The first tangible proof of an apparent trend for the Reno real estate market became apparent in April, 2018. Due to an exceptional shortage of inventory, the volume of transactions dropped significantly when compared to the same month during the previous year. Conversely, what property did transact showed an extreme bias toward the premium end of the market driving average price up substantially.
While the inventory shortage has been apparent going back to the 4th quarter of 2017, momentum in the market drove the total number of transactions to numbers slightly ahead through Q1, 2018. As inventory tightened, it became evident that 2018 would focus on quality over quantity as the market delivered fewer transactions but at larger prices.
Standing inventory has dropped by a staggering 44% year over year leaving just 1.4 month’s supply currently available. The inventory shortage has dropped the total number of transactions by 18% but squeezed median pricing up by 16%. Similarly, days on market continue to shrink as seller’s command closer and closer to 100% of asking price.
Ideally, supply will begin to catch up to demand as spring yields the largest crop of new listings. Savvy sellers are getting ahead of this curve by gaining exposure to anxious buyers ahead of Memorial Day.
What’s going on in Reno:
The influx of businesses and job creation throughout Reno has brought great prosperity, but affordable housing becomes an inevitable consequence. The Community Foundation of Western Nevada is partnering with the city of Reno to address this problem:
Read Full Reno Gazette Journal Article >
Can tiny houses be a part of the solution?:
Read Full Curbed Article >
Despite a lack of housing options for workers, businesses continue to relocate to Reno:
Read Full Northern Nevada Business Weekly Article>
and confidence swells among small business owners:
Read Full KUNR Article >
Are we drawing closer to build out?:
Read Full Nevada Business Weekly Article>
Local employment is at its highest rate ever but are they the right jobs for the future?:
Read Full KTVN Weekly Article>
Reno is a better place to live than Las Vegas… but we already knew that:
Read Full KTVN Weekly Article>