Thank you to our friends at First Centennial Title for providing January’s Market Condition Report below. Click on the report to enlarge.
From January’s report:
- OVERVIEW: Activity is greater than the same time period last year, but continues to slow relative to other market areas. SFR closing price posted a $7K loss while Condo prices continue especially weak and declining. This trend supports the notion that residual weakness in price is still present in the market (especially for Condo). In most Western markets, prices have stabilized with upticks occurring with greater frequency. Median price estimates can vary significantly from month to month. In the Reno area, median price estimates are fluctuating and converging on a minima, which may have already occurred or is within a reasonable point close to the current values.
- SUPPLY (ON MARKET): SFR up +218 units from last month offsetting last month’s supply decline. Condo little changed.
- DEMAND (SOLD PER MONTH): Demand decreased slightly for SFR. Condo little changed.
- FAILURES (EXPIRE-WITHDRAW): SFR and Condo rising moderately in the current range.
- IN ESCROW (FUTURE CLOSINGS): SFR inventory in escrow holding at current levels. Condo up 8 units. This points to a slow and rising demand schedule ahead (closings).
- PERCENT SELLING: Steady with a positive propensity in the current range for both SFR and Condo. In general, Reno area Percent Selling lags other areas surveyed (Las Vegas, Phoenix) by about 10 points.
- MONTHS SUPPLY: This key measure is holding steady for both types signaling demand/supply realties are not shifting significantly.
- MARKET SPEED: The pace of the Reno market is beginning to rise ever so slightly. The best performing Reno sub-market remains the perennial favorite, Fernley SFR, returning a Market Speed of 35 (-1 from last month). The slowest is Yerington SFR at a very sluggish 11 (+2 from last month).
Past MCR reports: