Reno-Tahoe Market Update | February

 

After several years of meteoric appreciation and anemic inventory throughout Reno and Northern Nevada, “normal” conditions may have the feel of an underperforming market. January began 2019 in a manner that merely keeps up with previous years with median price and price per square foot nearly exactly matching the same period in 2018. Active listings have risen to 3.4 months’ inventory; an objectively healthy and balanced supply; through statistically double the number available this time last year.

While the number of new listings brought to market dropped in January, time on market has risen from mere weeks to just over two months providing buyers reasonable time to consider options and make sounds decisions rather than the irrational velocity of recent years.

Our expectation is that 2019 performs in a normal, healthy, typical, average and any other adjectives that equate to baseline performance, manner. The local economy remains extremely healthy and job growth to the region is steady. Redevelopment continues to bring infrastructure and commercial offerings to a standard worthy of the strong demand for our community.

While the growth may no longer make national news, we appear to be in a pattern that is far more comfortable and healthy offering long term sustainability to the region.

Elsewhere Around Town:

The 15 most expensive home sales in Reno in 2018

Reno ranks among the top performing cities in the nation; but isn’t a surprise

5,200 new Nevada jobs in Q4, 2018

Freestanding emergency service coming to NW Reno

Obligatory Tesla news … apprenticeship program for local students

State of the State, no new taxes

Even Coloradans are talking about Reno

How Nevada became the first female-majority legislature in the country

Finally….. how Eric Musselman turned the Wolfpack into a national powerhouse

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