Turbulent weather, while a boon for the region’s winter recreation, has dampened real estate activity thus far in 2019. A trend toward stabilized pricing amid reduced transaction volume was already apparent before the region experienced the wettest February on record. Hazardous road conditions are generally unfriendly toward residential real estate activity deferring would-be purchasers toward spring.
In summary, 317 residential properties transacted throughout the region over the last 30 days, a decrease of 22% from the same period one year ago. Consistent with challenging conditions for touring real estate, the average number of days from listing a home to contract with a new buyer jumped to 74, 30% higher than in January when snow was (somewhat) less abundant.
More importantly, key indicators show stability in median price which continues to creep upward at nearly 1% annually and price per square foot up a healthy 7% year over year. Inventory is nearly double this time a year ago however that metric shows a greater reflection of the paltry offerings in early 2018 than anything more than balanced supply presently.
As the community digs out of this extraordinary winter, the coming months will be instructive as to how the long term outlook for Reno real estate truly is. Based upon expressions of interest and regional economic growth, modest and sustainable increases appear likely.
Elsewhere around town:
- Confirming what we already know, Reno leapt 26 other cities to the 11th Best-Performing Large City in the country per the Milken Institute’s 2018 Survey.
- Also, Reno named #1 City for startup density by the Kauffman Foundation.
- Keeping that train rolling, UNR & eDAWN are working together to keep investment flowing into the region.
- The opposite of a startup; Apple’s new data center is complete. Doubling down on Reno?
- And here comes Google.
- Airport traffic continues to surge into RNO.
- Just for fun, the top (and bottom) movies set in Reno…..(Kingpin is grossly underestimated).