Fernley Homes and Real Estate Market Report August 2011

By
Real Estate Agent with RE/MAX Authority

Fernley homes and real estate

 

Fernley Homes and Real Estate

Summary:

  • Fernley prices continue to stabilize, this paired with the fact that median sales prices are up and continue to settle indicates we just may be at the bottom. Of course market conditions will continue to be influenced by high unemployment. Although there are media reports of a 'double dip' recessiion, the current median sales price and historic low interest rates make this a good time to buy, especially for those that have been on the fence.

Fernley Homes Median Sales Price

  • August 2011 median price increased 17% to $100,000 compared to $85,565 in July 2011.
  • The median price is down 3.6% from the prior August.
  • 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 Home Price per Square Foot Solds

  • Price per square foot is at $60.23.

Fernley Homes Sold

  • August closed the month with 41 sold transactions down 26.8% from the prior month and up 36.7% from August 2010.
  • Fernley sales have continued to show signs of improvement for the past six months.

Average Days on Market

  • The average days on market are up to 126 days, an increase of 17.9% from the prior month.

Days on Market (DOM) by Special Conditions

  • Short sales continue to influence the average days on market with over 288 DOM.
  • Properties with no special conditions and REO show a range of between 59 and 111 DOM.

Fernley New Listings

  • 74 new listings were taken in August compared to 65 in July 2011, a 13.8% increase from the previous month and a 10.4% increase from the prior year.

Distressed New Listings by Special Conditions

  • The percentage of "Distressed" new listings was down 3% from the prior month.
  • NNRMLS implemented a recent change in the reporting of Fannie Mae, Freddie Mac and HUD re-possessed listings as Real Estate Owned (REO). August new listings by special conditions reflect a more accurate picture.
  • REO listings represented 38% of the market; Short Sales 33%; No special conditions 28% and Other 1%. A positive sign is listings with no special conditions have increased steadily since December. The market remains dominated by distressed new listings representing 70% of the market.

Status of Pending

  • Active Pending - Short Sale represents 46.8% of the total active pendings; Pending No-show represents 24.8%; Active Pending Loan equals 20.2%; Active Pending call 7.3% and Active Pending House less than 1%.

Fernley Home Supply of Inventory (Unsold Inventory divided by Sales per Month)

  • As of August 31 there was 6 months of inventory based on the August 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

  • Year-to-date 2011 home sales (339) numbers are up slightly over 2010 home sales (334). We are cautiously optimistic that the sales number will continue to perform on its own (without government incentives) and outpace 2010.
  • Fernley sales have continued to show signs of improvement for the past six months.
  • August's median price of $100,000 was up 16.9% over August. There was some artificial stabilizing in the median price during the tax credit influenced period. Aftr the final deadline of September 2010, we have seen a continued decline in the median price. Savvy buyers with stable jobs and investors are seeing this as an excellent time to buy. It's time to get off the fence.
  • The average 15-year fixed rate loan dropped to 3.3%. This is the lowest level since 1991, when mortgage giant Freddie Mac began tracking it. Freddie Mac also reported that the 30-year fixed rate loan dropped to 4.09%, a new low for 2011.
  • Mortgage specialists say to get the best rates consumers must have a minimum, FICO credit score of 720 or 740 out of a possible 850. A tough challenge for even the most qualified buyer.

Courtest of Reno-Sparks Association of Realtors. Data sourced from NNRMLS.

To read the complete report along with charts and 5 year history Fernley Homes and Real Estate Market Report August 2011

To read Fernley Homes and Real Estate Market Report July 2011 and previous reports.

 

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I am Sandra Mathewson, a full-time Realtor working both as a listing agent and a buyer's agent. I love using the internet to meet people and keep in touch with friends and clients. I write this blog to show you why Reno, Sparks and Fernley real estate is truly something to be desired.

Whether you are considering buying or selling, you can visit me at my Reno, Sparks, Fernley homes for sale website. You will find my website as your best online source of information. How is the market doing? I'll keep you posted with the most current MLS reports. You can also search for homes for sale in Reno NV (including Sparks, Fernley and surrounding areas). Read about the communities, events and things to do around Reno NV in this great Northern Nevada Lifestyle.

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