from a rural farming landscape to a glamorous cityscape. Many of the individuals who moved there were wealthy, liberal, and willing to give a Black architect a chance. In the 1930s, Williams was commissioned to develop upscale homes in California neighborhoods like Highlands Park, Beverly Hills, and Luella Garvey. By the 1940s, he became known as the “Architect to the stars,” with 60 percent of his work commercial. In Nevada, many of the projects shown in this exhibition are listed on the National Register of Historic Places for their groundbreaking contributions to architectural landscapes.
How would you describe Raul Revere Williams’ architectural style? Beals says: Williams had an incredible ability to turn houses into homes. His work is inspired by many styles, including Neoclassical, Tudor revival, Mediterranean, Spanish colonial, and midcentury modern. As the first Black member of the American Institute of Architects (AIA), Williams worked diligently to establish reputable business and social networks. He attracted a luxurious clientele who wanted a modern and refined aesthetic and designed affordable homes for homeowners seeking charm and practicality.
What inspired Ireland to approach the work of Paul Revere Williams from a fine arts perspective in black and white? Beals says: I believe Ireland chose to approach Williams’ work in black and white to draw the viewer’s eye closer to his designs and away from colorful distractions. Janna highlights his buildings’ brilliant interior and exterior elements while bringing a poetic response to the intricate details of his work.
What are some questions guests should ask themselves while viewing the exhibition? Beals says: With the saying “a picture is worth a thousand words” in mind, visitors should ask themselves questions like: “Why did Ireland choose to photograph specific designs of Williams’ work through shadow and light?” “How can we as a society benefit from the impactful and innovative elements that Williams created?” “What emotion is this image trying to evoke?”
How has Black life and culture been documented and represented in art in Nevada? Beals says: One of the ways Black life in Nevada has been documented is through the African American Experience in Las Vegas. As a large-scale grant-funded project, Claytee White, the oral history director for the University of Nevada, Las Vegas, and spokesperson for this exhibition, is committed to sharing stories about Black history in the state. In 2016, the Institute of Museum and Library Services and the Commission for the Las Vegas Centennial awarded UNLV $100,000 to partner with Vegas PBS on an incredibly impactful documentary called the African Americans: The Las Vegas Experience. Our Story, Inc. has also done an excellent job documenting Black life in Nevada. As a nonprofit organization, Our Story, Inc. is dedicated to seeking out the contributions, heritage, and culture of underrepresented people throughout the state. Many museums have also started going through their collections to examine how they represent the experience of Black people and communities. It is essential to provide Black, Indigenous, and people of color (BIPOC) with spaces representing their heritage, social beliefs, and ideologies. This conscious practice will help make their voices feel heard and represented. Due to elitism in museums across the country, many marginalized communities don’t feel welcome and thus choose not to participate.
How does this exhibition help to diversify the Museum’s collections and programs? This exhibition aims to broaden our scope of African American art in Nevada by featuring Ireland, a Peter E. Pool Research Fellow for the Center of Art and Environment, and a highly talented photographer. She tells the triumphant story of a Black man who designed facilities for the country’s wealthiest clients and could not enjoy such luxuries nor live in the same community as them. Despite some of the challenges he faced, Williams worked extremely hard to overcome adversity and meet the needs of his clientele. Some examples of this include learning to draw upside down because he couldn’t sit by clients and walking with his arms behind his back to avoid interactions with people who didn’t want to shake his hand. The Nevada Museum of Art will display and share this historical information with community members and visitors across the state of Nevada. Anyone can also view this information on our microsite, which is available in June, or view documentation in person by visiting the Center for Art and Environment’s Archive Collections after the exhibition has concluded. At Dickson Realty, we’re proud to share what makes art in Nevada so great, including art exhibitions at the Nevada Museum of Art. To learn more about living in Northern Nevada, contact one of our neighborhood experts today.
Janna Ireland, Paul Revere Williams’ La Concha Motel, Las Vegas, Nevada, 1961, 2022, chromogenic print. Photograph courtesy of the artist, with permission from The Neon Museum, Las Vegas. Janna Ireland, Paul Revere Williams’ La Concha Motel, Las Vegas, Nevada, 1961, 2022, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ Guardian Angel Cathedral, Las Vegas, Nevada, 1963, 2021, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ Guardian Angel Cathedral, Las Vegas, Nevada, 1963, 2021, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ Luella Garvey Residence, Reno, Nevada, 1934, 2021, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ Herman Residence, Reno, Nevada, 1936, 2021, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ The First Church of Christ, Scientist, Reno, Nevada, 1939, 2021, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ El Reno Apartments, Reno, Nevada, 1937, 2021, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ Berkley Square, Las Vegas, Nevada, 1954, 2018, chromogenic print. Photograph courtesy of the artist. Janna Ireland, Paul Revere Williams’ La Concha Motel, Las Vegas, Nevada, 1961, 2022, chromogenic print. Photograph courtesy of the artist, with permission from The Neon Museum, Las Vegas.
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