Business Services GroupThe Center for Regional Studies serves the State of Nevada with data and market analyses designed to help a business select a location for operations, understand current market trends, and predict where the local economy is headed.

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MLS Home Resales, Active Listings, and Distressed ...

We have added a new section to our website which contains several reports detailing Washoe County’s home resale market using MLS data (as opposed to the assessor’s data used for all of our other housing reports).  The advantage of using the MLS data for these reports is that it allows us to look at a completely different set of variables than what the assessor captures, including the number of short sales, the amount of time homes spend on the market, the type of financing used, the active listing statistics, and the inventory of distressed housing on the market. <<CLICK HERE>> to access the new pages on the site, and make sure you’re subscribed to our RSS feed to receive notification of our updates!

2nd Quarter Economic Indicator Report completed...

The Center for Regional Studies has completed the 2nd quarter 2010 Economic Indicators Report and posted it to the website. There have been some positive indicators in the economy of the past few months, which is VERY good news after the past few years of nearly continuous doom and gloom.  The chart below gives a summary of the major indicators, which is also included on the full report located on our site: Be sure to subscribe to our website using the RSS feed to stay current on Northern Nevada’s progress!

July Home Sales — Yikes!...

The Center for Regional Studies has just completed the July 2010 home sales and foreclosure statistics for Washoe County, and the news isn’t great.  Given that the rest of the economy is still a mess, this shouldn’t come as a surprise…but if there’s anyone out there who still thinks that housing is going to lead us out of this mess, perhaps they should take a closer look at the numbers.  In July, the sales and foreclosure numbers were almost uniformly bad — fewer sales of new and existing homes, falling prices, more foreclosures, more Notices of Default (NODs) filed…you get the picture. Looking at the cumulative numbers for the first seven months of the year relative to last year, the news was a little more encouraging: Sales of existing single family homes for the first seven months of the year were up 18% from last year, and sales of existing condos were up 75%.  There ARE sales occurring, although prices have yet to bottom out in this market and...

2q10 Housing Reports are Completed!...

The Center For Regional Studies has just completed the second quarter housing reports for Washoe County.  Builders have been slowly working their way through the stockpile of finished units, and there were less than 1,200 units in “standing inventory” at the end of June (including model homes). Each quarter we are seeing more and more tentative maps expiring — these represent units that were approved in the past few years but, due to the economic downturn, builders have not been able to bring these units to market within the allotted time frame.  Seeing as there are still over 31,000 approved-unsold units in the Truckee Meadows, this trend in tentative map expiration will likely continue for some time. To put that in perspective, there were less than 1,000 new homes sold in 2009, and 2010 is carrying on at a similar pace.  The sheer volume of approved-unsold units in the area tells me that builders are going to be extremely cautious before attempting to add to that...

Another look at the 2q2010 Housing Data for Washoe...

Housing in the 2nd quarter posted relatively strong sales (up 34% from Q1 and up 12 from last year), and distressed sales (REO or short sale) accounted for about 7% less of the total than they did last quarter – all good news.  Also, NODs filed in the second quarter numbered 30% fewer than in the first quarter and 27% fewer than a year ago – another good sign that perhaps the worst is behind us.  However, NTSs were up 14% from a year ago, and actual bank foreclosures were up dramatically – up 33% from 1st quarter and up 84% from a year ago. What is looks like to me is that banks started to move on some of the stockpiled properties that have been sitting on their books for the last several quarters.  There is clearly a backlog of distressed homes that have not been dealt with yet, and we will likely start to see those working their way through the system in the coming months.  While it’s great news that the new defaults (NODs) were down in the second quarter, it’s still distressing...

2nd Quarter 2010 Home Sales and Foreclosure Data f...

The Center for Regional Studies has just finished compiling the latest data for home sales and foreclosures in Washoe County and posted them to the website.  Here are some of the highlights: There were 209 new single family home sales in the second quarter — up 365% from the first quarter and roughly even with 2q09 new home sales.  Because of unusually pitiful new home sales in the first quarter of this year, that percentage increase looks far more impressive than it otherwise would, but it’s still a bit of good news for the area.  The median sales price of new single family construction was $212,000, which was 4% lower than it was last year.  New condo sales were up 53% in the first quarter with 26 new units finding owners, but the median price of those units declined slightly to $161,900. Existing single family home sales were up 22% in the second quarter compered to the first, and up 12% compared to last year.  The median sales price of existing single family units...

Unemployment Rate Drops for Most Nevada Counties i...

It’s hard to believe that Nevada has finally passed MICHIGAN of all places to take the crown for highest unemployment in the nation…no matter how bad things got, one could always rest a little easier knowing that things were worse in Michigan.  No more.  In May 2010, Nevada’s unemployment rate hit 14%, or 13.8% with a seasonal adjustment. But amid this horror, there IS some good news:  16 of Nevada’s 17 counties posted LOWER unemployment in May than they did in April, and the 17th county (Douglas) held steady with 15% unemployment.  Some other fun facts: The unemployment rates decreased between 0.1 and 0.8% in 16 counties — Clark (14.1%) and Washoe (13.3%) both decreased 0.1% in May. Lyon County remains the hardest hit county in Nevada with a staggering 18.3% unemployment, but that’s down from 19.1% last month. Lander County reported the lowest unemployment rate in May, with just 7.6% unemployment thanks to strong mining industry employment.  Mining,...

May Home Sales and Foreclosure Data for Washoe Cou...

Presentations Added to the Center for Regional Stu...

Two new presentations have been added to the CRS website: http://centerforregionalstudies.org/about/what-we-provide/presentations/ On June 15th, Brian Bonnenfant spoke to the Association of General Contractors about the current state of the economy in Washoe County, and on June 18th Brian Kaiser was part of the Nevada Council for Affordable Housing’s conference in Reno.  PDF copies of both presentations are available for download.

1q2010 Economic Indicators for Washoe County...

Washoe County’s economy may still be in the dumps, but the latest round of indicators from the first quarter of 2010 shows some signs of life and offers hope that the worst is behind us. Although total employment in the Reno MSA was down in March from the previous month and the previous year, the rate of decrease appears to be slowing somewhat, and many more industries were able to post NO job losses for the month than was previously possible.  After seeing declines in jobs almost across the board over the last couple years, it is encouraging to see the market begin to flatten out.  Overall, employment in the Reno MSA was down 3% compared to last year, with construction, manufacturing, and information services jobs taking the largest hits. To download the latest copy of our Washoe County Economic Indicators file, please visit our Maps and Data Downloads section.

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