The Reno/Sparks Association of REALTORS® has released its real estate market report for August 2014. The report can be accessed by clicking on the chart below.
The outlook for Reno, Sparks, Fernley and the surrounding areas hasn’t looked as favorable in nearly a decade. With the recent announcement of three new employers coming to the Reno area in the next three to four years, it should be a game changer for the area. Those announcements, all made in the last two weeks, include Tesla with 6,500 jobs and the gigafactory opening in 2017; Ashima with 400 jobs by 2018; and Fulcrum BioEnergy with 453 construction jobs and 53 permanent jobs completed by 2015. This does not account for the ancillary jobs that will support these new industries.
Reno’s average unemployment rate which peaked at 13.1% in 2010 and has declined to its current year-to-date average of 7.9% will only continue to show significant signs of improvement. This is good news for the real estate industry, both in new construction and resale. For those who sitting on the fence, waiting for prices to decline, the time is now. As a result of shortage of inventory, we don’t anticipate any significant drop in median price. That’s the outlook for the future, but what can we expect in the upcoming fall and winter months
related post: RSAR Monthly Market Report – July 2014