The most-expensive homes on the market are selling more quickly as the economy builds steam in Reno and Sparks.
A total of 77 homes priced at $1 million or more sold in the region from April 1 through June 30, an increase of more than 19 percent from the comparable period a year earlier.
The Reno-Sparks Association of Realtors, which tracks only the sales of existing homes and doesn’t include newly built houses, says 74 of the top-end homes that sold during the second quarter are in Reno.
“In just six months we have seen a total of 128 homes sold over the million-dollar mark,” Reyes says. “In May, 58 out of the 959 new listings were in the higher price range.”
A total of 151 homes priced at $1 million or more were on the market at the start of July
Reyes credits the arrival of new companies — especially in the technology sector — for the strength of the upper-end residential market.
“It’s no surprise that there is growth in this price point when you consider EDAWN’s 2018 announcement of 30 tech companies relocating or expanding in the Reno-Sparks area.
With relocation and the expected continued wage increases, Reno-Sparks is seen as providing more value for your money,” the Realtors president says.
Upper-end homes, the Realtors note, sold dramatically more quickly than they did a year ago.
During the spring months, million-dollar houses in Reno were on the market an average of 159 days from listing until a contract was written.A year earlier, owners waited average of 242 days.