The drop in existing home sales is not unlike the prior seasonal trends we have seen in the fall after school begins. We are also seeing a positive trend in the leveling of median sales prices.
Fernley Homes Median Sales Price
- September 2013 median price was down -10.5% to $119,950 compared to $133,950 in August 2013 and up 27.6% compared to $94,000 in September 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
- September, 2013 homes sold was down -40.9% to 26 compared to 44 in August, 2013 and down -29.7% compared to 37 in September 2012.
Average Days on Market
- September, 2013 average days on market was up 23.3% to 95 compared to 77 in August, 2013 and down -20.3% compared to 119 in September 2012.
Fernley New Listings
- September, 2013 new listings was down -14.8% to 52 compared to 61 in August, 2013 and up 20.9% compared to 43 in September 2012.
Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of the end of August, there were 5.8 months of inventory based on the September 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.
- Like Reno, Fernley saw a drop in month-over-month homes sales. Sales were at 26, down 41% from August 2013 and down 30% from September 2012.
- We continue to see a leveling in median sales price after the trending appreciation that had taken place the prior 18 months. This may be due to the beginning of the seasonal softening of median sales price along with recent increase in interest rates. The median price in September was down 10.5% to $119,950 compared to August at $133,950 and up 27.6% over September 2012.
- After a historic low in new listing inventory in December 2012 at 26, new listings had been trending up for the past six months. In September, new listings declined 14.8% or 9 homes from August. New listings are up 20.9% from September 2012.
- For the fifth consecutive month, the sold-to-asking price ratio in Fernley has been at or above 100%. September sold-to-asking price ratio was 101.1% compared to August of 100%.
- For the first time in eight months, Fernley moved into a balanced market at 5.8 month's supply of inventory.
- The Homeowner Bill of Rights became effective October 1, 2013. Homeowners who have received a Notice of Default or are in a distressed situation should contct your lender and a REALTPR® to discuss your options.
To read the Fernley-market-reports-Sept. 2013 complete with graphs and charts and five year history.
To read previous months and years reports.
Report courtesy of the Reno/Sparks Association of REALTORS® with data sourced from NNRMLS