Taking the Pulse: How Did Reno's Luxury Market Perform in Q1 2020?

The Q1 2020 Luxury Market Report just dropped. (Our beautiful listing at 5635 Foret Circle was featured on the cover!) In anticipation of what was poised to be a busy spring season, the first quarter of 2020 started out strong, with robust sales and healthy statistics in the luxury sector. To read the report in its entirety, please click here. 

"What a difference a few weeks has made. I fear the next quarterly report will not be as strong, but people remain driven to buy and sell real estate for many reasons. Under very careful health procedures and protocols, we are still assisting people to do so. I do believe once we are through this terrible health crisis, we will return to a strong economy. I dream of recovery for all, not knowing how long it will take...but knowing it WILL happen." 

The stats below represent all Montrêux real estate sales activity from January 1, 2020 to March 31, 2020. Our team was involved with all eight home sales, representing 14 of the 16 sides. 

Home Sales: 8 

Average Price: $1,809,177

Average Price Per Square Foot: $446

Highest Home Sale: $2,500,000 

Current Pending Homes: 8

While the real estate market has certainly been affected by the COVID Economy, we remain optimistic. Unlike the 2008 Recession, this downturn was not driven by a housing crisis, and we are confident the market will rebound. Homes and housing have always been a major part of most people’s net worth. We believe real estate is one of the best-positioned assets to weather this storm. Inventory is currently very low and now is a great time to buy.

There's nothing like a pandemic forcing us to stay indoors to help us realize what's really important in our living space. Do you want extra square footage so you can retreat to your own personal refuge? Or perhaps you want to recharge inside your own custom home theater, gym or spa? Or do you covet all the culinary amenities to whip up your favorite recipe in a tailor-made gourmet kitchen?

If you are looking to make a change, here are some tips you can do in the meantime: 

BUYERS: If you want to buy, now is a good time to pull your paperwork together for a pre-approval, or better yet, to get it pre-underwritten. Submit your taxes sooner rather than later so the process can be streamlined with your lender.

SELLERS: If you want to sell, get a head's start with your paperwork. You can also begin decluttering, and prepare some general home organization. Line things up now so that the pre-sale inspections and photography can happen as soon as you get a green light. A lot of what needs to be done in advance can take place over the phone or via a video conference call.

Bottom line: We are here for you when you're ready. 

Follow the Sullivan-Wonhof-Gore Luxury Real Estate Team on Facebook, Instagram, and Twitter to stay up-to-date on real estate news, Montrêux events, and local happenings in the Reno-Tahoe area. For real estate inquiries, stop by the beautiful Montrêux Welcome Center at 16475 Bordeaux Dr. in Reno, Nevada, call us at 775.849.9444, or email us at info@luxuryrenohomes.com. The Welcome Center is open 7 days a week, from 9:00am to 5:00pm.