Thank you to our friends at First Centennial Title for providing April’s Market Condition Report below. Click on the report below to view.
From the Report:
- OVERVIEW: Closings increased again in April boosting Market Speed. Prices have firmed for both types and are on the rise. Buyers who have been sitting on the fence should make their move now. See from the graph that even though the long term price trend has been negative since mid 2006, prices have now bottomed and are beginning to rise.
- SUPPLY (ON MARKET): Off about 300 units for SFR and 40 units for Condo.
- DEMAND (SOLD PER MONTH): Demand jumped 54 units for SFR and 17 units for Condo.
- FAILURES (EXPIRE-WITHDRAW): SFR and Condo steady with a positive propensity in the short run.
- IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow maintaining current levels. This suggests that the recent surge of closings is being replaced by new escrow entry.
- PERCENT SELLING: No significant movement.
- MONTHS SUPPLY: This key measure is tightening by about a month for SFR, while Condo tightened by 2.5 months. This bodes well for continued positive price movement.
- MARKET SPEED: The pace of the Reno market is rising consistently. The best performing Reno sub-market remains the perennial favorite, Fernley SFR, returning a Market Speed of 46 (up 5 points from last month). The slowest is Yerington SFR at 18.
Past MCR reports: