Market Reports, Your Guide to Buying or Selling a Home in Fernley, Nevada
Photo by Jerry Mansker
Summary
- As inventory continues to be scarce, we are experiencing month-over-month increases in median sales prices. This scarcity is also creating a high demand for homes causing the number of existing home sales to also increase. As northern Nevada's weather continue to get warmer, we are cautiously optimistic that sales numbers will continue to rise in the next few months.
Fernley Median Home Sales Price
- February 2013 median home price increased 16.5% to $112,400 compared to $96,500 in January.
- The median home price is up 54% from the prior February.
- 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 Homes Sold
- February ended the month with 40 sold transactions, up 37.9% from the prior month, and up 14.3% from February 2012.
Fernley New Listings
- 43 new listings were taken in February, down 27.1% from January, and down 28.3% from the prior year.
Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of February 28, there was 3.5 months of inventory based on the February sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
Conclusion
- February 2013 sales are the second highest in history, only exceeded by February 2005.
- Sales in the category of "no special conditions" represented 60% of the sales in February 2013 compared to 11% of the market in February 2012. This is attributable to equity sellers entering the market and investors who purchased at or near the bottom of the market and are now returning that inventory back to the market.
- Median home price has been trending up for the past twelve months. Listing inventory was down 27% from January 2013. The demand for inventory is driving the median price up.
- According to a report recently released by Fiserv Case-Shiller, it anticipates home prices will rise 3.3% annually through 2017. They caution that the disposition of foreclosed properties can be highly uncertain, and consumers should expect some choppy price movements as the market stabilizes.
- With interest rates at below 4%, and median price at an affordable level, it's still a good time to buy a home.
If you are thinking of selling your home, call Sandra for a confidential consultation.
To read the complete Fernley Market Report February 2013 with charts, graphs and 5 year history.
Report courtesy of Reno/Sparks Association of REALTORS® with data input from NNRMLS.
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