Reno Market Update | March

 

Virtually every statistical marker reveals positive news for the Reno real estate market. In some cases, the data is almost preposterous with 17.5% median price appreciation or 10% increase in the total number of real estate sales year over year. While news this bullish is often a forbearer of an overheated market, an extreme shortage of inventory appears to be keeping pressure on the overall market demand. Current listing stock, per the Reno / Sparks Association of REALTORS stands at just 628 available units, equal to 1.2 months’ supply. This compares to 1.4 months’ 30 days prior and 2.6 months’ at this time last year. Even the latter statistic was thought to be a significantly imbalanced market at the time only to be reduced by 52% a year later.

The luxury segment of the Reno market continued to soar with 24 homes closing above $1,000,000 in February. This compares to just five 7-figure sales during the same month in 2017. Nearly half of these premium sales were concentrated in Montreaux or the surrounding Galena Forest area further establishing a premium for high-end, mountainous homes with quick proximity to Lake Tahoe.  

Whether a cause of, or response to this surge of interest in Reno, urban redevelopment continues nearly undeterred through midtown and other core downtown areas.

What’s going on in Reno:

New Plans Announced to “de-mall” Shopper’s Square:
Read Full Reno Gazette Journal Article >

Downtown’s Proposed Fountain District continues to take shape:
Read Full My News 4 Article >

How about infrastructure for all of this redevelopment?:
Read Full Reno Gazette Journal Article >

An influx of companies relocating, many from Silicon Valley and other congested and highly-taxed parts of California, are feeding the frenzy for the lifestyle a revitalized Reno offers. This has been obvious with the likes of Tesla, Apple, Panasonic and Microsoft among other high-profile names. While the allure of Reno is obvious to those who’ve inhabited the city, the technology world is now catching on.

Tech Industry leaders gather in Reno for the inaugural VentureBeat Blueprint gathering:
Read Full Reno Gazette Journal Article >   

Even Crypto-Currency has keyed on Reno:
Read Full Digital Journal Article >  

Finally, a terrific first-hand essay from a company that relocated to Reno on the cause and effect of their move and how Reno has provided everything they were seeking:
Read Full Alchemy Article >  

The current boom will have its natural ebbs and flows, rife with growing pains and economic cycles. Regardless, it is undeniable that something special is afoot in our region. We look forward to keeping you apprised as this evolution continues.

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