Housing Market Update - Reno-Tahoe Region - Feb, 2017

Posted by Mitch Argon / CalNeva Realty on Monday, February 13th, 2017 at 3:48pm.

 Reno-Tahoe Housing Market Update - February, 2017

This blog post will summarize January, 2017 sales volume and pricing as well as Months of Inventory for February 2017. While January may have some softening in homes sold due to travel restrictions over the Sierras due to the volume and frequency of major storms, the overall projections for 2017 remain the same. We should continue to see a moderation in price appreciation due primarily to affordability based on local wages. At the same time, EDAWN (Economic Development Authority of Western Nevada) recently summarized companies that they assisted during 2016 and their plans for additional hiring in the local region. This influx of companies and the people they will need to hire will continue to drive demand for housing, especially affordable housing. Below is a table of EDAWN's summary as recently presented at the Economic Update Luncheon in January:

Industry Company Jobs From HQ
Data Center Rackspace US 50 TX  
Ecommerce Jet.com 500 NV  
Logistics/Dist. Sonwil Dist. Centers 200 NY  
Distribution Alltrade Tools 35 CA  
Logistics/Dist. Better World Books 200 IN  
Back Office MedSave USA/Arrohealth 300 NY  
Manufacturing Pertici North America 6 CA  
Manufacturing Cam-Concept 10 IN x
Back Office Samba 30 CA x
Manufacturing Mary's Gone Crackers 365 CA x
Manufacturing Dragonfly Energy 10 NV x
Manufacturing Revision Brewing Co 45 CA x
Ecommerce Thrive Market 400 CA  
Software CAEK Inc. 171 AK x
Ecommerce Confidential 60 OH  
Manufacturing Confidential 351 MI  
Software Capstak 25 NY x
Manufacturing FDC Graphics 50 IN  
Manufacturing Confidential 67 WI  
Manufacturing Cimpress 150 MA x

Below is a brief summary of each local market with year over year details:

    • Lake Tahoe - With 11 homes sold in January, the Tahoe market (Douglas County only) was 22% higher than the January, 2011 sales volume. Months of Inventory, at 9 months, is 30% lower than February, 2016. The median home price was $900,000. Due to the small sampling size of homes sold and the wide range of home prices at Lake Tahoe, the median price shows wide fluctuation on a monthly basis.

      Lake Tahoe Housing Trends Chart (monthly)

Additional charts that will help you to better understand where our current markets are in the context of steep market rises and declines seen since 2000, review the two charts below

If you want more details and a monthly email reminder each month when I post up new housing trends, you can read up and/or subscribe to The Greater Reno-Tahoe Real Estate Report on our web site. NOTE: if you received an email notifying you of this month's report, you are already subscribed and do not need to do anything.

Mitch Argon
CalNeva Realty

Mitch Argon
Broker - CalNeva Realty

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