Fernley, Nevada Homes and Real Estate Report June 2013

Summary

• The fact remains that we are still in a seller's market and the demand for homes is very high.  Home buyers need to understand that if they continue to wait for home prices to decline, while interest rates have been increasing for the past five months, it is likely to lower their purchasing power.

Fernley Median Home Sales Price

• June 2013 median price was up 4.8% to $119,000 compared to $113,500 in May 2013 and up 28.% compared to $93,000 in June 2012.
• 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

• June, 2013 homes sold was down -15.1% compared to 53 in May, 2013 and up 4.7% compared to 43 in June 2012.

Fernley New Listings

• June, 2013 new listings were up 4.0% to 52 compared to 50 in May, 2013 and up 10.6% compared to 47 in June 2012.

Fernley Months Supply of Inventory  (Unsold Inventory divided by Sales per Month)

• As of EOM June, there was 2.6 months of inventory based on the June sales rate.
• The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
• Unsold inventory includes Active Pending's.  This method of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.

Conclusion

• Since March 2012, homes sold have been averaging 46 per month, excluding the typical January decline in sales.
• Sales in the category of "No Special Conditions" represented 57% of the sales in June 2013 compared to 51% of the market in June 2012.  Equity sellers entering the market and investors who purchased at or near the bottom the market continue to be the main source of inventory and sales.
• Median price has been trending up for the past fifteen months and is up 23% year to date, January 2013 over June 2013.  Even with the increasing median prices, medium is currently off 54% from the peak of the market in March 2006.
• After a historic inventory low in March 2013 at 87, new listing inventory has been trending up for the past four months and is up 10.6% over June 2012.
• For the second month, the sold to asking price ratio exceeded 100%.  June sold to asking price ratio reached 100.4%.

For a professional consultant to purchase or sell a home in Fernley and surrounding areas, call Sandra Mathewson (775) 287-8222.

To read the full report complete with graphs and charts.

To reach May 2013  report and previous months and years.

Report courtesy of Reno/Sparks Association of Realtors, with data input from NNRMLS.