Spanish Springs Real Estate Market Trends – Nevada

News for Spanish Springs, NV - December 21st, 2011 1:12pm
OVERVIEW: Supply is weakening while demand is declining marginally. Another significant price decline for SFR from last month. Condo has steadied and is holding the price line.
„« WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): The absorption rate has declined 1 week since last report due to decline in supply and demand. Tightening absorption rates signal a tighter market. However, current changes in the absorption rate are small and will only be significant as part of a trend. That trend has not shown itself as yet. Stable absorption rates signal no big changes are in the offing. The usual seasonal changes are in progress.
„« RATIO OF SUPPLY TO DEMAND: Measures the number of units of supply available to each unit of demand. Observe those areas on the Market Condition Report formatted in RED. See that Minden, Fallon, Yerington, and Gardnerville display the highest values. This should be interpreted as a rejection by buyers of the area at the current price offered by sellers relative to other areas. In other words, there are not enough buyers at the current price schedule to clear or reduce current inventory. From a listing agent perspective, more rigorous price management is required in these areas.

News for Spanish Springs, NV - September 19th, 2011 5:48pm
„« OVERVIEW: Both SFR and Condo supply continue very constant in the current range. 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 are holding. This implies that the level of closed demand is at or around peak values
„« WEEKS SUPPLY GIVEN DEMAND (ABSORPTION RATE): The absorption rate has stabilized with little change from month to month. Tightening absorption rates signal a tighter market. However, current changes in the absorption rate are small and will only be significant as part of trend. Stable absorption rates signal no big changes are in the offing. The usual seasonal changes are just ahead. . Prices for SFR are holding steady while Condo continues to slip.
„« MARKET SPEED INDEX: Market speed (the conversion of listings to closings) has remained relatively constant for the last several months and is holding. This change would be hard to detect at the street level and needs to continue to become significant. The pace of the Reno area market is slow and steady with no big variations from month to month (same report as last month).
„« PRICES: SFR prices continue steady while Condo is in decline. 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 line shows a definite tendency to decline.

News for Spanish Springs, NV - March 17th, 2011 10:20am
„« OVERVIEW: Both demand and supply very constant. 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 while Condo price, which was holding is now beginning to slip.
„« PERCENT SELLING: Increasing slowly in the short run. As a rule of thumb, a typical non-REO
„« 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. A steady absorption rate signals that underlying demand/supply is not changing. This, in turn means that no big shifts in price are in the offing. seller has about a 40-60% chance of closing in today‘¦s market. REO has about a 70-80% chance of closing.
„« MARKET SPEED INDEX: The market is slowing slightly. Expect the pace of the market to increase slowly as Spring approaches. However, in the near term listings are converting to closings in a slow and sluggish manner.
„« PRICES: SFR and Condo price schedules continue to weaken, condo has become more pronounced in the short run. Prices are erratic from month to month and seem to gyrate in a narrow range. Lately, however, there is more of a tendency to decline than rise.