Below find First Centennial Title’s Market Condition Report for the month of July.
MARKET OVERVIEW: No significant change in market key measures from last month. The market is showing very slight signs of weakening from the perspective of the seller (rising Absorption Rate). This is in line with other markets surveyed.
- SUPPLY (ON MARKET): Little change. A slight increase over last month.
- DEMAND (SOLD PER MONTH): Demand off slightly from last month.
- FAILURES (EXPIRE-WITHDRAW): Marginal increase from last month.
- IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow is in decline. This suggests that the recent surge of closings is not being replaced by new escrow entry, signaling a slower or constant market. This outcome is similar to last month.
- PERCENT SELLING: Off 3 points from last month.
- WEEKS SUPPLY GIVEN DEMAND (Absorption Rate): Note the elevated Absorption Rate in Yerington, versus the slow Market Speed. Absorption Rate outcomes like that of Yerington usually signal relative area overpricing (the same is true of Minden). These two measures are loosely linked. As the ratio of supply to demand increases, the market is slow or is entering a slowing stage.
- MARKET SPEED: The pace of the market, which had been rising consistently, has peaked. The best performing Reno sub-market remains the perennial favorite, Fernley SFR, returning a Market Speed of 44 (up 4 points from last month). The slowest is Gardnerville SFR at 16. It is somewhat unusual that Gardnerville has slowed to this level.
- PRICES: Prices gyrating from month to month with a slight positive propensity. See History of Median Sale Price Graph. The current positive direction of price is weak and tentative.
Click on the picture below to access the full report (two pages).