In a time where market conditions seem unable to determine a sustainable trajectory, the performance of Reno real estate over the last 30 days has been…. average. The average price of a single-family home held steady at $404,975 while the number of sales fell 7% to 561 from the same period a year ago. Active inventory and new listing both fell while time on market crept upward creating a complicated stew of market indicators; not unlike the national housing market.
A slightly deeper look at the market shows some meaningful seasonal trends that have transcended markets both hot and cold. Notably the velocity of transaction cools dramatically from Q4 through Q1 before picking up in spring and peaking through summer.
Therefore, 561 total transactions show promise ahead of an inevitable cold-weather slump. A number of marquee property sales enhanced the landscape over the most recent 30 day period including:
$4,450,000 5880 Chambery Circle
$2,950,000 7123 Franktown Road
$2,500,000 1290 Centerville Lane
$2,200,000 10700 Dryden Drive
$2,049,000 5580 Lausanne Drive
In fact, Nevada may hold the greatest opportunity in any designated “Opportunity Zones” throughout the nation. (Just don’t accuse Michael Milken of being involved). Fortunately, the mayor and city are engaged and on board to utilize this tool and those at the city’s disposal to accelerate much needed residential supply through the “1,000 homes in 120 days” initiative. The $1 billion renovation of the area centered around 4th Street is a perfect example as the first phase nears completion.
We look forward to continuing to keep you informed as the real estate market evolves. Regardless of near-term outcomes, the future continues to look bright for our great region.