February single family home sales in the Fernley are up 18.5% over February 2011 and have remained stable over the past year!
Fernley Median Home Sales Price
- February 2012 median home price decreased 5.4% to $74,000 compared to $78,250 in January 2012.
- The median home price is down 31.5% from the prior February.
- 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 $50.42
Fernley Number of Homes Sold
- February closed the month with 32 sold transactions down 23.9% from the prior month, and up 18.5% from February 2011.
- Fernley sales have been relatively stable for the past eleven months.
Fernley Homes Average Days on Market
- The average days on market are up to 157 days, an increase of 20.5% from the prior month.
Days on Market (DOM) by Special Conditions
- Short sales average days on market are up to 241 DOM.
- Properties with no special conditions average days on market are up to 267, the highest in history.
- REO properties average days on markets remain stable at 106.
Fernley New Listings
- 60 new listings wee taken in February up 58% from January, and a 20% increase from the prior year.
- New listings are following the normal seasonal trend of increasing after a holiday down turn.
Distressed New Listings by Special Conditions
- The market remains dominated by distressed new listings representing 77% of the market, up from January 2012 (73%).
- REO listings represented 38% of the market; Short Sales 38%; No special conditions 23% and Other 0%.
Fernley Homes Months Supply of Inventory (Unsold Inventory Divided by Sales per Month)
- As of February 29 there was 6.1 months of inventory based on the February sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- February 2012 reported home sales are down 10 sales from January 2012. February 2012 sales are up 18.5% from February 2011 home sales.
- The median home price has remained stable for the past eleven months.
- The unemployment rate trended down in 2011 and is down from 14.2% in January 2011 to 13% in January 2012.
- With interest rates at historic low levels and affordable housing prices, stable home sales support the conclusion that now is agood time to purchase a home.
To read the complete Fernley Homes and Real Estate Market Report February 2012
To read the January 2012 report and previous years and months.
Report courtesy of Reno/Sparks Association of REALTORS® with data sourced from NNRMLS.