Below please find March’s Market Condition Report for the Northern Nevada area provided by our friends at First Centennial Title Company of Nevada.
From the March report…
The absorption rate declined by three weeks. While this is a step in the direction of rising prices, a 26-week absorption rate is most likely not sufficient to sustain prolonged price recovery. … An average ratio of 5.3 sellers to buyers, like the above absorption rate discussion, is generally not conducive to sustained or permanent price recovery.
Click on the report below to access the entire report…
related post: FCT’s Market Condition Report – February 2012
Martin
“Washoe County appears to be maintaining supply levels much like last year with no significant changes in the level of demand on a sustained basis.”
Huh? Isn’t this statement totally inconsistent with everything we have heard over the past several months that inventory is vanishing and that increased numbers of buyers are engaging in bidding wars over the few houses available?
tyler durden
I second what Martin has written. 2 months supply or 5 months supply????
2 months supply of priced right sub 200K rentable, desirable properties ?
Its kind of disappointing that real estate reports can conflict so greatly, it raises suspicion as to impartiality and motive of the authors…..and a mockerey of those who work in the real estate field.
Twister
Looks like two different ways of calculating going on here. I think the difference is Guy takes the active listings when figuring how many months supply while FCT takes the total supply on the market including pendings. Appears both ways have been calculated with consistency over the last several months and so I think both styles work. FCT’s report doesnt reflect all the short sales that are tied up and not available in its supply/demand equation.
Twister
FCT reported 3,052 in Washoe County supply for March 2011 and 2,286 in supply for March 2012. If thats “maintaining supply levels” then I’m living on the moon!
FCT’s Market Condition Report – April 2012 | RRB Home
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