Below is May’s Market Condition Report (MCR) provided by our friends at First Centennial Title Company of Nevada.
Overview from this month’s MCR: Both SFR and Condo supply are very constant in the current range with slight positive propensity. This means that as properties are moved off the market by either becoming a sale pending or a failure, those properties are being replaced by new supply. At the same time, properties in escrow continue to build in a slow methodical way. This implies that the level of closed demand will be increasing in the near term in small steps (no big moves). Prices for SFR continue very weak and in decline; Condo has steadied in the current range.
Zen
“Given that absorption rate and market speed have been relatively unchanged, it is more likely than not that price will continue to decline.”
Not a very hopeful statement going into what should be the height of the annual real estate cycle.
Dayton Realtor
We are experiencing the same fate here in Ohio. Great blog, good consumer data.