In the past 3 months, we have been seeing tight housing inventories and stable price increases throughout the Reno-Lake Tahoe real estate market.
Nevada Short Sales
The total available homes on the market in the Reno / Lake Tahoe area has been decreasing. A lot of possible short-sale sellers have postponed listing their homes because of a larger tax liability. This is because the The Mortgage Forgiveness Debt Relief Act is scheduled to expire on December 31, 2012.
Reno New Home Construction
With the real estate market in Reno tightening, there has been some good news regarding new home construction in Reno.
Lakecrest Builders—a custom home builder in Reno—has been riding this wave. They are currently under construction on a handful of custom-built homes in Montreux.
Californians Moving To Nevada
The November 2012 elections will bring a new wave of taxes to the higher-earners in California. This will directly impact business owners and upper-level executives in California.
This is not good for entrepreneurs in California—but it’s great for Nevada real estate.
The real estate leads—email and phone calls—since the November 6th elections have been huge!
I can’t blame Californians for wanting to get out of the state. We have a lot of Montreux homes for sale, and we welcome these new buyers!
Reno Real Estate Market
In the month of October, home sales were up 6% from October 2011. The average home price was $185,000—a 23% increase from a year earlier (Oct. 2011).
- Months of Inventory = 5.3 Months
- October Short Sales = 145
- REO Sales = 37
Lake Tahoe Real Estate Market
The Lake Tahoe real estate market was down 21% compared to a year ago (Oct. 2011). The average home price was $762,000.
- Months of Inventory = 14.9 Months
- October Short Sales = 1
- REO Sales = 1
If you would like more details on the Reno-Tahoe real estate market, feel free to contact me at any time: 775-813-4890. Click here if you would like to schedule a tour of available luxury homes in Reno.