Fernley Home and Real Estate Market Report March 2012

out of town park little league with text Fernley Home and Real Estate Market Report March 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fernley:  A Great Place to Live, Work and Play !

Summary:

March 2012 home sales in Fernley are up 14.3% over February and have remained stable over the past twelve months.  The volume of bank owned listings has declined, they have been replaced by traditional or equity sellers in the market.  This trend may be caused by investors who are seeing us entering a seller’s market and this  as an opportune time to sell.

Fernley Homes Median Sales Price

  • March 2012 median price decreased 2.4% to $71,250 compared to $73,000 in February 2012.
  • The median price is down 25% from the prior March.
  • 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 Sold

  • March ended the month with 40 sold transactions, up 14.3% from the prior month, and down 23.1% from March 2011.
  • Fernley sales have been relatively stable for the past twelve months.

Fernley Average Days on Market

  • The average days on market are down to 95 days, a decrease of 37% from the prior month.

Days on Market (DOM) by Special Conditions

  • Short sales average days on market are down to 213 DOM.
  • Properties with no special conditions average days on market are down to 50, more in line with prior months.
  • REO properties average days on market is down to 77 DOM.

Fernley New Listings

  • 66 new listings were taken in March up 10% from February, and a 10% increase from the prior year.
  • Looking back to 2007, post boom years, listings coming on the market for a March are keeping pace with prior boom years.

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

  • As of March 31 there was 5.2 months of inventory based on the March sales rate.

Conclusion

  • March 2012 reported home sales are up 14% fom February 2012.  March 2012 sales are down 23% from March 2011 sales.
  • With relatively stable sales for the past twelve months, the median price has trended down for the past three months.
  • Fernley is absorbing its inventory and is moving into a seller’s market with 5.2 months supply of inventory.
  • With interest rates up slightly in March, but still at historic low levels and affordable housing prices, stable home sales support the conclusion that now is a good time to purchase a home.

To read the complete report with graphs, charts and five year history.Fernley Market Report March 2012

To read the February 2012 Fernley Real Estate Market Report and previous months and years.

Report courtesy of the Reno/Sparks Association of REALTORS® with data supplied by NNRMLS.