Fernley homes and real estate monthly report provides information on homes sold, homes for sale, bank owned and short sales statistics.
Summary:
- "As anticipated, we saw an increase in the volume of closed sales during the month of June, many by buyers who were attempting to get in under the June 30 deadline to close deals in order to qualify for the tax credit. It wasn't until the midnight hour that Congress extended the deadline to those buyers who, through no fault of their own, were unable to meet the deadline. As a result of that extension, buyers who qualified for the tax credit and were under contract by April 30th, now have until September 30, 2010 to close the transaction," said Ken Amundson, 2010 president of Reno/Sparks Association of REALTORS. "Although we are remaining cautiously optimistic about the number of transactions in the pipeline and some price stabilization, we need to continue to closely watch the year-over-year numbers and see continuing trends in leveling median sales prices before we can truly say we have reached the bottom."
Fernley Homes Median Sales Price
- June 2010 median price increased by 3.7% to $112,500 compared to $108,450 in May 2010.
- The median sales price has been relatively stable for the past thirteen months.
- Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.
Fernley Homes Sold
- June ended the month with 46 sold transactions an increase of 27.8% from the prior month.
- Sales were down 27% over the same period last year.
Fernley Homes Average Days on Market
- The average days on market remains relative stable at 121 days, a decrease of 4% from the prior month.
Sold-to-asking-price Ratio
- June reported sales received an average of 99.4% of the seller's asking price.
Fernley New Listings
- 55 new listings were taken in June compared to 49 in May, a 12.2 increase over the previous month and a 39.6 decrease from the prior year.
- The percentage of "Distressed" new listings was down slightly from May. 67% of new June listings were distressed.
- Note: Beginning with the January 2010 report, properties reported as "Other" which includes "Freddie Mac's and HUDS's" are included with Bank Owned REO properties.
Status of Pending Fernley Homes
- Active pending - short sales represents 62% of the total active pendings; Active Pending Loan equal 20%; Pending No-show represents 15%; and Active Pending call is 3%
Absorption Months Supply of Fernley Home Inventory (unsold inventory divided by sales per month)
- As of June 30th, there was 4.5 months of inventory based on the June home sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard of including all pending sales in the active inventory. The calculation of month's supply of inventory excluding Active Pendings would bring the absorption down to 3.4 months supply of home inventory.
Conclusion
- June median is holding year over year. The median price has remained stable for the past thirteen months.
- Unit sales level remains strong with some softening in the numbers expected as buyers adjust to a non-incentive home buying world.
- The fact that Congress granted an extension for those transactions that were in contract by April 30, but that were unable to close by June 30th, should help sustain the number of closed transactions through the new deadline of September 30.
- Seasonal inventory of homes available to purchase are rising to levels that give buyers more choices.
- Fannie Mae Announcement Addresses Several NAR Appraisal Concerns - Fannie Mae's Selling Guide Updates and Additina lGuidance on Appraisal-Related Policies, Announcement SEL-2010-09, addresses many concerns raised by the National Association of Realtors (NAR) regarding the Home Valuation Code of Conduct (HVCC). The guidance states that Fannie Mae requires lenders to use appraisers with geographic competency.
Read the full Fernley homes and real estate report with graphs and charts June2010FernleyMemberReport
Report courtesy of Reno/Sparks Association of REALTORS®
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