Fernley, Nevada Homes and Real Estate Market Report, your guide to buying or selling a home in Fernley or the Fernley golf course area.
Summary
- In 2003 through 2005 the increase in pricing in Fernley could be attributed to high demand and overly-relaxed lending guidelines. In today's market, credit requirements are strict, but demand is outpacing available inventory. There is buyer confidence that it is still a good time to buy at today's low interest rates.
Fernley Homes Median Sales Price
- December 2012 median price decreased 11.6% to $95,000 compared to $107,500 in November 2012.
- The median home price is up 4.4.% from the prior December.
- 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 Number of Homes Sold
- December ended the month with 49 sold transactions, up 25.6% from the prior month, and even with December 2011.
Fernley New Listings
- 25 new listings were taken in December, down 46.8% from November, and down 19.4% from the prior year.
Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of December 31 there was 3.1 months of inventory based on the December sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold Inventory includes Active Pendings.
- Fernley is a SELLER's Market
Conclusion
- Despite lower inventory levels, sales remain strong. Sales for 2012 are the second highest in Fernley history only outperformed by 2005, considered the real estate boom, and 2009 which was partially influenced by the first time home buyers credit.
- Fifty-seven percent of the sales closed in December 2012 were short sale transactions as compared to 28% in November 2012. This was likely a reaction to what was anticipated to be the expiration of the Mortgage Debt Relief Act. For those short sellers who were unable to close escrow in 2012, the Fiscal Cliff Bill passed by Congress in the 11th hour, gave short sellers a reprieve with an extension of the Mortgage Debt Relief to December 31, 2013.
- Fernley's Month's Supply of Inventory remains at a record low of 3.1. The total number of new listings taken in 2012 is down 14% from 2011.
- The signs of an increase of bank owned new listings in Fernley may be an early indication that banks are renewing their foreclosure activity under the guidelines of Assembly Bill 284 and the National Mortgage Settlement. If so, this should relieve some of the pressure on lack of inventory.
To read the entire Fernley_Market_Reports Dec 2012 complete with charts, graphs and 5 year history.
To read November 2012 Homes and Real Estate Report and previous months and years.
Report provided by the Reno/Sparks Association of REALTORS® with data compiled from the NNRMLS.
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