I lit out from Reno, I was trailed by 20 hounds…
– “Friend of the Devil” by the Grateful Dead
Have you ever wondered why Reno pops up in song lyrics all the time? You’re not alone. Stayed tuned for more–let’s talk about our local market first…
The good news in Tahoe-Truckee: unit sales, inventory and pending contracts are all up over Q1 2023. Prices are a mixed bag–increasing in Truckee and South Lake, but down at the ski areas. The less-good news: interest rates weren’t cut in Q1 as originally predicted, so buyers looking for an easier path into home financing are going to have to wait a bit longer.
CLICK HERE FOR ALL TAHOE-TRUCKEE MARKET NUMBERS
SPECIAL MARKET REPORT: RENO FOOTHILLS COMMUNITIES
Reno has gone through a radical transformation since the Wild Wild West days which created its outlaw image. The ‘Biggest Little City in America’ has appeared in numerous pop and C&W songs over the past 50 years, one pundit saying: “its weirdness seems to magnetically draw people in.” However, the past 15 years have brought massive changes, and now Reno’s vibrant economy and a growing number of coveted communities along the western foothills present an attractive locale for those seeking a primary residence in Nevada.
To see current listings in the above communities, click below:
Montreux
Galena Forest
Arrowcreek
Saddlehorn
Somersett
Verdi
And now back to Tahoe-Truckee…
Inventory numbers are higher than the previous three years! While this is a great trend, we have a long way to go before the market returns to pre-pandemic norms, where active listings at this time of year were double the current number.
Along with active listings, pending contracts are an indicator of the health of the real estate market. More activity is good for everyone. Unfortunately, the only good news in the chart is that 2024 is looking better than 2023 as of the second week of April. We need to see about a 50% increase to match 2018 and 2019.
Unit sales are recovering slightly from the low point of early 2023, but in what has been a surprise to almost everyone, the median single family home price in Tahoe-Truckee exceeded the previous 7 quarters. Condos followed a more predictable pattern, with a lower median than we saw in the the past year.
A “hot” Consumer Price Index has kept the Fed from cutting interest rates as anticipated thus far in 2024, but there are indications that there will be at least one rate cut later this year.
