For the past 24 months, Fernley has averaged 44 sales per month. August 2013 sales were up 8% compared to August 2012.
Fernley Homes Median Sales Price
- August 2013 median price was down 0.0% to $134,950 compared to $135,000 in July 2013 and up 51.6% compared to $89,000 in August 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
- August, 2013 homes sold was down -14.3% to 42 compared to 49 in July, 2013 and up 7.7% compared to 29 in August 2012.
Fernley Homes New Listings
- August, 2013 new listings was up 8.9% to 61 compared to 56 in July, 2013 and up 22.0% compared to 50 in August 2012.
Fernley Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of the end of the month August, there was 3.1 months of inventory based on the August sales rate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
Conclusion
- The escalation of median price that began in April 2012 has leveled off the past two months. The median price in August was nearly level with July at $134,950 and up 51.6% from August 2012. The settling in median price may be attributed to a cooling of enthusiasm by buyers with the increase in interest rates. Although interest rates are still affordable, the increase may push some buyers out of the market. The leveling in median sales price may also be seasonal.
- For the past 24 months, Fernley has averaged 44 sales per month. August 2013 sales was down 7 homes from July or a 14% decline. August 2013 sales were up 8% compared to August 2012.
- August sold to asking price ratio declined, but still stands at 100% compared to July at 101%.
- Home Means Nevada Retention Program, a new program initiated by the State of Nevada Department of Business Industry, will be buying discounted pools of underwater mortgages using funds from federal and state sources and will work to keep qualified homeowners in their homes by refinancing their loans at current market value and interest rates. Homeowners will be provided every opportunity to retain their home. If the homeowner can't qualify, transition assistance of up to $5,000 will be provided, a deed in lieu will be executed and the property will then be sold to eligible owner occupants. Homes that are vacant, abandoned or delinquent and tenant occupied will be promptly foreclosed and resold to eligible buyers.
- It is anticipated that the program will acquire nearly 4,600 mortgages statewide during a projected 7 year period with a goal of retaining 40% of individuals in their homes. It is projected that the Homes Means Nevada Retention program will stimulate $201 million of direct economic activity and $432 million of indirect revenues for a total of $633 million in economic activity.
To read the market-reports August-2013 with charts, graphs and 5 year history.
To read previous months and years reports.
Reprinted with permission of Reno/Sparks Association of REALTORS®.
