Reno
Market Report Q4 2019 Cover Property: 2139 Green Tree Lane by Daphine MacLean
PRESENTED BY
LUXURIOUS EXQUISITE ALLURING DIVINE BREATHTAKING ASTONISHING BRILLIANT DAZZLING CAPTIVATING DREAM MODERN ENTICING SOPHISTICATED EXCEPTIONAL MAGNIFICENT HARMONIOUS MARVELOUS OLIVER OUTSTANDING FINE UNMATCHED LUXURY REAL ESTATE STATELY STRIKING ENCHANTING KEY ENTHRALLING STYLISH STUNNING TIMELESS ICONIC CHRISTIE’S UNPARALLELED SERENE INTERNATIONAL WARM UPSCALE WELCOMING ELEGANCE SENSATIONAL FABULOUS SPECTACULAR GLOBAL CONNECTIONS | LOCAL RESULTS RENO OFFICE 65 FOOTHILL ROAD, #2 775.236.1500 OLIVERLUX.COM
FEATURED: 2139 GREEN TREE LANE by Daphine MacLean | 775.772.6758 Enter through the Grand Custom Iron Gates of the Ultimate Luxury Home and Equestrian Facility in Reno. The convenient location keeps you in town while feeling like you are in the country. This totally private Estate is built with extreme quality and careful attention to every detail. The Glass Ceiling Dining Room is bathed in sunlight and perfect for exquisite dinner parties.
EXCEPTIONAL PROPERTIES. EXTRAORDINARY LIVING. Oliver Luxury Real Estate is a boutique real estate firm specializing in luxury properties. We connect extraordinary people with some of the finest homes in the world by using our extensive knowledge, global affiliate network, and sincere approach to give them the insider treatment they deserve. OLIVERLUX.COM
Reno Neighborhoods
8 2
9
1 West Southwest Caughlin Ranch, Juniper Hills, Juniper Ridge, W. Mayberry
1 3
2 Old Southwest Old Southwest, California, Newlands, Midtown
3 Southwest Lakeridge, Skyline, Bartley Ranch, Chardonnay, Evans Creek, East Ridge
4 Old South Suburban
4
Lakeside, Holcomb, Windy Hill
5
5 South Meadows Double Diamond, Damonte Ranch, Curti Ranch
6 South Suburban
6
ArrowCreek, Fieldcreek, Wolf Run, Saddlehorn
7 Southwest Suburban Montreux, Galena Forest, St. James Village
8 Northwest / Sommersett 7
9 Verdi
QUARTERLY COMMENTARY EXCLUSIVE MARKET INSIGHTS FROM OUR TEAM
Reno’s housing market remains strong. Monthly fluctuations (seasonal and otherwise) can obscure trends. While median sale price for single family homes fell from November by 2.3% (to $405,500), median sale price from December 2018 was up 6.7% from $380,000. For the year, the median price for all homes sold in 2019 was up 3.7% to $408,000 compared to 2018. Price per square foot is also increasing, both month-over-month and year-over-year. December’s and 2019 sold price per square foot are up 2.9% to $231 and 4.1% to $229/sq. ft., respectively from the prior year. The number of homes sold in December increased 6.7% to 343 from November and sales increased 32.9% from December 2018. Looking at the broader trend, total sales in 2019 were up 4.7% to 4,368 from 2018. Finally, the time from when a property is listed for sale to when the seller accepted an offer has increased. For December 2019, the average days to contract stood at 77 days, up 18.1% from November and up 34.7% from December 2018, when the time to contract was 57 days. The average time to contract in 2018 was 42 days, while in 2019 it was 54 days, representing a nearly 30% increase. Bottom line: more homes are being sold for more money (in total price and on a price per square foot basis), even though they are taking longer to sell than in 2018.
Taking a Wider Perspective
According the Economic Development Authority of Western Nevada (EDAWN, www.edawn.org), job growth continues to dramatically out-pace expectations, even after those expectations were revised upward at the beginning of 2019. Regional employment from December 2018 through October 2019 increased by 20,460 jobs, more than double the projected increase of 10,170 for that period. In the same period, the Federal Reserve reported housing units authorized (permits issued) in the Reno MSA of 4,669, which includes single family and multifamily housing units. Despite the fact that the study boundaries do not match up perfectly and that employees are different than households, it is clear that Northern Nevada will continue to have very strong housing demand. If I were asked to predict what Reno’s housing market might look like if there were a national recession, I would say that Reno’s market would cool down, or be flat. I would not predict a significant correction, if there is a correction at all. Am I wiling to place a bet on that? You’ll have to call me. -Dimitri Hallerbach Broker Oliver Luxury Real Estate
WEST SOUTHWEST: SINGLE FAMILY CAUGHLIN RANCH, JUNIPER HILLS, JUNIPER RIDGE, W. MAYBERRY
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$800,973
$779,900
$406,500
$1,462,500
-4.64%
+19.07%
$1,000
$800
$750
$600
$500 $250
$839,986
$800,973
$0
$400 $200
Q4 2019
-49.57% $3,000
$655,000
$400
$2,000
$300 $200 $100
$365,000
$406,500
Q4 2018
Q4 2019
$0
Q4 2018
Q4 2019
$2,900,000
$1,000 $0
Q4 2018
Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$29,636,011
138
37
99.37%
+47.01% $30
-4.17%
$29,636,011 $20,159,687
100
40
144
50
$0
138
Q4 2019
Q4 2019
37
20
0
Q4 2018
100.00%
30
10
0
Q4 2018
+0.37%
+54.17%
150
$20 $10
$779,900
$0
Q4 2018
+11.37% $500
24 Q4 2018
75.00% 50.00%
99.00%
99.37%
Q4 2018
Q4 2019
25.00% 0.00%
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
OLD SOUTHWEST: SINGLE FAMILY OLD SOUTHWEST, CALIFORNIA, NEWLANDS, MIDTOWN
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$527,442
$505,000
$330,000
$1,100,000
+14.85%
+16.09%
$600
$600
$400
$400
$200
$459,245
$527,442
Q4 2018
Q4 2019
$0
$200
$505,000
$435,000
$0
+17.5% $1,250
$300
$1,000
$200 $100
$280,852
Q4 2019
$750 $500 $250
$950,000
$1,100,000
$0
Q4 2018
Q4 2019
Q4 2018
Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$20,570,276
79
39
98.18%
-4.7%
-3.66% 50
$20
75
40
$21,584,545
$20,570,276
50
$5
25
$0
0
Q4 2018
Q4 2019
82
+0.18%
-17.02%
100
$10
$330,000
$0
Q4 2018
$25 $15
+15.79%
$400
79
30 20
100.00%
47
10
75.00%
39
0
Q4 2018
Q4 2019
50.00%
98.00%
98.18%
Q4 2018
Q4 2019
25.00% 0.00%
Q4 2018
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
SOUTHWEST: SINGLE FAMILY
LAKERIDGE, SKYLINE, BARTLEY RANCH, CHARDONNAY, EVANS CREEK, EAST RIDGE
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$585,513
$555,000
$305,000
$1,260,000
-1.13% $600 $400
+2.78%
$592,215
$585,513
$200
$400 $200
$0
$800
Q4 2019
$600 $400
$305,000
$305,000
$0
Q4 2019
$1,000 $500
$200
Q4 2018
-4.91% $1,500
$1,325,000
$1,260,000
Q4 2018
Q4 2019
$0
Q4 2018
Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$50,354,178
86
86
97.35%
+51.83% $60
-5.49% 75
$33,164,049 Q4 2018
$50,354,178
50
91
25
86
0
Q4 2019
100
100.00%
75
75.00%
50 25 0
Q4 2018
+1.44%
+53.57%
100
$40
$0
$555,000
$540,000
$0
Q4 2018
$20
=0.00%
$600
Q4 2019
56 Q4 2018
86
50.00%
95.97%
97.35%
Q4 2018
Q4 2019
25.00% 0.00%
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
OLD SOUTH SUBURBAN: SINGLE FAMILY LAKESIDE, HOLCOMB, WINDY HILL
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$852,617
$510,000
$308,500
$2,150,000
-1.68%
-23.4%
+31.28%
-45.56%
$1,000
$800
$400
$4,000
$750
$600
$300
$3,000
$500 $250
$867,156
$852,617
$0
$400 $200
$665,812
$200
$510,000
$0
Q4 2018
Q4 2019
$100 $0
Q4 2018
Q4 2019
$2,000
$3,949,000
$1,000
$2,150,000
$0
Q4 2019
Q4 2018
Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$14,494,500
104
17
93%
-16.43%
+5.05% 20
$15
100
15
$17,343,125
75
$14,494,500
$0
50 25
99
104
Q4 2018
Q4 2019
0
Q4 2018
Q4 2019
-4.18%
-15%
125
$5
$235,000 Q4 2018
$20
$10
$308,500
10
100.00%
20
5
75.00%
17
0
50.00%
97.06%
93.00%
Q4 2018
Q4 2019
25.00% 0.00%
Q4 2018
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
SOUTH MEADOWS: SINGLE FAMILY DOUBLE DIAMOND, DAMONTE RANCH, CURTI RANCH
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$484,193
$438,500
$330,000
$850,000
+0.77% $500 $400 $300 $200
$484,193
$480,497
-1.46%
+6.45% $400
$1,250
$400
$300
$1,000
$300 $200
$445,000
$438,500
$200
$100
$100
$100
$0
$0
$0
Q4 2018
Q4 2019
Q4 2018
$750 $500 $250
$1,020,000
$850,000
$0
Q4 2018
Q4 2019
Q4 2018
Q4 2019
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$76,502,628
103
158
98.43%
+14.54% $60
$20
Q4 2019
$330,000
$310,000
TOTAL DOLLAR VOLUME SOLD
$80
$40
-16.67%
$500
$66,789,189
$76,502,628
+6.19% 200
100.00%
100
150
75.00%
75 50 25
$0
97
103
0
Q4 2018
Q4 2019
-0.58%
+13.67%
125
100 50
139
158
Q4 2018
Q4 2019
0
Q4 2018
Q4 2019
50.00%
99.00%
98.43%
Q4 2018
Q4 2019
25.00% 0.00%
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
SOUTH SUBURBAN: SINGLE FAMILY ARROWCREEK, FIELDCREEK, WOLF RUN, SADDLEHORN
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$920,303
$800,000
$395,995
$2,675,000
+8.04% $1,000 $750 $500 $250
+9.78% $800
$920,303
$851,855
$600 $400
Q4 2019
$400 $300 $200
$2,000
$434,000
$395,995
Q4 2018
Q4 2019
$0
Q4 2018
Q4 2019
$1,000 $0
$1,794,500 Q4 2018
$2,675,000 Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$48,776,065
107
53
97.7%
+33.16% $50
+7%
$30
$36,629,770
$48,776,065
50 25
$0
60
100 75
100
107
Q4 2018
Q4 2019
0
Q4 2018
Q4 2019
+0.72%
+23.26%
125
$40
$10
+49.07% $3,000
$100
$0
Q4 2018
$20
$800,000
$728,700
$200
$0
-8.76% $500
100.00% 75.00%
40 20
43
53
50.00%
97.00%
97.70%
Q4 2018
Q4 2019
25.00%
0
0.00%
Q4 2018
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
SOUTHWEST SUBURBAN: SINGLE FAMILY MONTREUX, GALENA FOREST, ST. JAMES VILLAGE
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$1,141,134
$880,000
$370,000
$4,400,000
+12.44% $1,000 $750 $500 $250
-7.37%
$1,014,922
$1,141,134
$750 $500
Q4 2018
$5,000 $4,000
$300
$950,000
$880,000
$200 $100
$0
$0
Q4 2019
+109.52%
$400
$250
$0
Q4 2018
Q4 2019
$370,000
$348,800
$3,000
$2,100,000
$2,000 $1,000 $0
Q4 2018
Q4 2019
Q4 2018
Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$37,657,454
166
33
98.17%
+48.42% $40 $30
$37,657,454
$20 $10
+6.08%
$1,000
$1,250
$25,373,070
+34.96% 40
100.00%
150
30
75.00%
100 50
$0
0
Q4 2018
Q4 2019
+0.73%
+32%
200
123 Q4 2018
166
20 10
25
33
0
Q4 2019
50.00%
97.46%
98.17%
Q4 2018
Q4 2019
25.00% 0.00%
Q4 2018
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
NORTHWEST/SOMERSETT: SINGLE FAMILY
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$553,679
$500,000
$330,000
$1,700,000
-6.2% $600 $400
-1.96%
$590,306
$200
$553,679
$0
$400 $200
$510,000
$500,000
Q4 2018
Q4 2019
$0
Q4 2018
Q4 2019
$2,000
$300
$1,500
$200 $100
$305,000
$330,000
Q4 2018
Q4 2019
$0
$1,000
$1,850,000
$1,700,000
Q4 2018
Q4 2019
$500 $0
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$38,203,854
102
69
97.7%
+17.67%
-9.73% 100
$32,466,884
$38,203,854
75 50
113
25
$0
102
0
Q4 2018
Q4 2019
80
100.00%
60
75.00%
40 20
55
69
0
Q4 2018
-1.65%
+25.45%
125
$30
$10
-8.11%
$400
TOTAL DOLLAR VOLUME SOLD
$40
$20
+8.2%
$600
Q4 2019
50.00%
99.34%
97.70%
Q4 2018
Q4 2019
25.00% 0.00%
Q4 2018
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
VERDI: SINGLE FAMILY
AVERAGE SALES PRICE
MEDIAN SALES PRICE
LOWEST SALES PRICE
HIGHEST SALES PRICE
$564,037
$539,995
$331,500
$1,120,000
-48.21%
-28.79%
$1,250
$800
$1,000
$600
$750 $500
$1,089,071
$400
$0
$539,995
$0
Q4 2018
Q4 2019
$4,000
$579,990
$3,000 $2,000
$200
$331,500
$0
Q4 2018
Q4 2019
-73.33% $5,000
Q4 2018
$4,200,000
$1,000 $0
Q4 2019
Q4 2018
Q4 2019
TOTAL DOLLAR VOLUME SOLD
AVERAGE DAYS ON MARKET
TOTAL PROPERTIES SOLD
% SOLD PRICE TO LIST PRICE
$14,100,929
151
25
99.6%
+29.48% $15
-20.11% 200
$10 $5
$400
$758,314
$200
$250
-42.84% $600
$10,890,713
$14,100,929
150 100
20
189
50
$0
15
151
0
Q4 2018
Q4 2019
125.00%
10
100.00% 75.00%
10
50.00%
5
25.00%
0
Q4 2018
Q4 2019
-5.14%
+150% 25
105.00%
99.60%
Q4 2018
Q4 2019
0.00%
Q4 2018
Q4 2019
775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM
65 FOOTHILL ROAD #2, RENO, NV
|
OLIVERLUX.COM
|
775.236.1500
INCLINE VILLAGE | TAHOE CITY | ZEPHYR COVE | TRUCKEE | RENO