Our friends at First Centennial Title have released their Market Condition Report for the Reno, Nevada area for the month of May. (Click on the report below to enlarge.)
Nothing but green. Green tinted cells signal tight markets — from a Ratio of Supply to Demand standpoint — in the specified areas. All other things being equal, the smaller the Ratio of Supply to Demand, the tighter the area market.
Reno’s Ratio of Supply to Demand value of 1.8 is up slightly from last month’s 1.7 number, however remains extremely low. Sparks’ Ratio of Supply to Demand value of 1.2 is up slightly from last month’s 1.0 number, and also remains extremely low.
Also noteworthy is the difference between the median “in escrow” price and the median closed sales price report for the areas. The May report shows that Reno properties exhibit a median “in escrow” price of $293,000 and a median closed sales price of $288,000. This difference of only $5,000 indicates that properties are selling at only a 1.7 percent discount.
related post: FCT’s Market Condition Report – April 2015