Fernley Homes and Real Estate Market Report, Your Guide To Buying or Selling Real Estate in Fernley, Nevada
Fernley Homes Median Sales Price
- June 2012 median home price increased 2.2% to $92,000 compared to $90,000 in May 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 ended the month with 41 sold transactions, down 16.3% from the prior month, and down 21.2% from June 2011.
Fernley Average Days on Market
- The average days on market are up to 143 days, an increase of 48.3% from the prior month.
Fernley Homes New Listings
- 43 new listings were taken in June down 23% from May, and a 38% decrease from the prior year.
- Distressed listings represented 70% of the market, up from May 2012 at 46%.
Fernley Homes Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of June 30 there was 4.7 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 Pendings. This method of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.
- The past two months, we have seen a steady decline in the number of sales month-over-month. Demand and buyer confidence is strong, but inventory levels remain low. This is a contributing factor in the declining sales.
- June 2012 is the second consecutive month that the median home sales price was up significantly year-over-year. Median price is up 8% over June 2011. Low inventory and buyer demand is putting upward pressure on median sales price.
- Active inventory is down 17.5% from a year ago. For the fourth consecutive month, the Fernley market has remained a seller's market. We believe this trend will continue as banks continue to adjust to state legislation and the National Mortgage Settlement.
- Current Month's Supply of Inventory in the Fernley market is at 4.7 MSI showing the market as a seller's market.
To read the full report complete with charts, graphs and 5 year history Fernley Market Report June 2012
Report courtesy of Reno/Sparks Association of REALTORS® with data supplied by Northern Nevada Regional MLS.