Million dollar (and above) home sales double in 2013

2013 has seen a resurgence in Reno’s luxury home market. Thus far, 54 homes have sold for $1,000,000 and above in 2013. Compare that number to the 26 that sold in all of 2012.

With the Reno-Sparks real estate market’s current median sales price hovering around $215,000, the local market is not one that is described as a Million-dollar market. In fact, sales of $1M+ houses comprise a mere 1 percent of all 5,221 house sales this year.

That being said, a doubling of the number of $1,000,000+ sales this year from last is noteworthy. And in case you’re wondering if the increase is because 2013 simply saw more home sales than in 2012…not true. Nearly 6,100 houses sold in 2012.

Here is a table showing the number and proportion of $1M+ sales over the past ten years…

Year $1M+ houses sold Total houses sold % of total sales
2013* 54 5,221 1.0%
2012 26 6,099 0.4%
2011 43 5,925 0.7%
2010 33 5,360 0.6%
2009 39 5,262 0.7%
2008 65 3,591 1.8%
2007 121 3,365 3.6%
2006 142 4,111 3.5%
2005 162 6,072 2.7%
2004 98 5,753 1.7%
Average 783 50,759 1.5%

* partial year

Given the ten-year average of the proportion of million-dollar home sales, expect to see such sales continue to increase in 2014.

About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
This entry was posted in Agent Insights, Market Trends and tagged , . Bookmark the permalink.