Four projects were added to the database in 3Q, three MF projects totaling 840 units and one townhome project in Verdi (82 units).<\/p>\n\n\n\n
Another 10 projects were removed from the database in 3Q, with almost all because of full absorption. One MF project (The Standard) was removed because City of Sparks purchased the land underneath for its new city hall. Oakmont Properties then reinvested those proceeds to purchase MF property at the SWC of Mt Rose Hwy & S Virginia St.<\/p>\n\n\n\n
Year-over-year, 3Q NEW <\/strong>home sales were down almost 10% while prices also decreased 9% (price per square foot increased 5%, however). On the other hand, EXISTING<\/strong> home sales were up 8% while prices dropped 4% (price per square foot was also down 1%).<\/p>\n\n\n\n Outside of Spanish Springs and North Valleys, new attached product almost sold as many homes as new detached product. An uptick in new \u201cmissing middle\u201d construction began in August 2024.<\/p>\n\n\n\n My favorite stat uncovered in 3Q was that almost half of homes sold for over $1M were paid in cash. Californians still love our region.<\/p>\n\n\n\n The nation\u2019s economy is in great focus, but the metrics continue to be elusive with understanding a conclusion. Locally<\/strong>, new jobs are up 3,200 in the Reno MSA (thru August compared to same period in 2024 – surveyed data that will be revised), which is about half of what we averaged over the last 10 years. Still, we are increasing, but at a decreasing rate. Taxable sales (thru August) are up 8% in Washoe County, a rate far greater than inflation, thus indicating growth in population, wages, or both (migration, pop & wage data is very lagging). Discretionary spending on bars & restaurants is up 2.5%, indicating flat spending after accounting for inflation. However, big ticket sales in automotive vehicles is up 9%, indicating our local spending behavior remains strong, for the time being.<\/p>\n\n\n\n My favorite bell weather on our economy is discretionary spending with the highest risk of no return . . . gaming win. As of September, our local casinos are reporting a 2.5% increase over the last 12 months, whereas the increase has increased to 5% over the last 3 months (year-over-year comparisons). These numbers conclude that our region continues to enjoy positive economic structural fundamentals. For the time being.<\/p>\n\n\n\n Feel free to reach out if any questions.<\/p>\n\n\n\n Brian Bonnenfant Four projects were added to the database in 3Q, three MF projects totaling 840 units and one townhome project in Verdi (82 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1274","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/posts\/1274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/comments?post=1274"}],"version-history":[{"count":1,"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/posts\/1274\/revisions"}],"predecessor-version":[{"id":1275,"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/posts\/1274\/revisions\/1275"}],"wp:attachment":[{"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/media?parent=1274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/categories?post=1274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/centerforregionalstudies.org\/index.php\/wp-json\/wp\/v2\/tags?post=1274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Project Manager
Center for Regional Studies
University of Nevada, Reno
(775) 784-1771<\/p>\n","protected":false},"excerpt":{"rendered":"