Today we have two market condition reports to bring you. One is the monthly market condition report provided by our friend at First Centennial Title. The other report provides a look at the current housing market for Reno, Nevada. This report is from real estate data firm, Altos Research.
First, the big picture from First Centennial’s Market Condition Report…
- OVERVIEW: The pace of the market has slowed from last month. Supply has increased slightly while demand has backed off marginally. This is a usual pattern at this time of the year. Properties in escrow are on the increase which signals an increase in closings in the next 30-45 days. SFR median price continues to weaken significantly while Condo price is holding at current levels.
- PERCENT SELLING: Increasing slowly in the short run. As a rule of thumb, a typical non-REO seller has about a 40-60% chance of closing in today’s market. REO has about a 70-80% chance of closing.
- WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): Absorption Rate is steady and hovering in the current range (give or take 3-4 weeks). No clear trend has emerged other than slightly up and down from month to month.
- MARKET SPEED INDEX: The market is slowing slightly as is usual. Expect the pace of the market to increase slowly as Spring approaches.
- PRICES: SFR and Condo price schedules continue to weaken, but SFR is much more pronounced. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Lately, however, there is more of a tendency to decline than rise. Average Price by city and year can be reviewed in the table below. Note the trend that estimates the dollar value of the declines per year.
click on the report below to enlarge
Next we have Jon’s Market Update for Reno, NV. This report, provided by Jon Sterling of Altos Research, provides a snapshot of:
- Current Real Estate Market Conditions for Single Family Homes
- Trends in Pricing
- Current Levels of Supply and Demand
- and other Value Metrics
Readers will find metrics in this report that have not been seen on this blog before; for example: percentage of homes on the market with a price decrease; percentage of homes relisted; and percentage of homes being relisted at a higher price (a.k.a. the "flip" number).
What I like the most about this report is how the data is presented broken out by price band quartiles. There has been much discussion on this blog regarding the differences among the price brands in our market. This report shows these differences nicely
Let me know what you think of Jon’s Market Update.
click on the report below to enlarge
Jons update confirms that although the median has declined slighly y-o-y…….the quartiles have condensed and ppsf has fallen>>>>>thus more home for the $ y-o-y
with a fairly benign median
Re: Let me know what you think of Jon’s Market Update.
I like it!
I 100% agree with AC … Jon’s Market Update is really interesting. Looks like we are still on the way down.