Summary:
- October home sales in Fernley are up 10.3% over October 2010 and have shown continued improvement for the past seven months. This is the first month where the year-over-year comparison is not influenced by the tax credit incentives, thus a positive sign that sales remain healthy. We have seen only moderate fluctuations in median price for the past seven months.
Fernley Homes Median Sales Price
- October 2011 median price decreased 4.4% to $82,100 compared to $85,899 in September 2011.
- The median price is down 17.1% from the prior October.
- Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.
Fernley Homes Price per Square Foot Solds
- Price per square foot is at $54.62.
Fernley Homes Sold
- October closed the month with 43 sold transactions up 13.2% from the prior month, up 10.3% from October 2010.
- Fernley sales have continued to show signs of improvement for the past seven months.
Average Days on Market
- The average days on market are down to 94 days, a decrease of 7% from the prior month.
Days on Market (DOM) by Special Conditions
- Short sales average days on market dropped for the second consecutive month down to 147 DOM.
- Properties with no special conditions, REO and Other show a range of between 67 and 82 DOM. There were no sales in the Other category.
Fernley Homes New Listings
- 46 new listings were taken in October equal to September 2011, and a 24.6% decrease from the prior year.
Distressed New Listings by Special Conditions
- The percentage of "Distressed" new listings was 76%, down from September 2011 and down 3 percentage points from October 2010.
- REO listings represented 35% of the market; Short Sales 42%; No special conditions 24% and Other 0%. The market remains dominated by distressed new listings representing 76% of the market.
Status of Pending
- Active Pending - Short Sale represents 50.4% of the total active pendings; Pending No-show represents 23.9%; Active Pending Loan equals 12.4%; Active Pending call 13.3% and Active Pending House less than 0%.
Fernley Homes Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of October 31 there was 5.6 months of inventory based on the October sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold inventory includes Active Pendings. This methoid of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.
Conclusion
- Year-to-date 2011 homes sales (421) numbers are up 4% over 2010 home sales (406). We are cautiously optimistic that the sales number will continue to perform and outpace 2010.
- October's median price of $82,100 was down 4.4% from September. The median price has shown moderate fluctuations for seven months.
- October home sales at 43 outpace October 2010 sales by 10%. This is the first month where the year-over-year comparison is not influenced by the tax credit incentives. Going forward, we will be comparing the year-over-year sales period without the artificial influence of a tax credit.
- Freddie Mac reported that the 30-year fixed rate loan dropped to 4.07%, compared to 4.11% last month. This is the lowest rate reported since Freddie Mac began tracking rates in 1971. Sources report that mortgage interest rates should gradually rise from today's record lows and reach 4.5% by the middle of 2012.
- A qualified homebuyer purchasing a home priced at the Fernley median price of $82,100 with a 3 1/2% down payment, at 4.07% interest rate will have a monthly payment of approximately $400.00 principal and interest.
To read the complete Fernley Market Reports Oct. 2011.
To read September's report and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS® with data sourced from NNRMLS.
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