Single Family Residence

  • June 2020
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August-09 SINGLE FAMILY RESIDENCE SUPPLY ON MARKET

DEMAND SOLD MONTH

EXPIRE WITHDRAW MONTH

IN ESCROW

PERCENT SELLING

MONTHS SUPPLY

DAYS ON MARKET SOLD

MARKET SPEED

MEDIAN LIST PRICE

Reno Sparks

2,251

372

316

186

54%

6.1

129

33

$243

$198

$190

861

164

141

103

54%

5.3

114

38

$189

$175

$170

WASHOE COUNTY TOTAL

3,112

536

457

289

54%

5.8

125

34

$227

$191

$184

247

62

53

29

54%

4.0

107

50

$115

$110

$113

175

34

31

8

53%

5.1

143

39

$196

$159

$157

78

2

9

0

14%

52.0

164

4

$162

$125

$125

CITY

Fernley Dayton Yerington

MEDIAN MEDIAN ASK AT CLOSE OFFER PRICE

LYON COUNTY TOTAL

500

97

93

37

51%

11.9

121

39

$144

$128

$129

Gardnerville Minden

306

34

27

9

56%

9.0

190

22

$354

$235

$223

140

17

14

9

56%

8.2

147

24

$389

$321

$299

DOUGLAS COUNTY TOTAL

446

51

41

18

56%

8.8

176

23

$366

$263

$248

Fallon (Churchill County ) Carson City (Carson County) TOTAL

184

20

16

3

56%

9.4

163

21

$190

$149

$142

392

59

49

16

55%

6.7

127

30

$259

$200

$195

4,634

762

654

363

54%

7.0

129

33

$234

$187

$181

Market Speed measures the rate of conversion of listings to closings. The higher this number, the faster the market is converting. The area with the highest speed is the "quickest" area. All other things being equal, areas with the highest market speed are the most desirable to buyers.

PERCENT SELLING MARKET EFFICIENCY

HISTORY OF SOLDS AND EXPIRE/WITHDRAW (ALL)

Thousands

HISTORY OF MEDIAN SALE PRICE

90% 81% 80% 70%

$400

1,600

PEAK $340

$350

1,400

$300

1,168

$292

1,350

1,200

$250 64%

$199

$217

$200

60%

$180

d

51%

836

800

$150

50%

1,000

$175

$116

$100

PEAK $75

40%

600 496

$50 400

30%

277

25%

200

20%

Trend Of SFR

Trend Of Condo 0

10%

Ju n0 De 4 c0 Ju 4 n0 De 5 c0 Ju 5 n06 De c0 Ju 6 n0 De 7 c0 Ju 7 n08 De c0 Ju 8 n0 De 9 c09

0%

Closed 2008

Closed 2009

Change in Sales

Percent Change

3,987

5,454

1,467

37%

04 04 05 05 06 06 07 07 08 08 09 09 n- ul- n- ul- n- ul- n- ul- n- ul- n- ulJa J Ja J Ja J Ja J Ja J Ja J

SOLDS EXPIRE/WITH

CONDO/TOWNHOME MEDIAN MEDIAN ASK AT CLOSE PRICE OFFER

SUPPLY ON MARKET

DEMAND SOLD MONTH

EXPIRE WITHDRAW MONTH

IN ESCROW

PERCENT SELLING

MONTHS SUPPLY

DAYS ON MARKET SOLD

MARKET SPEED

MEDIAN LIST PRICE

Reno Sparks

446

59

51

39

53%

7.6

165

26

$110

$68

$65

105

15

14

5

53%

7.0

130

29

$80

$82

$80

WASHOE TOTAL

551

74

65

44

53%

7.5

158

27

$104

$71

$68

Carson City TOTAL

39

4

2

1

67%

9.8

590

78

CITY

67 45 54% 7.7 COURTESY OF FIRST CENTENNIAL TITLE

171

21

$130

$94

$91

158

26

$106

$72

$69

Information believed accurate but not guaranteed. Resale market only. Report intended to be generally descriptive, not definitive.

MARKET CONDITION REPORT Reno-Sparks Area August 2009 Welcome to the Reno-Sparks Market Condition Report (MCR) provided by First Centennial Title.

THE BIG PICTURE ¾ SUPPLY (ON MARKET): Continues to hold very steady in the current range with little meaningful deviation (7th month). This implies that as the market resolves supply, it is being replaced with about the same level of new activity. ¾ DEMAND (SOLD PER MONTH): Demand is up a solid 120 units from August for SFR and 17 units for Condo. The increase for SFR is somewhat more than expected. ¾ FAILURES (EXPIRE-WITHDRAW): The rate of failure for SFR jumped significantly in concert with demand. Condo rate down marginally. ¾ IN ESCROW (FUTURE CLOSINGS): SFR in escrow inventory moved up by 33 units even though closing activity increased from the previous month. Based on this increase of properties in escrow, expect the SFR closings to continue to increase while Condo will remain close to the current closing level. ¾ PERCENT SELLING: Due to the inordinate increase in failures for SFR, Percent Selling declined 5 points while Condo rose 7 points. ¾ MONTHS SUPPLY: Market continues to tighten for both types and is still relatively elevated. Without meaningful changes or shifts in Months Supply, current price trends will remain on current trajectories (slightly negative per month). ¾ MARKET SPEED: Market Speed moved up for both types. The pace of the Reno market has resumed overall positive movement. The best performing Reno submarket remains Fernley, returning a Market Speed of 50 (up 6 points from last month). The slowest is Yerington at a very sluggish 6. As a generalization, the Reno area moves at a slower and less volatile pace than other market surveyed such as Las Vegas or Phoenix. This is due to a lower percentage of transactions closing REO (about 40% in Reno versus 70% in Las Vegas-Phoenix). ¾ PRICES: Price indicators are erratic but signs of stabilization for SFR are apparent. Condo still demonstrating a weaker price schedule. Expect this up and down trend to continue. Large changes in price should not be expected, while relatively small diminishing negative shifts are more likely. This trend is generally in line with other markets surveyed. MCR TIP : Percent Selling measures the relationship between properties closing (success) and those failing (expire, cancel or withdrawn). It can also be interpreted as “Closing Probability.” While the outcome of any one listing cannot be known absolutely at the time of listing, its closing probability is an expression of what is “expected” to occur based on the historical average outcomes.

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