Below find First Centennial Title’s Market Condition Report for the month of July.
MARKET OVERVIEW: No significant change in market key measures from last month. The market is showing very slight signs of weakening from the perspective of the seller (rising Absorption Rate). This is in line with other markets surveyed.
- SUPPLY (ON MARKET): Little change. A slight increase over last month.
- DEMAND (SOLD PER MONTH): Demand off slightly from last month.
- FAILURES (EXPIRE-WITHDRAW): Marginal increase from last month.
- IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow is in decline. This suggests that the recent surge of closings is not being replaced by new escrow entry, signaling a slower or constant market. This outcome is similar to last month.
- PERCENT SELLING: Off 3 points from last month.
- WEEKS SUPPLY GIVEN DEMAND (Absorption Rate): Note the elevated Absorption Rate in Yerington, versus the slow Market Speed. Absorption Rate outcomes like that of Yerington usually signal relative area overpricing (the same is true of Minden). These two measures are loosely linked. As the ratio of supply to demand increases, the market is slow or is entering a slowing stage.
- MARKET SPEED: The pace of the market, which had been rising consistently, has peaked. The best performing Reno sub-market remains the perennial favorite, Fernley SFR, returning a Market Speed of 44 (up 4 points from last month). The slowest is Gardnerville SFR at 16. It is somewhat unusual that Gardnerville has slowed to this level.
- PRICES: Prices gyrating from month to month with a slight positive propensity. See History of Median Sale Price Graph. The current positive direction of price is weak and tentative.
Click on the picture below to access the full report (two pages).
I know this is off topic but I have a question, a freind of mine sent me a link to a craig’s list posting of a house for rent that is currently in forclosure. As I am not in the real estate business I thought this could be illegal and at most unethical. If this needs to be investigated I thought someone here would know what to do.
Here is the link:
http://reno.craigslist.org/bar/1903166667.html
At least they disclosed its in foreclosure and the lease would terminate upon bank’s REO. I’ve seen some w/o such disclosures where they are trying to scam a security deposit. I’ve even seen at least one on craigslist where they did not even own the house, but were advertising for a security deposit scam.
The end of the federal homebuyer tax credit left its mark on the Washoe County housing market, which saw double-digit decreases in July for sales of existing homes.
Washoe posted 406 unit sales of existing single-family homes for the month, down 32 percent from June and 21 percent from July 2009. The sales numbers do not include condominiums, townhomes, manufactured and modular houses, and new homes.
“In July, we experienced an anticipated letdown in the number of existing home sales,” said Ken Amundson, 2010 president of Reno/Sparks Association of Realtors, in a statement. “(This follows) the five-year record set in June which was driven by the deadline to close sales qualifying for the $8,000 tax credit by June 30.”
One bright spot for Washoe was median price, which was at $180,000. The price represents a 6 percent increase from the previous month. Pending sales, an indicator for future sales, also “remain strong,” Amundson said.
“In the context of less favorable general economic conditions we remain cautious,” Amundson said. “We will closely monitor these numbers to hopefully see a continued trend in the leveling of median sales costs.”
Read more in tomorrow’s Reno Gazette-Journal
house for rent that is currently in forclosure. As I am not in the real estate business I thought this could be illegal and at most unethical.
In and of itself, completely legal.
However, specific lease clauses could make it fraudulent.