Well....it's not all bad. "There were many positive signs that we can point to including, the fact that more people purchased homes in 2009 in every quarter than the previous year and median home prices have remained stable for the past four months, said Ken Amundson, 2010 President of Reno/Sparks Association of REALTORS.
- 4th quarter sales were reported at 167 up 10% from the 3rd quarter 2009 and up 78% over the 4th quarter 2008. Total sales for 2009 were 579, up 69% over 2008.
- December 2009 ended the month with 54 sold transactions as compared to 49 for the month of November - a 10% increase over the previous month and a 69% increase over the same period last year.
- Sales mix:
- Bank Owned unit sales were down in December to 21 as compared to 26 in November. Bank Owned represent 39% of the sales, down from 53% reported for November.
- Short Sales increased to 16 in December up from 14 in November 30% of the mix in December as compared to 29% in November.
- No Special Condition (None) sales increased in December to 14% reported in November.
The Median Price for a home in Fernley was $200,000 in December 2007, $140,000 in December 2008 and $100,500 in December 2009. The good news out of all this mess is : There were 19 homes sales in December 2007, 32 sales in December 2008 and 54 homes sales in December 2009, a 69% increase over December 2007. Fernley is still attractive and affordable!
- 46 New listings ere taken in December compared to 59 in November, a 22% increase.
- The percentage of "Distressed" new listings increased to 76%, up 19% from November.
- The number of Bank Owned Listings continues to decline from its high of 38 in June 2009.
As of December 21, 2009 Fernley dropped to 4.5 months of inventory based on a 90 day sales rate. In 2009, Fernley dropped below what is described as a balanced market five out of twelve months.
The number of sales has continued to increase quarter over quarter during the year 2009.
Short Sale closings continue to increase as a percentage of the total market mix.
The volume of short sales closings a year over year has increased by 220%. (December 2008 - 5 short sales, December 2009 - 16 short sales)
Bank Owned closings continue to decline due to decreased inventory in that category.
The median home price is in line with the median household income in recent months for the first time since 2002,
The National Association of REALTORS describes a balanced market as between 5 and 7 months supply.
None of this good news can compare to the pain of the Fernley residents who have lost homes, are unemployed or trying to hang on to their homes.
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