It's Official: We are in a Seller's Market here in Reno

Posted by Heather Neal on Friday, February 7th, 2020 at 9:25am

Winter Greetings from the Sullivan-Wonhof-Gore Luxury Real Estate Team! Everywhere you look, you see Reno bursting with growth. While it's certainly an exciting time for our region, our housing market has seen a distinct shift in supply and demand. We are currently experiencing an all-time low for inventory, which makes for an appealing time to take advantage of this Seller's Market. Join us for a quick read as we share the latest market report, industry updates, and neighborhood listings.

The Year-End 2019 Luxury Market Report just dropped. We saw positive momentum in all categories; notably, the Average Days on Market saw a significant decrease of nearly 14% with 170 days in 2019. To read the report in its entirety, please click here.

"Northern Nevada is in a unique position. We have jobs that are attracting people to our area as well as a light tax burden. According to what we are reading, as long as the economy stays robust, luxury home sales will continue with approximately a 4% increase in sales in 2020, with interest rates also staying below 4%."

The number of Home Sales, the Average Price, and the Average Price Per Square Foot all saw an increase in 2019. The stats below represent all Montrêux real estate sales activity from January 1, 2019 to December 31, 2019. Of the 42 home sales, our team represented 67% (28) on the listing side and 43% (18) on the buyer side. Overall, we were involved in 30 of the 42 sales (71%).

Home Sales: 42 (up 8%)

Average Price: $1,926,991 (up 2%)

Average Price Per Square Foot: $429 (up 9%)

Highest Home Sale: $4,500,000

Current Pending Homes: 11

It doesn't come as a surprise that most of our Montrêux buyers (64%) relocated from California to take advantage of all the benefits the Silver State has to offer. But interestingly, the next biggest group of buyers were within Montrêux itself, either upgrading to a bigger home or downsizing to a smaller one. The beautiful gated golf community attracts and retains Montrêux homeowners - it's a desirable place to live!

Lot Sales: 13

Average Price: $416,675

Highest Lot Sale: $674,900

Current Pending Lots: 2

Our Biggest Little City just got some big national attention. An article recently published on Business Insider named Reno as one of the best real estate markets to make a profit or invest in property over the next 10 years. Read our blog article to get the whole scoop and see how our region's growth has impacted the luxury market in particular.

Photo credit: Van Woert Bigotti Architects

The new Marce Herz Middle School (MHMS) will open its doors this August 2020, and we couldn't be more thrilled. This much-needed campus will greatly benefit our community and will make our zoned schools more desirable than ever. Along with award-winning Hunsberger Elementary and Galena High School, it will round out our "Education Trifecta." Read all about the latest updates on MHMS here.

Why is living in a golf community about more than just golf? Our own Brooke Sullivan shares her savvy perspective in this new article recently published in Nevada Business Magazine. Click here to check it out.

NEW PRICE REDUCTION!

Incredible Luxury on Montrêux's Most Coveted Lot

5635 Foret Circle

Reno, NV 89511

9,100 SF | 1.08 acre | 4 Bedrooms | 4 Car Garage

Offered at $5,250,000

View Listing Details

Watch Virtual Tour

Gorgeous Custom Home on a Rare 2+ Acre Site

6220 Rouge Drive

Reno, NV 89511

9,577 SF | 2.1 acres | 4 Bedrooms | 9 Car Garage

Offered at $4,100,000

View Listing Details

Watch Virtual Tour

Exceptional Montrêux Custom on 13th Tee

5860 Strasbourg Court

Reno, NV 89511

4,856 SF | .52 acre | 3 Bedrooms | 3 Car Garage

Offered at $1,998,000

View Listing Details

Beautiful Cottage Overlooking 18th Fairway

6450 Montreux Lane

Reno, NV 89511

3,822 SF | .38 acre | 3 Bedrooms | 2 Car Garage

Offered at $1,995,000

View Listing Details

Charming Cottage Perched Above 18th Fairway

6460 Montreux Lane

Reno, NV 89511

2,365 SF | .31 acre | 4 Bedrooms | 3 Car Garage

Offered at $1,225,000

View Listing Details

Interested in building your "Dream Home" from the ground up? There are a variety of beautiful Montrêux custom lots available for you to build the home of your choice. There are no time requirements to start construction, so you can leisurely design your vision at your own pace. Click here to view our current inventory, with prices starting in the mid-200K's.

Thanks to our amazing clients, we were named the "Top Producing Team" at Dickson Realty for 2019. We dedicate that recognition to YOU and look forward to a prosperous 2020! If you are thinking about selling, know that you are in trusted hands with South Reno's luxury specialists. Visit our new website at LuxuryRenoHomes.com or call (775) 849-9444 to learn more.