Reno’s real estate market has crashed really badly during the recession, but as housing prices hit a plateau since June and housing starts increase in the city, experts believe it has entered a more stable state, Reno Gazette-Journal reported.
According to the Journal, home prices in Reno-Sparks have “been stuck to a holding pattern in the $250,000” signaling market stability. Realtors say it marks the beginning of a continuous recovery for the Nevada property market as a whole.
“Stabilization is the trend for home pricing in Northern Nevada and Nevada as a whole,” Peter Counts, a graduate assistant from the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas, told the Journal. The institute publishes a regular housing report with the help of the Nevada Department of Business and Industry.
Local realtors also believe that the market is now “more normal.”
“From 2008 to 2012, we had so many distressed properties that we did not see the traditional winter slowdown we’ve seen in the 20 years before that,” Mark Ashworth, Reno/Sparks Association of Realtors (RSAR) president, told the Journal. “I believe this is a sign that we’re returning to our traditional market.”
Housing starts also indicate that the market is healthy. Citing data from Metrostudy, the report said that Reno saw 1,387 new residential constructions during the previous quarter, representing a 43 percent increase during the same period in 2013.
Yet only 36 percent of homes were pegged below $300,000. Last year, 64 percent of homes cost below $300,000.
“We’re starting to see more confidence among builders, including the smaller ones,” said Builders Association of Northern Nevada interim president Androo Allen. “The price of a new home has gone up enough for a builder to absorb the development cost of a lot … and still come out with a profit.”
However, smaller developers do not want to rush into developing new communities unlike their larger counterparts.
“We don’t want to see rapid growth, we want to see slow, consistent growth,” Allen was quoted saying in the Journal report. “The market needs to define itself first so the next 12 to 18 months will determine just how solid it is.”
Real estate agents in Nevada are probably at ease now given the news that the state’s housing market is in a good state. To take advantage of the market’s positive trends, and with more new units to sell, they could use disruptive real estate marketing technologies to make more sales.
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