The Acceleration in Median Price Seen in the First Half of 2013 has Slowed. Since April of 2013, we Have Seen a Leveling Trend That Has Continued into January 2014.
Fernley Homes Median Sales Price
- January 2014 median home price was down -5.7% to $130,000 compared to $137,900 in December 2013 and up 32.3% compared to $98,250 in January 2013.
Fernley Number of Homes Sold
- January, 2014 homes sold was down -44.7% to 21 compared to 38 in December, 2013 and down -30.0% compared to 30 in January 2013.
Fernley Homes New Listings
- January, 2014 new listings was up 42.4% to 47 compared to 33 in December, 2013 and down 21.7% compared to 60 in January 2013.
Absorption Months Supply of Inventory (Unsold Inventory Divided by Sales per Month)
- As of the end of month January, there were 6.7 months of inventory based on the January sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold inventory includes Active Pendings. This method of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.
Conclusion
- The acceleration in median home price seen in the first half of 2013 has slowed. Since April of 2013, we have seen a leveling trend that has continued into January 2014.
- The annual jobs numbers are in for Lyon County. The unemployment picture in Lyon County is improving but remains in the double digits. Lyon County unemployment in 2012 was 15%, in 2013 it declined to 13%. Washoe County's unemployment rate in 2013 was down to 9.3%, compared to 10.9% in 2012. This is another positive indicator for 2014.
- Low inventory will impact first-time homebuyers, along with rising interest rates. As of this report, there were only 20 active listings under the $150,.000 price range.
- For those sellers with equity and a willingness to price their home competitively, it is an excellent time to sell.
To read the Fernley market reports January 2014, complete with charts, graphs and five year history.
To read December 2013 report and previous months and years.
Report courtesy of the Reno/Sparks Association of REALTORS® for distribution by members. The report is copyrighted and not to be reprinted or distributed without their permission.
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