FCT’s Market Condition Report – April 2013

Our friends at First Centennial Title have released their Market Condition Report (MCR) for April. (Click on the report below to enlarge.)

Commentary from April’s MCR…

Most prominent trends: Demand down 17 (-2.2% per month), Median Price up $4.466 per month (2.5% per month), and Days on the market off a minor -.6 per day per month (.4%) on a base of 141 days. Additionally, historically low supply relative to demand. These trends are in line with other areas surveyed. Because the seller -buyer ratio is low (1.2), expect the price trend to continue. Condo/Townhome is even tighter than SFR. The reader should note the difference between the seller’s asking price in Reno and the price of Reno properties in escrow and closing. The large gap suggests the high price point market in the Reno area is having trouble attracting buyer interest at the current price schedule. Notice also in Sparks, Fernley, and Dayton there is an excess of demand over supply (there are more buyers in the market than sellers)

Related post: FCT’s Market Condition Report – March 2013