Fernley, Nevada Homes and Real Estate Report October 2013

Fernley has seen a steady increase in median home sales price since February 2012.

Fernley Median Home Sales Price

• October 2013 median home price was up 12.0% to $140,000 compared to $125,000 in September 2013 and up 44.3% compared to $96,999 in October 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.

Number of Homes Sold

• October, 2013 homes sold was up 72.0% to 43 compared to 25 in September, 2013 and down-10.4% compared to 48 in October 2012.

Fernley New Listings

• October, 2013 new listings was down -1.9% to 51 compared to 52 in September, 2013 and up 10.9% compared to 46 in October 2012.

Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)

• As of end of the month, there were 3.4 months of inventory based on the October sales rate.
• The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
• Unsold inventory includes Active Pending's.  This method of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.

Conclusion

• Fernley home sales rebounded in October.  October home sales were at 43, up 72% from September 2013 and down 10% from October 2012.
• Fernley has seen a steady increase in median home price since February of 2012, when the median price bottomed at $73,000.  The median home price in October was at $140,000 compared to September at $125,000 and up 44% over October 2012.
• After a historic low in new listing inventory in December 2012 at 26, new listings have been trending up.  In October, new listings declined 1.9% or 1 home unit from September.  New listings are up 11% from October 2012.
• Fernley moved back into a seller's market with 3.4 month's supply of inventory.

To read theFernley-Market-Reports- Oct 2013 with charts, graphs and five year history.

To read September 2013 home report and previous months and years.

Report courtesy of the Reno/Sparks Association of REALTORS® with data input from NNRMLS.