The RGJ ran a nice overview of Reno-Sparks’ current economic condition – housing, taxable sales, employment, gaming and commercial real estate are looked at in the piece. Most indicators are trending positive. Read the story here: Reno-Sparks housing, taxable sales show positive signs
booch221
“The market has turned, and interested buyers should jump in if they want to buy homes near the bottom of the market, Sigstad said.”
I wonder if he’s ever said buyers shouldn’t “jump in” anytime during the last seven years?
Cynicism aside, I do believe the market in Reno has hit bottom.
Sully
Yes, it appears the market has hit bottom. However, will it last? It’s gonna take some time for all those new diversified businesses to take over for the casinos, warehousing and tourist related that we currently have – – – – oh, I forgot what new businesses? 🙂
tyler durden
real estate is back to what its supposed to be as an investment……………boring
small CAP rates and grinding it out over the long term (low beta)
Rory
The median price is down to early 1990 levels. I’d say given inflation alone, the bottom is an accurate description.
Chris Winn
-27% inventory from same time last year. Historically July-September has the peak inventory then the price and the inventory both start to drop off. I think the unusually lower Spring inventory is mostly responsible for the price trend, but as prices rise we might see inventory strategically come out during Fall to take advantage of the increased prices, which is not the normal pattern.
Dirtbagger
booch221 –
Realtors are always talking their book. Not really any different than the Wall Street crowd. Over the last 7 years, this blog site would have been a good reference for potential home buyers in Northern Nevada.
Matthew
I think it’s ironic and silly to call a bottom when we’re implemented state-wide legislation and national policy to impede price discovery and private lending markets….
Michael Phelps
The RRB,
The only place on the web where I can go without finding out if I won the another medal tonight before I watch it on TV. Long live the RRB….