Thank you to our friends at First Centennial Title for providing March’s Market Condition Report below. Click on the report below to enlarge.
From March’s report:
- OVERVIEW: Closings increased significantly in March causing all performance measures to move but not significantly. Current Market Speed, which measures conversion of listings to closings, moved up 2 points but was depressed due to a 500 unit increase in supply (new listings). Prices have firmed for SFR and are beginning to rise while Condo prices remain weak with a continuing negative propensity.
- SUPPLY (ON MARKET): Meaningful and significant gain over last month.
- DEMAND (SOLD PER MONTH): Demand decreased slightly for SFR. Condo up slightly.
- FAILURES (EXPIRE-WITHDRAW): SFR and Condo steady with a positive propensity in the short run.
- IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow maintaining current levels. This suggests that the recent surge of closings is being replaced by new escrow entry.
- PERCENT SELLING: SFR jumped to 64% from 58%; Condo rather steady.
- MONTHS SUPPLY: This key measure is tightening by about a month for SFR, while Condo is unchanged.
- 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 41 (up 6 points from last month). The slowest is Yerington SFR at 14.
- PRICES: SFR prices moving up and showing some vigor, while Condo continues to exhibit weakness.
Past MCR reports: