Reno-Sparks, Carson Valley see spike in luxury real estate sales
RENO, Nev. — The sale of million-dollar homes in Reno drove the real estate market the first quarter of 2018, with a 247 percent jump in homes sold throughout the Reno-Sparks area. The median price of a home in the area rose 17 percent to $368,700.
The figures are part of a quarterly report released April 4 by real estate agency Chase International. The numbers compare all MLS home sales from January 1, 2018, through March 31, 2018, to the same timeframe of 2017.
Homes sold for less than $1 million remained steady, with a one percent increase. Sales volume was up 34 percent in Reno, while Sparks saw an 8 percent increase in volume, but a five percent drop in units sold. Carson Valley experienced a 300 percent jump in homes sold for over a million and 7 percent increase in homes sold for less than that. The median price of home in Carson Valley rose 14 percent to $400,000.
The sale of condos in the Reno-Sparks area was up 29 percent in volume, with a 10 percent uptick in those sold for under $500,000. The median price of a condo is $192,000, up 22 percent.
“Professionals are continuing to relocate to Reno, which drives the sale of these upper-end homes,” said Sue Lowe, corporate vice president for Chase International. “We are, however, still dealing with record low inventory in the region.”
Tahoe real estate starts year strong
Lake Tahoe’s real estate market also started 2018 with strong sales, seeing a 68 percent rise in homes sold for more than $1 million, according to first-quarter stats released April 4 by Chase International. The median price of a home rose 25 percent to $665,000. Homes sold for less than a million was down 6 percent.
Incline Village saw the biggest jump in the sale of million-dollar homes with a 121 percent increase, while the East Shore was the only area to see a jump (83 percent) in homes sold for under a million.
Incline also experienced a 29 percent increase in the median home price ($1,120,000) while the East Shore was the only area to see a dip (11 percent) in price to $830,000.
“Record low inventory around the lake is creating a seller’s market,” said Lowe. “The new tax laws and incentives in Nevada are fueling further interest and activity in those communities.”
The sale of condos priced over $500,000 was up 37 percent around the lake, while those priced under that were down 11 percent. The median price of condo was up 15 percent to $430,000.
The median price of a home in Truckee dropped one percent to $705,000. Homes sold for more than $1 million was up 70 percent while homes sold for under a million was down five percent. There was a 188-percent leap in the sale of Truckee condos priced over $500,000 while those sold for less than that was down 33 percent.
Per the agreement, Caesars will continue to operate Harrah’s for the first half of 2020 before it’s redeveloped into a non-gaming hotel and mixed-use development.