Fernley, Nevada Real Estate February 2010

Fernley has new businesses coming in and the community is working together to support each other and make it through the recession.

As we move into 2010, median sales price levels continue to fluctuate monthly within a very narrow range, said Ken Amundson, 2010 president of Reno/Sparks Association of REALTORS.  However, we need to see this trend continue for several more months before we can say that we have reached the bottom of the market."

SALES

• February ended the month with 38 sold transactions as compared to 37 for the month of January - a 3% increase over the previous month and a 5% decrease over the same perior last year.

Sales Mix:

• Bank Owned unit sales decreased in February at 14 compared to 15 in January.  Bank owned sales represent 37% of the sales, down from 41% reported in January.
• Short Sales decreased to 15 in February down from 16 in January - 39% of the mix in February as compared to 43% in January.
• No Special Condition (None) sales increased in February to 8 as compared to 5 in January.  Sales reported as No Special Condition represented 21% of the sales, as compared to 14% reported in January.

MEDIAN PRICE TREND

• Using a 3 month rolling average, the February 2010 median price decreased 13% compared to February 2009. 
• December 2009 median price was $100,500
• January 2010 median price was $118,000 up 17% from December 2009
• February 2010 median price was $104,825 down 11% from January.

LISTINGS

• 35 new listings were taken in February compared to 36 in January, a 3% decrease.
• The percentage of "Distressed" new listings increased to 77%, down 1% from January.
• The number of Bank Owned listings continues to decline from its high of 38 in June 2009.

MONTHS SUPPLY OF INVENTORY (UNSOLD INVENTORY DIVIDED BY SALES PER MONTH)

• As of February 28, 2010, Fernley decreased to 6 months of inventory based on a 90 day sales rate.  For the past twelve months Fernley's Months Supply of Inventory has been below what is described as a balanced market, the Months Supply of Inventory (MSI) returned to balanced.
• The National Association of REALTORS describes a balanced market as between 5 and 7 months supply.
• Unsold Inventory includes all Actives and Active Pendings.

RECAP AND OPINION

• Based upon a 3 month rolling average the Fernley Median has increased for the past four months.  A continued trend of minor fluctuations in median price, may be an early indicator of a bottom of the market.
• Active inventory and pending total remain level with January and previous months.
• The number of new listings has decreased month over month since October 2009 (70 compared to February 2010 (35).
• The volume of short sales closings year over year has increased by 400%. (February 2009 - 3 short sales, February 2010 - 15 short sales)
• The volume of Bank-Owned year over year has decreased by 59%. (February 2009 - 34 bank owned, February 2010 - 14 bank-owned)
• The median home price remains in line with the median household income.