Summary: The upward trend in median sales prices coupled with the near record home sales is a positive sign that buyers and investors are taking advantage of affordable pricing and low interest rates. Equity homeowners who are considering selling, as well as homeowners who have a hardship and are considering a short sale, should be taking advantage of the current seller’s market we are experiencing with high demand and low inventory. We cannot predict how long this seller’s market will continue.
Fernley Homes Median Sales Price
- May 2012 Fernley median home price increased 13.2% to $90,000 compared to $79,500 in April 2012.
- The median home price is up 4.7% from the prior May.
- 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
- May ended the month with 48 sold transactions, down 4% from the prior month, and up 14 from May 2011.
- Fernley sales have been relatively stable for the past fourteen months.
Fernley Average Days on Market
- The average days on market are down to 98 days, a decrease of 3.4% from the prior month.
Days on Market (DOM) by Special Conditions
- Short sales average days on market are up slightly to 177 DOM.
- Properties with no special conditions average days on market are down to 49.
- REO properties average days on market are up to 81 DOM.
Fernley New Listings
- 56 new listings were taken in May up 24% from April, and a 13% decrease from the prior year.
Fernley Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of May 31, there was 4.2 months of inventory based on the May sales rate.
- May 2012 reported home sales are down 4% from April 2012. May 2012 sales are up 14% from May 2011 home sales.
- Since March 2012, we have seen a steady increase in median home sales price. Median sales price is up 13.2% over April 2012 and up 4.7% over May 2011.
- Pending sales are a leading indicator of future closed transactions. Pending sales are up 4% from April 2012.
- Despite the more stringent requirements imposed on banks to file Notices of Default, new listings have remained stable. For the second consecutive month, volume of new non-distressed listings coming on the market exceeded the number of distressed listings. Non-distressed listings represented 53% of the market.
- Active inventory is down 13% from a year ago. For the third consecutive month, the Fernley market has remained a seller’s market. We believe this trend will continue, as banks continue to adjust to state legislation and the National Mortgage Settlement.
To read the complete Fernley Market Report May 2012 with charts, graphs and 5 year history.
To read the April 2012 report and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS®, with data supplied by Northern Nevada Regional MLS.