Single Family Residence

  • May 2020
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July-09 SINGLE FAMILY RESIDENCE 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

2,285

307

211

180

59%

7.5

138

27

$249

843

140

82

81

63%

6.0

118

33

$191

$176

$171

WASHOE COUNTY TOTAL

3,128

447

293

261

60%

7.1

132

29

$231

$189

$182

243

54

32

16

63%

4.5

113

44

$115

$118

$121

178

32

21

10

61%

5.7

121

35

$196

$157

$150

80

3

7

2

28%

32.0

132

6

$165

$72

$62

CITY

Fernley Dayton Yerington

$195

$187

LYON COUNTY TOTAL

501

88

59

28

60%

9.3

116

35

$145

$131

$130

Gardnerville Minden

318

29

32

13

48%

11.0

190

18

$354

$251

$235

152

12

12

4

51%

12.7

169

16

$365

$292

$300

DOUGLAS COUNTY TOTAL

470

41

43

17

49%

11.5

184

17

$357

$263

$254

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

183

20

19

4

51%

9.4

147

21

$190

$139

$140

394

47

38

20

55%

8.5

135

24

$264

$199

$190

4,676

642

451

330

59%

8.0

134

27

$238

$185

$179

Market Speed measures the rate of conversion of listings to closings. The higher this n umber, 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 HISTORY OF SOLDS AND EXPIRE/WITHDRAW (ALL)

HISTORY OF MEDIAN SALE PRICE Thousands

PERCENT SELLING MARKET EFFICIENCY 90% 81% 80%

$400

PEAK $340

$350

1,600

$300

1,400

$294

1,168 1,200

$250

70%

$199

$217

$200

64%

$180 1,000

d

60% $150

836

800

50%

$116

$100

PEAK $75

40%

1,350

600 496

$50 400

30%

280

25%

200

20%

Trend Of SFR

Trend Of Condo 0

10%

Ju

n04 De c04 Ju n05 De c05 Ju n06 De c06 Ju n07 De c07 Ju n08 De c08 Ju n09

0%

Closed 2008

Closed 2009

Change in Sales

Percent Change

3,285

4,451

1,166

35%

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

456

44

38

39

54%

10.5

159

19

$125

$84

$66

113

13

20

3

38%

9.0

118

22

$89

$78

$74

WASHOE TOTAL

569

56

58

42

49%

10.2

150

20

$117

$83

$67

37

5

11

1

31%

7.4

190

27

$128

$133

$127

606

61

153

20

$119

$87

$72

CITY

Carson City TOTAL

69 43 47% 10.0 COURTESY OF FIRST CENTENNIAL TITLE

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

MARKET CONDITION REPORT Reno-Sparks Area July 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 (6th 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 22 units from July for SFR and down 5 units for Condo. Large and meaningful changes in demand are becoming less likely. ¾ FAILURES (EXPIRE-WITHDRAW): The rate of failure is on the increase for both types. This supports proximity to market peak. This is the first month in several months that the failure rate increased over the previous month. ¾ IN ESCROW (FUTURE CLOSINGS): SFR in escrow inventory declined by 3 units, while Condo moved up a significant 15 units. Based on rather constant levels of properties in escrow, expect the SFR market to loiter (in terms of closings) at or near current levels in the near term while Condo will begin to move up. ¾ PERCENT SELLING: SFR very steady as closings and failures balance out. Condo lost 8 points due to increase in failures. While Percent Selling it is not likely to drop dramatically, large increases should not be expected. ¾ MONTHS SUPPLY: SFR little changed from July while Condo moved up slightly. Current level of Months Supply is still relatively high and is not shifting in a meaningful way. 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 hardly moving at all for both types. The pace of the Reno market has halted at the current level. The best performing Reno submarket remains Fernley, returning a Market Speed of 44 (up 5 points from last month). The slowest is Yerington at a very sluggish 6 (down 7 points from July). ¾ PRICES: Price indicators are erratic but signs of stabilization for SFR are apparent. Condo still demonstrating weakness. Expect this up and down trend to continue. Large changes in price should not be expected, while small diminishing negative shifts are more likely. Long term buyers should not fear buying in the current market since market stabilization is clearly apparent and close. However, speculators and short term players should be more cautious. MCR TIP : No significant change in Months Supply implies no significant change in price can be expected. Prices are driven by demand and supply. Months Supply is current supply divided by current [monthly] demand.

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