Below please find April’s Market Condition Report for the Northern Nevada area provided by our friends at First Centennial Title Company of Nevada.
From the April report…
Overview: Demand and price increased from last month for both SFR and Condo as the market firms.
Percent Selling (Market Efficiency): Is now very favorable to the seller and pointing to a market where increasing prices are much more likely.
Weeks Supply Given Demand (Absorbtion Rate): The absorption rate declined by another three weeks. The sustained negative movement of the absorption rate appears to be putting positive pressure on the price schedule.
Ratio of Supply to Demand: The overall ratio of supply to demand is in decline and has reached a point where price is beginning to react from an overall perspective. Note: An average ratio of 4.8 sellers to every buyer is on the upper side of the range to sustain a positive price trend. The ratio is being driven upward by declining supply and increasing demand. This is different than other areas where supply has been the central actor (declining) and demand holds constant.
Click on the report below to access…
related post: FCT’s Market Condition Report – March 2012