The Reno/Sparks home market is ridiculous, and everyone knows it. If you’re a seller, your house is sold over the weekend. If you’re a buyer, in some cases you have to endure your agents writing 20 or more offers before yours finally gets accepted.
Now we’re getting to a place where inventory has gotten so tight, would-be sellers who’d love to sell can’t because they don’t know where they’d move to. So what’s going on? Let’s look at the numbers:
January Median at $360,000 is up 4% from December 2017, up 19% from a year ago
January Unit sales at 400 are down 19% from December 2017, up 19% from a year ago
January new listings up 51% at 470 compared to December, up 20% from one year ago
The January median sales price at $360,000 started
You’re probably thinking “ok, great year for real estate; but what’s next?”. It’s true. 2016 brought some stability to the Northern Nevada market, and it seems we can expect those trends to continue modestly into 2017, and really, until new homes are built.
To get an idea of the complete picture, we’ve got to examine a few key facts. Of all homes sales in 2016, 55.3% were attributed to homes under $300,000 and 39% of homes that sold were priced from $300,000 to $600,000 for a grand total of 94.3%. That’s right…94.3% of homes sold in 2016 were priced under $600,000. This shows demand for homes priced under $600,000 is very high, while supply remains largely static, pushing prices up for homes in that range. We don’t expect a huge jump in
The plans for a new development in Caughlin Ranch (Pine Bluff) are still in the planning stage but it looks as if the builders of Homecrafters are planning to develop and build new homes in the same development for which they started back in the mid 80's.
Homecrafters have acquired a 26 acre parcel located between Seasons and east of Eagle's Nest. Originally they planned for 61 homesites but have since changed the plans to have 43 homesites which will make for better lots sizes for each home. Again, these plans are tentative and can change at any time.
Here is what is planned so far:
This will be a non-gated community with 2 separate access points
There are so many great companies making a move to Reno, which is a a fantastic boost to the Reno economy and great for Reno Real Estate as well. Below is a list of just a few of the major companies coming:
Apple - They are building a Data Center East of Sparks at the Tahoe-Reno Industrial Park. They will employ approximately 400.
Ashima - A drone company coming from California and planning to build a manufacturing facility in Stead. They will employ approximately 400.
Cenntro - An electric vehicle company planning on building a manufacturing facility in Sparks and will employ approximately 300 employees.
Switch - Just announce yesterday by Governor Sandavol - Switch is a data storing facility for such companies as Ebay, Xerox,
University of Nevada in Reno has been ranked 181 out of 1600 national colleges.
U.S News and World report issued it annual "Best Colleges"Rankings today and UNR is again in the top tier of best national universities coming in at 181. The rankings now include a list of the top public schools and we came in at 100. Schools in this category offer a full range of undergraduate majors, masters and doctoral degrees. This years ranking at 181 is up from last year at 191.
Reno has an enrollment of more than 17,000 students and the University is home to the States medical school and one of the country's largest study abroad programs. Its campus size is 255 acres and utilizes a semester based academic calendar. It's in state tuiton is $4,481.00 and
Mens Journal magazine recently voted The old southwest part of Reno as one of the coolest neighborhoods in America. With its proximity to downtown, the river and the resurgence of the Freight House district it is no wonder we are being compared to Boulder, Colorado. Some of the homes in this area are over a hundred years old and have a lot of history, if you are into quaint brick and tree lined streets, this is the place for you.
California avenues mansion row is where it all started, sitting on a bluff high above the Truckee river with spectacular views and turn of the century architecture. Originally a dirt road it is the center piece of your historical tour of Old Southwest Reno. Jack Dempsey the prize fighter actually lived in a house on California
The recession has hit downtown Reno in a crazy way and the trend is not exactly what Reno officials were looking for. They were working for a mix of housing, shops and restaurants to help the faultering casino industry. The reason for the downturn in casino gaming is the Indian casinos in California which are just about three hours away.
The problem is the elephant in the room, which was Nevada's real estate crash. Reno's downtown condo market has floundered. The biggest project downtown is the Montage which has 377 units and sits nearly empty and has been put on the auction block. There are some other condo projects downtown that are still selling units, like the Palladio. They think the idea of all the condo projects downtown was a great idea but
April 4 single game tickets went on sale and they sold out the first game in 30 minutes. There are still some great half and full season packages available. The Reno Aces who is the farm team for the Arizona Diamond backs will open their season on April 17 against the "Salt Lake City Bees". Our Aces are in the Pacific Coast Triple A baseball league and will be facing other opponents such as the Albuquerque Isotopes and the Sacramento River Cats.
I don't know if a lot of people know we have had baseball here since back in the the late 1940's. Link Piazzo, founder of the Sportsmen Sporting good store, did the broadcasting for the " Reno Silver Sox". Back then they played in Moana Stadium which was built in 1946 by Lou Berrum on the old rodeo grounds at
The University of Nevada-Reno has a lot going on for all of us to enjoy.
Mens Basketball games are very entertaining from the second you step into Lawlor Events Center. The crowd will already be loud and cheering, awaiting the arrival of the Wolf Pack to step onto the court. The team is fairly young, but the games have been really good and most have been nail biters up to the end of the game. The average home game attendance is approx. 7059 screaming fans. The next home game is will be Friday, February 20 at 6:00 pm, against Virginia Commonwealth for the ESPNU Bracket Buster tournament. For a list of the full schedule of games click here.
Women’s Basketball games are in full swing as well. Their overall record is 13-9 and