Thank you to our friends at First Centennial Title for providing May’s Market Condition Report below. Market changes seem to be afoot. From May’s report…
OVERVIEW: Demand and supply stabilized from May to June. Key indicators signaled a pause in the recent positive trend (seller perspective). Prices, which appeared to have firmed, posted marginal declines. This unexpected weakness may be short term.
MARKET SPEED: The pace of the market, which had been rising consistently, has peaked in the short term. The best performing Reno sub-market remains the perennial favorite, Fernley SFR, returning a Market Speed of 34 (down 12 points from last month). This is a significant slowdown. The slowest is Yerington SFR at 8 (down 10 points from last month), also a significant retreat.
MONTHS SUPPLY: This key measure which had been declining (market tightening) has now reversed and has begun to rise. This implies a stabilization in current demand/supply realities which would dampen the prospects for a sustained market recovery.
IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow in decline. This suggests that the recent surge of closings is not being replaced by new escrow entry signaling a slower market.
Click on the report below to view.