I’ve just received July’s Reno Area Market Condition Report provided by our friends at First Centennial Title.
The overview from July’s report: Both SFR and Condo supply continue very constant in the current range. This means that as properties are moved off the market by either becoming a sale pending or a failure, those properties are being replaced by new supply. At the same time, properties in escrow are holding. This implies that the level of closed demand is at or around peak values. Prices for SFR and Condo have begun to decline after holding steady in the current range.
This month’s Market Condition Report Tip: When a listing comes to market, the principals are hoping an offer will be received, a negotiation completed, and a closing finalized. The probability that event will occur is stated on the Market Condition Report under the column “Percent Selling.” Currently, that probability for SFR is 69%. Without regard to market, there will always be some portion of the market not closing, generally due to persistent seller overpricing.
Click on the report below to enlarge…
