Fernley Homes and Real Estate Market Report February 2012

By
Real Estate Agent with RE/MAX Authority

Fernley homes and real estate

February single family home sales in the Fernley are up 18.5% over February 2011 and have remained stable over the past year!

Fernley Median Home Sales Price

  • February 2012 median home price decreased 5.4% to $74,000 compared to $78,250 in January 2012.
  • The median home price is down 31.5% from the prior February.
  • 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 Homes Price per Square Foot Solds

  • Price per square foot is at $50.42

Fernley Number of Homes Sold

  • February closed the month with 32 sold transactions down 23.9% from the prior month, and up 18.5% from February 2011.
  • Fernley sales have been relatively stable for the past eleven months.

Fernley Homes Average Days on Market

  • The average days on market are up to 157 days, an increase of 20.5% from the prior month.

Days on Market (DOM) by Special Conditions

  • Short sales average days on market are up to 241 DOM.
  • Properties with no special conditions average days on market are up to 267, the highest in history.
  • REO properties average days on markets remain stable at 106.

Fernley New Listings

  • 60 new listings wee taken in February up 58% from January, and a 20% increase from the prior year.
  • New listings are following the normal seasonal trend of increasing after a holiday down turn.

Distressed New Listings by Special Conditions

  • The market remains dominated by distressed new listings representing 77% of the market, up from January 2012 (73%).
  • REO listings represented 38% of the market; Short Sales 38%; No special conditions 23% and Other 0%.

Fernley Homes Months Supply of Inventory (Unsold Inventory Divided by Sales per Month)

  • As of February 29 there was 6.1 months of inventory based on the February sales rate.
  • The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.

Conclusion

  • February 2012 reported home sales are down 10 sales from January 2012. February 2012 sales are up 18.5% from February 2011 home sales.
  • The median home price has remained stable for the past eleven months.
  • The unemployment rate trended down in 2011 and is down from 14.2% in January 2011 to 13% in January 2012.
  • With interest rates at historic low levels and affordable housing prices, stable home sales support the conclusion that now is agood time to purchase a home.

To read the complete Fernley Homes and Real Estate Market Report February 2012

To read the January 2012 report and previous years and months.

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

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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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Rainer
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Todd Mack
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Property Manager Assistant

Lot's of good information for someone looking for a Fernley home!

Apr 03, 2012 08:42 PM #1
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