Though still a seller’s market for average-priced homes, the Reno luxury real estate market slightly favors buyers as we close out October, 2018.
21 properties over $1 million sold in the Reno-Sparks area of Nevada that month, 3.4% of all properties sold. This represents a 40% increase over units sold in September, 2018.
176 properties in this price range were still available for sale during October.
Based on the number of closed sales, we had 10.4 months of inventory. This means that if no other homes came to market, it would take 10.4 months to sell through every property over $1 million at the October rate of demand.
This compares to 2.9 months of inventory for the entire market. The average price in the market for October 2018 was $346,900.
14 homes over $1 million went into contract that same month, converting to pending sales.
Year-to-date through October, 193 properties over $1 million have sold, up 58.20% over the same period last year. These sales comprise 3.04% of the market.
Looking at the last 12 months through October 2018, 215 properties over $1 million sold. This is up 50.35% compared to the previous 12 months and represents 2.83% of the market.
Considering the entire market over the past 12 months, average prices are up 12%, while sales volume is down over 14%.
Luxury Lake Tahoe Nevada Home Prices Increase
On the east shore of Lake Tahoe, homes over $3 million define the top tier, representing 13.6% of the market.
Home sales are up 27% on properties over $1 million, compared to 10% for properties under $1 million.
The average price of a property on Lake Tahoe’s east shore is $ 1,719,700.
In Incline Village, homes over $3 million represent the top 7.8% of the market.
Sales are up 38% year-to-date on residential properties priced over $1 million. Meanwhile, sales of properties under $1 million are down 13%.
The average price for a home in Incline Village was $1,791,545.
If you have questions about the Reno-Tahoe luxury home markets, contact any of our agents in the office nearest you.
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