Sparks of renewed life for Reno Tahoe real estate are becoming ever more apparent. Both the quantity of sales and median prices saw slight upticks in February following several months of market correction.
While the number of transactions remains quite low in a historical context, 213 residential sales is a 2% increase that exactly mirrors the historical change between the opening months of any given year. Should this reflect normalized market conditions, a very healthy year for balanced real estate activity may be ahead.
Median price saw a leap of 3% month over month though still lagging behind the same period from a year ago by about 4%. Given that Q1 2022 is perceived to have been the zenith of the post-pandemic real estate rally, to find stability at this level is indicative of a generally healthy market.
The number of available listings has similarly held dead steady month-over-month balancing absorption at 5 months’ supply; a quantity indicative of a neutral market where neither buyer nor seller had a meaningful advantage. Such circumstances often result in fewer transactions until momentum is created either through a swollen inventory of standing listings or diminished options resulting from the increased velocity of sales. Spring often delivers more listing choices but also brings more buyers into the market. The savviest of consumers on either side of a transaction will recognize that the best opportunities exist when competition is minimal. While counterintuitive, this contrarian perspective often delivers results that may not be available during the more active periods later in the year.
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Local employment continues to improve
A new wave of California exodus benefits Nevada
Summit Mall trades for $75 million
Big things happening in Reno City Center ~ former Harrah’s
Multi-family is in flux… for now
Northern Nevada’s industrial ecosystem is moving east of Reno
