Sales
The 2nd quarter sales were reported at 146 up 28% from the 1st quarter 2009 and up 74% over the 2nd quarter 2008.
June ended the month with 62 sold transactions as compared to 43 for the month of May – a 42% increase over the previous month and a 158% increase over the same period last year. June 2008 reported sales were 24 the second lowest months of reported sales in 2008.
Of the homes sold in June, 4 were Short Sales and 49 were Bank Owned. This means that 85.5% of properties sold in June had Special Conditions. This compares to 77% of sales in May 2009.
Quarterly Sales Trend
(Based upon stick-built homes in Fernley 450)
Sales Analysis
No Special Conditions versus Short Sales and Bank Owned
(Based upon stick-built homes in Fernley 450)
Median Price
June saw a 12% increase in median price to $116,750 in June compared to $104,000 in May 2009, and a 30% drop over the same period in 2008.
The median price for the 2nd quarter was $109,950 a 35% drop over the same period last year and an 8% drop from 1st quarter 2009.
The chart below show the Median Sales Price Trend for single family, stick built homes in the Fernley 450 Area.
Median Sales Price Trend
(Based upon stick-built homes in Fernley 450)
The table below demonstrates the steady rise in sales in the under $150,000 price range. There was a spike from 1 sale to 7 sales in the $201,000 - $250,000 price range in the month of June.
Analysis of Sales by Price Point
(Based upon stick-built homes in Fernley 450)
Listings
New Listings |
Total |
Special Conditions – None |
Special Conditions –Short Sale |
Special Conditions – Bank Owned |
Percentage of Distressed New Listings |
May 2009 |
52 |
8 |
22 |
17 |
75% |
June 2009 |
91 |
16 |
32 |
38 |
77% |
Listing Trends
(Based upon stick-built homes in Fernley 450)
Month’s Supply of Inventory (Unsold Inventory ÷ Sales per Month)
As of June 30, 2009, Fernley had 4.4 months of inventory based on the 30-day June sales rate. The Month’s Supply of Inventory (MSI) has trended down for the past three months.
The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
Historical Market Absorption or
Months Supply of Inventory
(Based on stick-built homes in Fernley 450)
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