Real estate in the Reno-Tahoe region continues to shake the rust of quarantine posting results greatly accelerated from previous months. 1028 residential transactions closed in June 2020 representing a 35% improvement over May; widely understood to be the market’s trough. As consumers in and out of region begin to contemplate a post-COVID existence that includes remote work and potentially, school, quality-of-life purchases have driven strong returns.
Transaction volume data still lags the same period in 2019 largely based upon supply limitations. A 10% jump in average price, a metric triggered by the sale of more expensive properties, isolates a growing number of equity refugees fleeing dense Northern California communities in search of a safe, healthy community that offers quality employment and education infrastructure. The 4% year-over-year improvement in median price reflects the truest snapshot of market performance in what can only be described as a volatile period.
This trend appears to be gaining momentum as consumers faced with the possibility of extended quarantine are actively seeking optimal shelter. Over 2,000 residential properties are currently pending sale throughout the region raising the possibility of another population surge. This wave of activity has reduced available supply to just over 1 month; a dire shortage under normal circumstances. If the trend toward restoring employment continues to alleviate the possibility of financial distress, listings are likely to remain scarce for the foreseeable future. This, in turn, could create a pricing bubble as demand outpaces supply by a multiple.
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Pandemic Real Estate Impacts: