Reno Real Estate Recap

2015 Reno Real Estate Recap including the trends we're seeing as we head into 2016 BANK Over the last few years the market has transitioned away from bank owned and short sale properties, now accounting for only 4% of December 2015 sales $$$ Amazingly traditional sales accounted for 92% of December 2015 sales. • Housing prices have drastically changed for the better Now becoming harder to find the once coveted 'deal' post-recession. As of December 2015 we're still 20%o below the market peak in 2006 Recent data shows Reno expecting over new residents in the coming two years. 40,000 2011 2013 2015 Median home price for Reno/Sparks was $155,000 Median home price for Reno/Sparks was $231,000 up 23.9% from December 2012 Median home price for Reno/Sparks was $290,000 up 10.7% from December 2014 (Note: bottom was January 2012 with a median home price of $135,000) A Median home price for Reno/Sparks was $186,500 up 20.3% from December 2011 Median home price for Reno/Sparks was $261,995 up 13.4% from December 2013 2012 2014 New home building is soaring due to the expected influx of new residents. There is little hope of building as fast as new residents will arrive, which transitions into a higher demand for existing homes, furthering the upswing in prices. RENT SALE Interest rates rose slightly in mid-December, the first time since the recession. The initial rate increase was minimal and should have little effect on loan affordability nationwide, however future rate increases could potentially put a damper on home prices. The market is up almost 115% since reaching bottom just a few short years ago. (January 2012 Median was$135,000, December 2015 Median was $290,000) 24 Large businesses like Tesla, Switch, Amazon, Apple, eBay and more are making multi-billion dollar investments in Nevada The revitalization efforts focused in the MidTown district have completely changed the face of the area South of Downtown into a booming and diverse area full of art, music, food and a great selection of local bars. A proposed concept to keep an eye on for in midtown is the Reno Streetcar. If adopted this trolley like streetcar will run from our University of Nevada Reno through downtown Reno and Midtown ending around Plumb Lane. EDAWN announced the projected growth by 2020 is more than 50,000 new jobs and could now be closer to 65,000 by the newest companies announcements in 2015. +, +. %24 +,