Fernley, Nevada Home Sales Slip in June, 2014 after a strong performance in May, 2014.
Fernley Median Sales Price
- June, 2014 median home price was down -15.1% to $127,250 compared to $149,950 in May, 2014, and up 6.9% compared to $119,000 in June, 2013.
Fernley Homes Sold
- June, 2014 homes sold was down -34.4% to 38 compared to 58 in May, 2014 and down -22.4% compared to 49 in June, 2013.
Fernley New Listings
- June, 2014 new listings was up 22.0% to 61 compared to 50 in May, 2014 and up 17.3% compared to 52 in June, 2013.
Absorption Months Supply of Inventory ( Unsold Inventory divided by Sales per Month)
- As of end of the month, June 2014, there was 4.0 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.
- Fernley remains an attractive and more affordable option for those median income earners who may be priced out of the market in the Reno area. However, inventory levels in Fernley remain low with 4 Month's Supply of Inventory.
- According to a July 6th article in The New York Times "...Reno appears poised to turn the corner, according to economists who study the region. Housing prices are slowing starting to rise. The unemployment rate has declined to 7.1%. New technology companies are arriving, and older ones are expanding, including Zulily, an e-commerce company for women, and children's clothing and home décor, which announced plans in May to double its warehouse and hire 600 people. As quoted from The Times "There are solid reasons to be optimistic about Reno", said Greg Bird, an economist at Moody's Analytics. "We are starting to really see the data turn for them".
- Like Reno, exciting things are occurring in the Tahoe Reno Industrial Center which will be an economic driver for Fernley markets.
- With the lack of inventory at the entry-level, those sellers with equity and a willingness to price their home competitively this may be an excellent time to sell.
To read the full Fernley market report June 2014, complete with charts, graphs and five year history.
To read May, 2014 report and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS® with data supplied by NNRMLS.