Summary:
- We are continuing to see settling in the median price and the news is "the affordability door is open to buyers". This means that a single-income household, earning approximately $12.00 per hour, can now afford the median price home in Fernley.
Fernley Homes Median Sales Price
- April 2011 median price decreased by 3.1% to $79,950 compared to $94,950 in March 2011.
- The median price is down 13.9% from the prior April.
- Median price is defined as the mid-point, the price half of the sales for the time frame are below and half are above.
Fernley Homes Sold
- April ended the month with 40 sold transactions a decrease of 17.4% from the prior month, and seven sales off from April 2010, which was influenced by the $8,000 First-Time Buyers tax credit.
- Sales were down 17.3% from the same period last year.
Fernley Homes Average Days on Market
- The average days on market are up to 128 days, an increase of 6.2% from the prior month.
Fernley New Listings
- 50 new listings were taken in April compared to 60 in March, a 16.7% decrease from the previous month and a 6.4% incease from the prior year.
- The percentage of "Distressed" new listings was down 17.5 % percent from March. 66% of new April listings were distressed. This is the lowest reporting of distressed new listings Fernley has seen since January 2008.
- Note: Properties reported as "other" which includes "Freddie Mac's and HUD's" are included with Bank Owned REO properties.
Status of Pending (data in report)
- Active Pending - Short Sale represents 54% of the total active pendings; Active Pending Loan equals 8%; Pending No-show represents 21%; and Active Pending call 17%.
Fernley Homes Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of April 30 there was 5.6 months of inventory based on the April sales rate.
Conclusion
- We continue to compare this April, with the market performing on its own, to last April's Median Sales Price which was influenced by the First Time Homebuyer tax credit. Looking at the period mid-2005 through April 2009, it's encouraging that we have not seen the rapid decline in pricing, but from that period forward there continues to be some settling in pricing.
- The affordability door is open to a wider range of buyers. This means that a single-income household, earning approximately $12 per hour, can now afford the median priced home in the Fernley area.
- Mortgage rates are at historic lows. Rates are predicted to move up before year end. For those with stable jobs and who expect to stay in their home long-term, it's an excellent time to buy.
- Inflation is hitting consumer pocket books in the form of increased gas and food prices. Fuel costs may have a greater impact on the rural areas surrounding the Reno/Sparks market, including the Fernley market, as consumers consider the cost to commute.
- The number #1 Job for Nevada is jobs!
Data courtesy of Reno/Sparks Assoc. of Realtorns and NNRMLS
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