MARKET TRENDS
4th Quarter Market Report from the Market Leader
Reno/Sparks Regional Price Map
4th Quarter 2022, as of Dec 31, 2022
Data Source: Northern NV Regional MLS (NNRMLS)
NEW SOUTHWEST
SPANISH SPRINGS SINGLE FAMILY Median Sales $$ $590,000 Year to year change +1.9% Average Price/SF $279.87 Median Sales $$ $355,000 Year to year change -7.8% Average Price/SF $302.36 CONDO NORTH VALLEYS SINGLE FAMILY Median Sales $$ $428,000 Year to year change -2.3% Average Price/SF $270.51 Median Sales $$ $357,500 Year to year change +13.5% Average Price/SF $258.55 CONDO NORTH URBAN SINGLE FAMILY Median Sales $$ $432,171 Year to year change -1.8% Average Price/SF $304.54 Median Sales $$ $240,000 Year to year change -15.9% Average Price/SF $268.54 CONDO SPARKS SINGLE FAMILY Median Sales $$ $455,000 Year to year change -1.1% Average Price/SF $272.36 Median Sales $$ $275,000 Year to year change +1.1% Average Price/SF $239.12 CONDO NEW NORTHWEST SINGLE FAMILY Median Sales $$ $605,000 Year to year change +0.3% Average Price/SF $325.10 Median Sales $$ $340,000 Year to year change +3.5% Average Price/SF $293.05 CONDO OLD SOUTHWEST SINGLE FAMILY Median Sales $$ $737,000 Year to year change +9.2% Average Price/SF $340.41 Median Sales $$ $412,500 Year to year change +9.7% Average Price/SF $279.54 CONDO OLD SOUTHEAST SINGLE FAMILY Median Sales $$ $415,000 Year to year change -5.8% Average Price/SF $304.09 Median Sales $$ $234,450 Year to year change -0.2% Average Price/SF $273.97 CONDO
SINGLE FAMILY Median Sales $ $1,375,000 Year to year change +14.6% Average Price/SF $423.76 Median Sales $$ $397,500 Year to year change -9% Average Price/SF $299.24 CONDO NEW SOUTHEAST SINGLE FAMILY Median Sales $$ $659,900 Year to year change +1.5% Average Price/SF $314.84 Median Sales $$ $401,250 Year to year change -10.8% Average Price/SF $320.56 CONDO
Reno/Sparks Market Overview
As we begin a new year, we are adjusting to new market realities that have been affected by higher mortgage rates, global geo-political and financial market instability. Historically speaking though, demand is still strong in our region and the outlook is positive, especially when compared to national trends. Keep reading for the latest info on the single-family home market in the Reno/Sparks area.
As of December 30th, 2022, there were 851 homes available for purchase in the Reno/Spark real estate market, which is a decrease of 15.6% from last month. Despite the monthly decrease, 851 homes available represents an increase of 225% in standing inventory for the region compared to this time last year; though, it is important to remember that we were still in a severe housing inventory crisis at the end of 2021. An increase in inventory is realistic and is welcomed by home buyers and real estate professionals. Buyers now have more choices and additional time to make informed decisions before submitting offers. This ultimately benefits sellers too.
Months of Inventory is the amount of time it would take to sell all existing homes for sale if no additional homes entered the market. A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have an advantage. For homes priced under $400,000, we have 1.7 months of standing inventory in Reno/ Sparks, or 19% less than that of last month. For homes in the range of $400,000 to $700,000, inventory is also 1.7 months.
For the inventory of homes priced in the mid to upper price ranges, we have:
• 2.1 months of inventory in the $700,000 to $1,000,000 price range
• 3.2 months of inventory in the $1,000,000 to $1,500,000 price range
• 5.8 months of inventory for homes priced over $1,500,000
Our region had 5,175 home sales in 2022. That is 19.8% less than the 6,452 sales we had in 2021. A decrease in sales coincides with higher mortgage rates. The decrease in sales is not believed to be a long-term problem.
Breaking down the home sales by price range throughout 2022, we see that:
• 72% of sales were under $700,000
• 17.5% of sales were between 700,000 and $1,000,000, and
• 10.5% of sales were over $1,000,000
Mortgage rates have been fluctuating recently, so be sure that you have been pre-qualified by a lender to understand how much house you can afford before you begin your search for a new home. If you are selling, you should work closely with a professional REALTOR to establish a realistic pricing strategy when going to market. 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,
100
area
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Incline Village Market Snapshot
-15.3%
-62.3%
Incline Village/Crystal Bay - Single Family Homes 2022 2021 4th Quarter 2022 vs. 4th Quarter 2021 Available Homes Units Sold Days on Market Median Price AVAILABLE HOMES 53.5% FROM LAST YEAR UNITS SOLD -43.5% FROM LAST YEAR DAYS ON MARKET 143.5% FROM LAST YEAR MEDIAN PRICE -1.8% FROM LAST YEAR 60 46 54 92 26 132 $1,875,000 $1,909,000 Incline Village/Crystal Bay - Condos 2022 2021 4th Quarter 2022 vs. 4th Quarter 2021 AVAILABLE CONDOS 39% FROM LAST YEAR UNITS SOLD
FROM LAST YEAR DAYS ON MARKET
FROM LAST YEAR MEDIAN PRICE
FROM LAST YEAR Available Condos Units Sold Days on Market Median Price 41 53 78 57 20 116 $805,000 $950,000
(Data source: Incline Village REALTORS®)
48.7%
Source: Northern Nevada Regional Multiple Listing Service (NNRMLS).
Copyright 2023 Dickson Realty. All Rights Reserved.
Source: Northern Nevada Regional Multiple Listing Service (NNRMLS).
Copyright 2023 Dickson Realty. All Rights Reserved.
Source: Northern Nevada Regional Multiple Listing Service (NNRMLS).
Copyright 2023 Dickson Realty. All Rights Reserved.
5 Things To Do In North Lake Tahoe In Winter
As the holidays fade from memory in the coming weeks, it’s time to look forward to the real winter! The heavy snow the region received over the last 30 days make it perfect timing to hit the slopes, explore the hills and valleys, and enjoy our winter wonderland. Here are five things to do in North Lake Tahoe this winter, with a bonus for people getting rid of Christmas trees.
Get ready for North Lake Tahoe Winter’s pow pow right about now now
Snowshoe Tour & Dinner At Alpine
When: Various dates in January: January 2, 4, 7, 14, 15, 17, 27
Where: Palisades Tahoe
Join a guided snowshoe tour to the mid-mountain Chalet at Alpine Meadows and enjoy a four-course Bavarian inspired meal. Guests will also receive a complimentary glass of champagne upon arrival, hand selected wine pairings with each course, and will have beer and wine available for purchase. Snowshoes are provided free of charge; all you need to bring are warm clothes and your appetite. Please note, guests must be 21 years of age to attend. Please make your reservations at least one week in advance to ensure you receive a spot on this exclusive dining experience. Guests can cancel one week before for 100% refund.
Sunset Snowshoe Tour
When: Everyday in January
Where: North Shore/Truckee. Exact location is based on snow conditions and level.
Watch the sun cast a purple alpenglow onto the Sierras while trekking through Tahoe’s peaceful forest. Experience the solitude of winter at this special time of day while learning local natural and human history. Offered daily, November-April or by custom arrangement. No experience necessary. Trailheads are based on snowpack and the group’s activity level.
Trip includes: Snowshoes, trekking poles, hot drinks, trail snacks, knowledgeable guides, natural history discussions, and permit fees.
Alpenglow Sports Winter Speaker Series
When: 5 and 19 at 7 p.m.
Where: Olympic Village Events Center at Palisades Tahoe.
Alpenglow Sports Winter Speaker Series is an annual event that has become one of the premier North American forums for adventure storytelling. The series will be presented in-person AND online in a virtual capacity.
• January speakers include Adrian Ballinger on Jan. 5 and Brette Harrington on Jan. 19
• The goal of the series is to inspire mountain athletes to pursue their own outdoor dreams and educate about, and raise funds for, nonprofit organizations making a tangible difference in the North Lake Tahoe and Truckee community.
• Each show is paired with a local nonprofit that has been selected through a rigorous application process.
• Five-show series runs from December through March at Olympic Village Events Center at Palisades Tahoe.
• Entirely FREE; each speaker is paired with a local nonprofit; proceeds from giveaways support nonprofits.
Friday Night DJ And Ice Skating At Northstar California
When: Every Friday in January
Where: Northstar California
Get out your ice skates and enjoy an evening in The Village from 5:30 to 8:30 pm every Friday through April with live music.
Twilight Snowshoe Tour
When: 7, 14, 21, 28 at 5 to 8 p.m.
Where: Northstar California
Take an evening to slow down and enjoy the peaceful setting of the Sierra Nevada during Northstar’s guided evening snowshoe tours. The 2 to 2.5-hour tour begins at the Cross Country, Telemark & Snowshoe Center at 5 p.m. The group will meander through the pine tree-lined forest, ultimately concluding the tour at The Village at Northstar. During the adventure, snowshoers will also relax around a fire pit to enjoy s’mores and hot chocolate. Dogs on leashes are welcome to join in on the fun.
Holiday Tree Recycling
When: 23 Jan. 30; various dates
Where: Limited curbside pickup or Drop-Off at Preston Field
Waste Management will collect clean trees, for recycling, curbside on your service day, for free, during this week. Trees must be cut down into segments no longer than 3 feet each. Trees must be clean of all decorations, nails, and tree stands.
Curbside collection is only available to Incline Village and Crystal Bay Residents. Trees placed curbside at any other time is considered excess trash and will be subject to extra charges/violations.
Drop-Off at Preston Field: Open Dec. 23 to Jan. 30
Trees can be any size but must be clean of all decorations, nails, and tree stands.
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