OVERVIEW: Both SFR and Condo supply are very constant in the current range, as they were the month before. 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. This implies that the level of closed demand will be increasing in the near term. Prices continue very weak for both types. These declines are somewhat more pronounced than other areas surveyed.
PERCENT SELLING: Very constant in the current range.
WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): The absorption rate is on the decline indicating that the market is tightening slightly—more so for SFR than Condo. This tightening effect needs to continue for sustained time in order to affect the current trajectory of prices.
MARKET SPEED INDEX: The market is moving slowly but the pace is increasing in small steps from month to month. Expect this continue. This increase will be difficult to discern at the street level in the short run.
PRICES: SFR and Condo price schedules continue to weaken but the pace of decline has increased. SFR has become more pronounced in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range (see History of Median Sale Price Graph). Note in the price graph that the tail end of the trend.
Read the full April Market Condition Report.
For more information on real estate in the Reno-Spark area of Nevada, contact us.
Rick Lund
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