February’s Reno-Sparks Market Condition Report provided by our friends at First Centennial Title has arrived. Click on the report below to enlarge.
From the report:
- OVERVIEW: Market is little changed from February with all measures barely moving from the same period 30 days ago. Current Market Speed, which measures conversion of listings to closings, is unchanged at 22, down 1 point from February. As an example, Market Speed in Las Vegas is 64 (3 times faster). Speed in Phoenix is 34, which is about 35% faster. These speed differentials are caused by the high numbers of REOs in those markets. If the REOs where removed from these competing markets, all would be about equal in pace and tempo.
- SUPPLY (ON MARKET): Slight gain from previous month.
- DEMAND (SOLD PER MONTH): Demand decreased slightly for SFR. Condo up slightly.
- FAILURES (EXPIRE-WITHDRAW): SFR and Condo steady in the current range.
- IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow hug up at the current level. This suggests that closing in the near term will likely not increase or decrease significantly.
- PERCENT SELLING: Unchanged.
- MONTHS SUPPLY: This key measure is tightening slightly for both types signaling that demand/supply realities 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 (no change from last month). The slowest is Yerington SFR, Gardnerville, and Sparks Condo tied at a very sluggish 13.
- PRICES: All prices very stable in the current range with a slight positive propensity.