Fernley and the surrounding Truckee River area are Alive in Fall Colors!
Fernley has seen some stabilization in the median sales price for the past six months, similar to that experienced in the Reno/Sparks market.
Fernley Median Sales Price
- September 2011 median price decreased 13.9% to $87.777 compared to $102,000 in August 2011.
- The median price is down 16.4% from the prior September.
- 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 Price per Square Foot Solds
- Price per square foot is at $54.11.
Fernley Homes Sold
- September closed the month with 37 sold transactions down 11.6% from the prior month, and up 12.1% from September 2010.
- Fernley sales have continued to show signs of improvement for the past six months.
Fernley Average Days on Market
- The average days on market are up to 101 days, a decrease of 19.2% from the prior month.
Fernley Days on Market (DOM) by Special Conditions
- Short sales continue to influence the average days on market with over 159 DOM.
- Properties with no special conditions and REO show a range of between 83 and 91 DOM. There were no sales in the Other category.
Fernley New Listings
- 465 new listings were taken in September compared to 76 in August 2011, a 39.5% decrease from the previous month and a 6.1% decrease from the prior year.
Distressed New Listings by Special Conditions
- The percentage of "Distressed" new listings was up 10% from the prior month.
- REO listings represented 37% of the market; Short Sales 41%; No Special Conditions 22% and Other 1%. The market remains dominated by distressed new listings representing 78% of the market.
- NNRMLS implemented a recent change in the reporting of Fannie Mae, Freddie Mac and HUD re-possessed listings as Real Estate Owned (REO).
Status of Pending
- Active Pending - Short Sale represents 44.2% of the total active pendings; Pending No-show represents 29.2%; Active Pending Loan equals 14.2%; Active Pending call 12.5% and Active Pending House less than 0%.
Fernley Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of September 30 there was 6.7 months of inventory based on the September 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.
- Year-to-date 2011 home sales (377) numbers are up 3% over 2010 home sales (367). We are cautiously optimistic that the sales number will continue to perform on its own (without government incentives) and outpace 2010.
- September's median price of $87,777 was down 13.9% from August. The median price has shown moderate fluctuations for the past six months. The market may be preparing to return to normal with sales prices keeping pace with inflation.
- The recent move to decrease FHA loan limits may have an impact on homes in Reno and Sparks, but will most likely have no negative impact on the Fernley Market.
- Freddie Mac reported that the 30-year fixed rate loan dropped to 4.11% compared to 5.09% in September 2010. For those seeking the dream of long-term homeownership, home prices in Fernley are the most affordable they have been since before 2003. At today's low interest rates and current median home prices, now may be the time for renters to analyze their financial situation and see if homeownership is a good fit.
To read the Fernley Market Report September2011 complete with 5 year history, graphs and charts.
Report courtesy of Reno/Sparks Association of REALTORS® with data from NNRMLS.
To read August 2011 report and previous months.