Fernley, Nevada Homes and Real Estate Report, Your Guide to Buying or Selling a Home in Fernley!
- Properties in the $150,000 to $200,000 price range are the most desirable and continue to be scarce in the Fernley area. Although 69 percent of new listings in April were less than $150,000 there is an inventory shortage creating a high demand that the supply cannot accommodate. It is not unusual for homes in this price range to receive multiple offers that exceed the asking price.
Fernley Median Home Sales Price
- April 2013 median price was down -4.4% to $109,900 compared to $114,900 in March 2013 and up 37.4% compared to $80,000 in April 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 Homes Sold
- April 2013, homes sold was up 4.3% to 49 compared to 47 in March, 2013 and down -3.9% compared to 51 in April 2012.
Fernley New Listings
- April, 2013 new listings remained level at 45 compared to March, 2013 and at the same number of new listings (45) in April 2012.
Months Supply of Home Inventory (Unsold Inventory divided by Sales per Month)
- As of the end of April, there was 2.6 months of inventory based on April 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.
- After a drop in sales in January 2013, home sales in the Fernley market have remained relatively stable for the past 24 months.
- Median price dropped slightly in April, but is up 37% over April 2012. With the increase in prices, some sellers may have moved into an equity seller position or are in less of an underwater position. For those homeowners, who still remain underwater in their property with little hope of a loan modification, now may be the time to consider a short sale. The extension of the Mortgage Debt Relief Act is scheduled to expire December 31, 2013. If Congress does not extend the Act a second time, homeowners who sell their property for less than the amount owed on the mortgage will incur a tax on the forgiven portion of the debt. Short sales in Fernley are taking 180 days to receive an approval and close escrow. Now may be the time to contact a REALTOR to start the process of marketing your property for sale to help ensure a close of escrow before the end of the year and the expiration of the Mortgage Debt Relief Act.
- For buyers considering an FHA loan, the Department of Housing and Urban Development recently announced a change in its policies concerning the cancellation of the annual Mortgage Insurance Premium (MIP) and an increase to the annual MIP. The second phase policy changes become effective June 3, 2013 and relates to the length of time or the term that the Annual Mortgage Insurance Premium is applied. Currently the MIP is cancelled when the borrower has held the loan for 5 years or reaches a 78% loan to value. Effective June 3, the MIP will be applied for the entire life of the loan that the borrower has the FHA mortgage. This change will affect the long-term costs of the loan for FHA buyers.
- At the May 2013 NAR Mid-year Meetings in Washington, DC, Lawrence Yun, NAR Chief Economist projected gains in Nevada median price at 4.13%-8.75% over the next 12 months. He forecasted that there would be no recession and he anticipates the housing market will have improving home sales over the next 4-5 years.
To read the .
To read the March 2013 report and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS® with data input from NNRMLS.