Lots of good stuff in this month’s Market Condition Report from First Centennial Title. Take a look by clicking on the chart below.
Some highlights from this month’s report:
- In last month’s report, the YTD market lagged the previous year by -24%. The current result (-19%) displays a five point improvement. However, this is generally slower than other markets surveyed. As an example, Las Vegas (resale) is currently even with last year’s sales pace, however, Clark County is dominated by distressed sales [even more so than Washoe County (see table within report above)].
- Months supply of Inventory for Reno is 18.9 months.
- The strongest sub-market continues to be Sparks SFR. The weakest is Yerington SFR.
- Failures (escrows) are down for SRFs. See graph below:
From the Market Condition Report (MCR): "The graph [above] from the MCR illustrates a very typical phenomenon that applies to the Reno area market as well as others. When markets are “good” (sellers’s market) the count of solds (successes) are greater than failures. As markets move toward the buyer, failures begin to increase and successes decline. The failure line crosses the success line, and at that point it becomes more likely a listing will fail than succeed (Reno Area-Jan 2006). This market movement through time is measured by changes in percent selling displayed on the MCR. Note the success (sold) line is poised to cross the failure line."