Market Condition Report – September 2010

Below is September’s Market Condition Report produced and distributed by our friends at First Centennial Title Company of Nevada. From this month’s report…

OVERVIEW: The market is slowing gradually. This slowing is likely due to the onset of the fall/winter cycle and is in line with other areas surveyed such as Las Vegas, Phoenix, and selected California urban markets.

• SUPPLY (ON MARKET): Little change. A slight decline over last month. Supply has remained rather constant for the last 4-5 months.
• DEMAND (SOLD PER MONTH): Demand picked up for both types over last month by 30 units.
• FAILURES (EXPIRE-WITHDRAW): Trending steadily upward in a steady fashion. This is placing downward pressure on percent selling.
• IN ESCROW (FUTURE CLOSINGS): SFR and Condo inventory in escrow is in gradual decline. This suggests that the recent surge of closings is not being replaced by new escrow entry, signaling a slower or constant market. This outcome is similar to last month.
• PERCENT SELLING: Off 1 point from last month. being replaced by new escrow entry, signaling a slower or constant market. This outcome is similar to last month.
• WEEKS SUPPLY GIVEN DEMAND (Absorption Rate): Absorption Rate has halted its increase for the short term. This signals that demand/supply realities are not changing significantly.
• MARKET SPEED: The pace of the market, which had been rising consistently, has peaked and is holding steady. Fernley SFR is back on top posting a Market Speed of 33, while Yerington brings up the rear at a slow 11. This implies that a Fernley listing will convert to a closing 3 times faster than a Yerington listing.
• PRICES: Condo prices took a dive while SFR is rather steady. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph).

Click on the report below to access [two pages].