Our friends at First Centennial Title have provided January’s Market Condition Report below.
Reno’s "market speed" metric slowed way down in January. The market speed for Reno is currently 13; down from 18 in December; and 19 in November. The MCR defines Market Speed as the measure of the rate of conversion of listings to closings. The higher this number, the faster the market is converting.
According to the MCR the Reno area market pace is relatively slow and remaining so. Typical Market Speeds in other areas surveyed (Nevada and California) return in the range of 20-35. The best performing sub-markets in our area are Sparks and Fernley SFR at 18.
click on the picture below to see the full report