Our friends at First Centennial Title Company of Nevada have released their Market Condition Report for October. Commentary from this month’s report includes…
- OVERVIEW: The market is generally holding in the current range with little change from the previous month. The single significant difference is the weakness displayed by condo prices. Expect no significant changes for the balance of the year. Prices and demand will be more likely to decline or remain stable rather than rise.
- SUPPLY (ON MARKET): Little change. A slight decline over last month. Supply has remained rather constant for the last 4-5 months.
- DEMAND (SOLD PER MONTH): Very steady in the current range.
- FAILURES (EXPIRE-WITHDRAW): Marginal decline from last month.
- IN ESCROW (FUTURE CLOSINGS): SFR is in gradual decline. This suggests that the recent surge of closings is not being replaced by new escrow entry, signaling a slower or constant market. Condo escrow inventory on the rise; however, this is a usual and common market fluctuation. PERCENT SELLING: Very little meaningful movement signaling a calm market.
- WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): Absorption Rate has halted its increase and is remaining steady for the short term. This signals that demand/supply realities are not changing significantly.
- MARKET SPEED: The pace of the market, which had been rising consistently, has peaked and is holding steady. Fernley SFR (33) is the quickest in a generally slow market, while Yerington brings up the rear at a sluggish 11. This implies that a Fernley listing will convert to a closing 3 times faster than a Yerington listing.
Click on the report below to access [two pages]…