Below please find January’s Market Condition Report for the Northern Nevada area provided by our friends at First Centennial Title Company of Nevada.
Click on the report below to enlarge…
From the January report…
OVERVIEW: Demand about the same as last year at this time. Prices, however, which have been weak and in decline during 2011, remain unpredictable with a pronounced negative propensity, especially for SFR. Condo showing more strength in the short term.
WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): The absorption rate is up over last month but the shift upwards is most likely short term indicating no significant change in demand/supply realities. Tightening absorption rates signal a tighter market. However, current changes in the absorption rate are small and will only be significant as part of a trend. That trend has not shown itself as yet. Stable absorption rates signal no big changes are in the offing.
MMS
Prices are showing a “pronounced negative propensity”.
In real talk, that means prices are still falling.
Other than that, it’s always a great time to buy.