The dog days of summer held true to form in August 2022 with a small swoon in real estate activity throughout the Reno Tahoe region. 362 residential transactions closed within the city limits, down 6% from the previous month and 30% from peak market conditions a year ago.
While a small dip in August is predictable, there is an emerging disconnect between sellers that are pricing as though appreciation remains on a meteoric trajectory and buyers seeing purchasing power compromised through rising interest rates and being offered a plethora of options in a manner not seen for several years.
As with most things, the market’s truth lies somewhere in the middle where pricing is generally holding strong, showing a 0.5% gain from the same period last year. Thanks to strong job growth and retention as well as tighter lending standards as compared to the market downturn 15 years ago, distress remains low throughout the region. As a result, there are relatively few sales in which sellers are motivated to cut price. The net result in a standoff in which pricing is mostly steady but transaction volume falls dramatically.
Californians are still flooding into Nevada
The market has shifted slightly into the buyer’s favor
The FOMO is over
Reno is facing tremendous wage pressure
Opinions different on paths to prosperity
A tale of two cities; the divergent paths of Reno and Las Vegas
Manufacturing is taking on a larger role in the local economy
Capital improvements for Mt. Rose Ski Area
Finally…. One lot = an entire subdivision
