Below is August’s Market Condition Report produced and distributed by our friends at First Centennial Title Company of Nevada. From this month’s report…
OVERVIEW: The market is slowing. Market speed is down. Absorption Rate is up and prices are weakening. These outcomes are in line with other areas surveyed such as Las Vegas, Phoenix and selected California urban markets.
- SUPPLY (ON MARKET): Little change. A slight increase over last month.
- DEMAND (SOLD PER MONTH): Demand off significantly from last month (82 units).
- FAILURES (EXPIRE-WITHDRAW): Marginal increase from last month (54 units).
- IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow is in slow decline. This suggests that the recent surge of closings is not
- PERCENT SELLING: Off 7 points from last month. being replaced by new escrow entry, signaling a slower or constant market. This outcome is similar to last month.
- WEEKS SUPPLY GIVEN DEMAND (Absorption Rate): Absorption Rate is on the increase. As the ratio of supply to demand increases, Absorption Rates increase and there are more units of supply on the market relative to demand and the weeks required to liquidate supply increases. Consequently, rising Absorption Rates favor the buyer and declining Absorption Rates favor the seller.
- MARKET SPEED: The pace of the market, which had been rising consistently, has peaked and is now in decline. Fernley SFR, the perennial favorite, has taken a heavy hit in the short term due to rising supply and declining demand.
- PRICES: Prices gyrating from month to month with a slight positive propensity (especially for Condo). See History of Median Sale Price Graph.
Click on the report below to access the full report (two pages).