Our friends at First Centennial Title Company of Nevada have released their Market Condition Report for February.
From the February report:
OVERVIEW: Both demand and supply very constant. This is a usual pattern at this time of the year. Properties in escrow are on the increase which signals an increase in closings in the next 30-45 days. SFR median price continues to weaken while Condo price, which was holding is now beginning to slip.
PERCENT SELLING: Increasing slowly in the short run. As a rule of thumb, a typical non-REO
WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): Absorption Rate is steady and hovering in the current range (give or take 3-4 weeks). No clear trend has emerged other than slightly up and down from month to month. A steady absorption rate signals that underlying demand/supply is not changing. This, in turn means that no big shifts in price are in the offing. seller has about a 40-60% chance of closing in today’s market. REO has about a 70-80% chance of closing.
MARKET SPEED INDEX: The market is slowing slightly. Expect the pace of the market to increase slowly as Spring approaches. However, in the near term listings are converting to closings in a slow and sluggish manner.
PRICES: SFR and Condo price schedules continue to weaken, condo has become more pronounced in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Lately, however, there is more of a tendency to decline than rise. Average Price for three counties can be reviewed in the table below. Peak values (SFR) and current values are highlighted.
Click on the report below to enlarge…