Fernley, Nevada Homes on the Golf Course
Summary
- The Fernley median price is currently at 2001 levels. In 2001, interest rates were 6.97% compared to today's average interest rate of 3.54 percent, which for the current median price saves home buyers $228 per month with 5 percent down on a 30 year fixed loan. With low inventory levels we anticipate this trend to continue at least through the end of the year.
Fernley Median Home Sales Price
- May 2013 median price was up 3.3% to $113,500 compared to $109,890 in April 2013 and up 26.1% 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 Homes Sold
- May, 2013 homes sold was up 3.9% to 53 compared to 51 in April, 2013 and up 8.2% compared to 49 in May 2012.
Fernley New Listings
- May, 2013 new listings was up 11.1% to 50 compared to 45 in April, 2013 and down -10.7% compared to 56 in May 2012.
Absorption Months Supply of Inventory (Unsold Inventory Divided by Sales per Month)
- As of the end of April, there was 2.2 months of inventory based on the March sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
Conclusion
- Sales in the category of no special conditions represented 52% of the sales in May 2013 compared to 37% of the market in May 2012. Equity sellers entering the market and investors who purchased at or near the bottom of the market continue to be the main source of inventory and sales.
- Median price has been trending up for the past fourteen months. Even with the increasing median prices, medium is currently at 2001 levels and is still off 56% from the peak of the market in 2006.
- After a historic inventory low in March 2013 at 87, new listing inventory has been trending up for the past two months and is up 15.6% over May 2012. Low interest rates and affordable pricing continue to put demand on inventory, which is resulting in increased median price.
- For the first month since April 2010, the sold to asking price ratio exceeded 100%. May sold to asking price ratio reached 100.8%
- With the increase in prices, some sellers may have moved into an equity seller position or are closer to a positive equity 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 will incur a tax on the forgiven portion of the debt. Short sales in Fernley are taking about 180 days to receive an approval and close escrow. Contact a REALTOR to begin the discussion about your options and marketing the property for sale if you are eligible for a short sale.
To read the Fernley Market Report May 2013 with charts, graphs and 5 year history.
To read April 2013 report and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS® with data unput by NNRMLS.
