2019 Annual Reno Real Estate Market Report

Reno

Market Report Annual 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.

2019 SIGNIFICANT SALES LISTING Sunnyside Lane 5020 West Lake 863 Lakeshore 135 Quiet Walk 850 West Lake 7155 Highway 3115 Jameson Beach 20282 Bordeaux 4510 North Lake 6720 Powderhorn 19440 Annie Lane 605 Tyner 260 George Giffen 105 Tobey 4849 Nestle 275 Glen 283 Robin 658 Riven Rock 5920 Lausanne

SALE PRICE $37,000,000 $16,400,000 $13,750,000 $10,500,000 $7,000,000 $6,330,000 $5,600,000 $4,500,000 $4,300,000 $4,300,000 $4,100,000 $3,200,000 $2,950,000 $2,730,000 $2,525,000 $2,450,000 $2,225000 $2,040,000 $1,899,000

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

ANNUAL REVIEW

EXCLUSIVE MARKET INSIGHTS FROM OUR TEAM Reno’s housing market remains strong. 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 monthover-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. Looking at the broader trend, total number of homes sold in 2019 were up 4.7% to 4,368, from 2018. The time from when a property is listed for sale to when the seller accepted an offer has increased. 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.

According the Economic Development Authority of Western Nevada (EDAWN, www.edawn.org), job growth continues to dramatically outpace 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

$800,662

$678,000

$350,000

$2,300,000

+3.53%

+8.05%

$1,000

$800

$750

$600

$500 $250 $0

$773,358

$800,662

Total 2018

Total 2019

$400 $200 $0

$300

$627,500

$678,000

Total 2018

Total 2019

$340,000

$350,000

Total 2018

Total 2019

$100 $0

$2,000

$2,900,000

$1,000 $0

Total 2018

$2,300,000 Total 2019

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$112,893,408

122

141

99.24%

+16.38%

+1.67% 100

$97,001,406

$112,893,408

75 50

$25

25

$0

0

Total 2018

Total 2019

120

122

100 50

Total 2018

+0.24%

+13.71% 150

125

$100

$50

$200

-20.69% $3,000

TOTAL DOLLAR VOLUME SOLD

$125

$75

+2.94% $400

Total 2019

0

100.00%

124

141

75.00% 50.00%

99.00%

99.24%

Total 2018

Total 2019

25.00%

Total 2018

Total 2019

0.00%

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

$521,200

$460,000

$259,000

$1,775,000

+11.66% $600

$0

$521,200

$466,770

$300 $200

Total 2018

Total 2019

$0

+36.54%

Total 2019

$0

$2,000 $1,500

$265,000

$259,000

$1,000 $500

Total 2018

Total 2019

$0

$1,300,000 Total 2018

$1,775,000 Total 2019

TOTAL DOLLAR VOLUME SOLD

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$93,816,166

82

180

98.25%

$75

$0

$200 $100

Total 2018

+20.35%

$25

$460,000

$430,000

$100

$100

$50

-2.26% $300

$400

$400 $200

+6.98% $500

$77,950,720 Total 2018

$93,816,166

+15.49% 200

100.00%

75

150

75.00%

50 25

Total 2019

+0.26%

+7.78%

100

0

71 Total 2018

82

100

167

180

50

Total 2019

0

50.00%

98.00%

98.25%

Total 2018

Total 2019

25.00%

Total 2018

Total 2019

0.00%

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

$578,740

$535,000

$160,000

$1,300,000

-2.84% $600 $400

-2.71%

$595,635

$578,740

$400

$200

$200

$0

$0

Total 2018

Total 2019

$549,900

$535,000

$2,500

$300

$2,000

$200 $100

Total 2018

Total 2019

-47.26%

$400

$0

$1,500

$305,000

$2,465,000

$1,000

$1,300,000

$500

Total 2018

Total 2019

$0

Total 2018

Total 2019

TOTAL DOLLAR VOLUME SOLD

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$177,673,327

88

307

97.4%

+4.66%

-8.33%

$200

100

$150

75

$100

-47.54%

$600

$169,755,976

$177,673,327

50

96

88

100.00%

300

75.00%

200

$50

25

100

$0

0

0

Total 2018

Total 2019

Total 2018

+0.55%

+7.72% 400

Total 2019

285

307

Total 2018

Total 2019

50.00%

96.87%

97.40%

Total 2018

Total 2019

25.00% 0.00%

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

$832,891

$612,500

$290,000

$3,000,000

-5.6%

-3.47%

$1,000

$800

$750

$600

$500

$882,310

$832,891

$250 $0

$400 $200

Total 2018

Total 2019

$0

$634,500

$612,500

Total 2018

Total 2019

$100 $0

$235,000

$3,000 $2,000

$3,949,000

$1,000

Total 2018

Total 2019

$0

Total 2018

$3,000,000 Total 2019

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$64,965,550

94

78

94.61%

-35.62% 150

$77,643,290

$20 $0

$290,000

$200

-16.33% $40

-24.03% $4,000

TOTAL DOLLAR VOLUME SOLD

$80 $60

+23.4% $300

Total 2018

100

$64,965,550 Total 2019

146

0

Total 2018

100.00%

75

75.00%

50

94

50

Total 2019

-0.89%

-11.36% 100

88

25 0

Total 2018

78 Total 2019

50.00%

95.46%

94.61%

Total 2018

Total 2019

25.00% 0.00%

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

$489,029

$460,000

$280,000

$1,557,995

+4.96% $500 $400 $300 $200

$489,029

$465,924

$300

$440,000

Total 2019

$0

$285,000

$280,000

Total 2019

$0

$1,500 $1,000 $500

Total 2018

Total 2019

$0

$1,050,000 Total 2018

$1,557,995 Total 2019

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$321,781,590

100

658

98.46%

+36.99% 100

$300

75

$0

$200 $100

Total 2018

+17.86%

$100

+48.38% $2,000

TOTAL DOLLAR VOLUME SOLD

$400

$200

$460,000

$100

Total 2018

-1.75% $300

$400

$200

$100 $0

+4.55% $500

$273,031,596 Total 2018

$321,781,590 Total 2019

50 25 0

73 Total 2018

100

100.00%

600

75.00%

400

696

658

200

Total 2019

-0.55%

-5.46% 800

0

50.00%

99.00%

98.46%

Total 2018

Total 2019

25.00%

Total 2018

Total 2019

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

$912,011

$820,000

$385,995

$2,675,000

+5.22% $1,000 $750 $500

$866,790

$912,011

$250 $0

+2.5% $500

$750

$400

$500 $250

Total 2018

-11.06%

$1,000

$0

Total 2019

$820,000

$800,000

$300 $200

Total 2019

$0

$2,000

$385,995

Total 2018

Total 2019

$2,900,000

$2,675,000

Total 2018

Total 2019

$1,000 $0

TOTAL DOLLAR VOLUME SOLD

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$207,026,622

105

227

98%

-0.9%

+11.7% 125

250

$200

100

200

$150

75

150

$208,896,554

$207,026,622

50

$50

25

$0

0

Total 2018

Total 2019

94 Total 2018

+0.54%

-5.81%

$250

$100

$434,000

$100

Total 2018

-7.76% $3,000

105

100.00%

241

100

227

Total 2019

50.00%

97.47%

98.00%

Total 2018

Total 2019

25.00%

50 0

75.00%

Total 2018

Total 2019

0.00%

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

$1,260,427

$1,180,000

$370,000

$4,500,000

+6.5% $1,500

$0

$1,183,530

$1,260,427

$750 $500

$0

Total 2019

$965,000

$0

$3,000

$4,900,000

$2,000

$4,500,000

$1,000

Total 2018

Total 2019

$0

Total 2018

Total 2019

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$133,605,335

171

106

97.8%

+19.58% 200

$150

150

$0

Total 2019

$275,000

$370,000

AVERAGE DAYS ON MARKET

-12.49%

$50

$100

Total 2018

$4,000

$300 $200

-8.16% $5,000

TOTAL DOLLAR VOLUME SOLD

$200

$100

$1,180,000

$250

Total 2018

+34.55% $400

$1,000

$1,000 $500

+22.28% $1,250

$152,675,370 Total 2018

$133,605,335 Total 2019

100 50 0

143 Total 2018

171 Total 2019

+0.82%

-17.83% 150 100 50 0

100.00% 75.00%

129 Total 2018

106 Total 2019

50.00%

97.00%

97.80%

Total 2018

Total 2019

25.00% 0.00%

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

$553,935

$489,000

$305,000

$1,970,000

+4.39% $600 $400 $200 $0

+1.45% $400

$553,935

$530,628 Total 2018

Total 2019

$300

$400 $200

$0

$0

Total 2018

Total 2019

+6.49% $2,000

$305,000

$305,000

$1,500 $1,000

$1,850,000

$1,970,000

Total 2018

Total 2019

$500

Total 2018

Total 2019

$0

TOTAL DOLLAR VOLUME SOLD

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$159,533,483

96

288

98.08%

+9.09% 100

$150

75

$0

$600

$100

+6.24%

$50

$489,000

$482,000

$200

$200

$100

=0.00% $800

$500

$150,167,981 Total 2018

$159,533,483 Total 2019

50

88

96

Total 2018

200

100.00%

283

288

100

25 0

+1.11%

+1.77% 300

Total 2019

0

75.00% 50.00%

97.00%

98.08%

Total 2018

Total 2019

25.00%

Total 2018

Total 2019

0.00%

775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM

VERDI: SINGLE FAMILY

AVERAGE SALES PRICE

MEDIAN SALES PRICE

LOWEST SALES PRICE

HIGHEST SALES PRICE

$595,168

$508,995

$270,000

$2,300,000

-27.76%

-28.7%

$1,000

$800

$750

$600

$500 $250 $0

$801,696

$400

$595,168

Total 2018

Total 2019

$713,881 Total 2018

Total 2019

$4,000

$300,000

$270,000

$100 $0

$3,000 $2,000

$4,200,000

$1,000

Total 2018

Total 2019

$0

Total 2018

Total 2019

AVERAGE DAYS ON MARKET

TOTAL PROPERTIES SOLD

% SOLD PRICE TO LIST PRICE

$56,540,970

119

95

99.11%

+182.11%

-14.39% 150

$20,042,412

100

$20 $0

$508,995

-45.24% $5,000

TOTAL DOLLAR VOLUME SOLD

$60 $40

$200

$200 $0

-10% $300

139

50

Total 2018

Total 2019

0

Total 2018

75

119 Total 2019

-1.87%

+280% 100

50

125.00% 100.00%

25

75.00% 50.00%

25 0

101.00%

99.11%

Total 2018

Total 2019

25.00%

Total 2018

Total 2019

0.00%

775.236.1500 | 65 FOOTHILL ROAD, #2 | OLIVERLUX.COM

65 FOOTHILL ROAD #2, RENO, NV

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