Fernley Remains an Attractive Option for Those Median Income Earners who may be Priced out of the Market in the Reno Area; However, Inventory Levels in Fernley for the Entry-Level Buyer Are Also Low.
Summary:
- The median sales price has slowed from the accelerated pace seen from March 2012 through July 2013, but is still up 12 percent over February 2013.
Fernley Median Sales Price
- February 2014 median price was down -0.4% to $130,000 compared to $130,500 in January 2014 and up 13.1% compared to $114,900 in February 2013.
- 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
- February, 2014 homes sold was up 12.5% to 27 compared to 21 in January, 2014 and down -34.1% compared to 41 in February 2013.
Fernley New Listings
- February, 2014 new listings was down -12.5% to 42 compared to 48 in January, 2014 and down -2.3% compared to 43 in February 2013.
Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of end of month February, there were 5.4 months of inventory based on the 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.
Conclusion
- The acceleration in median price seen in the first half of 2013 has slowed. Since July of 2013, we have seen a leveling trend that has continued into February 2014.
- The Lyon County year-over-year jobs market is incrementally improving but remains in double digits.
- For those sellers with equity and a willingness to price their home competitively, particularly at the entry level of the market, there is still buyer demand and it's an excellent time to sell.
To read theFernley Market Report Feb 2014, with charts, graphs and 5 year history.
To read January, 2014 report and previous months and years.
Report courtesy of the Reno/Sparks Association of REALTORS® with data sourced from NNRMLS.
Comments (1)Subscribe to CommentsComment