Reno-Tahoe real estate has begun the decade with torrents, bucking the seasonal malaise characteristic of the year’s early months. There were 746 closed residential transactions year-to-date, which is more typical of an early Q2 result for the local market, topping January 2019 by 10%. Moreover, the median price of $358,787 exceeds the same month a year ago by 12%.
Interestingly, the average price of $438,481 is slightly below the same period last January when a number of premium rural properties were recorded. In the past 30 days, 23 properties sold for prices greater than $1 million. Of those in the city’s core, the suburban southwest communities continue to yield the greatest values, particularly within Montreaux and Arrowcreek.
Active inventory has dropped to a little more than 6 weeks’ supply, which is a 40% decrease from a year ago when available inventory swelled early in the year. This has brought days to contract down almost 6% from last year to a mere 69 days.
All this comes ahead of news that the Reno-based collaboration between Tesla and Panasonic
reached profitability a full quarter ahead of expectations. This has added 86% to Tesla’s stock value already in 2020 equating to nearly $80 billion in market capitalization. It will inevitably take a bit of time for this to have a direct impact on the Reno housing market but some amount of liquidity will inevitably follow.
Below is a Collection of Resources Detailing the Why Behind the Conditions Detailed Above:
New year, same narratives.
A significant indicator of the demand for non-gaming,
Harrah’s has been sold and will close operations. The end of an era for the regional icon is a huge indicator of strength in the emerging economy.
The Reno-Tahoe Airport served a record
4.5 million passengers in 2019. Sounds like the secret of our amazing little airport is getting out.
Tech jobs get headlines, but advanced manufacturing continues to drive employment. How 85 became 192 homes.
