Sales of Luxury Homes Pick Up (Subscriber Content)

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.

Angelica Reyes, president of the Association of Realtors and managing broker for The Right Choice Realty, notes that strong sales of million-dollar homes during the spring wasn’t a fluke, and the trend appears to be picking up steam.

“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.

John Seelmeyer
About John Seelmeyer 46 Articles
John Seelmeyer is a business writer and editor in Reno. In his 40-year career, he has edited publications in Nevada, Colorado and California and written several thousand published articles about business and finance.