Fernley Homes and Real Estate Market Report October 2010

for sale and sold Fernley Homes and Real Estate Market Report October 2010Fernley Homes and Fernley Real Estate Market Report MLS Statistics for October 2010

 

 

 

Summary

  • As colder weather months are upon us, we expect to see a slight seasonal downturn in the number of home sales. We are continuing to see only small decreases in median sales prices from a month-over-month and year-over-year perspective.  As we had anticipated, these numbers again indicate that we are experiencing a leveling of the market.

Fernley Median Sales Price

  • October 2010 median price decreased by 5.3% to $99,450 compared to $105,000 in September 2010.
  • The median sales price has been stable for the past six months.
  • Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.

Fernley Homes Sold

  • October ended the month with 38 sold transactions an increase of 15% from the prior month.
  • Sales were down 39.7% over the same period last year.

Fernley Homes Average Days on Market

  • The average days on market are up to 99 days, an increase of 4% from the prior month.

Fernley Homes Sold-to-asking-price Ratio

  • October reported sales received an average of 99.1% of the seller’s final asking price.

Fernley New Listings

  • 60 new listings were taken in October compared to 49 in September, a 22.4% increase over the previous month and a 14.3% decrease from the prior year.
  • The percentage of “Distressed” new listings was down 2 percentage points from September. 78% of new October listings were distressed.
  • Note: Properties reported as “other” which includes “Freddie Mac’s and HUD’s” are included with Bank Owned REO properties.

Status of Pending Homes

  • Active Pending – Short Sale represents 56% of the total active pendings; Active Pending Loan equals 17%; Pending No show represents 23% and Active Pending call 4%.

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

  • As of October 31, there was 5.4 months of inventory based on the October 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 pendings sales in the active inventory.  The calculation of month’s supply of inventory excluding Active Pendings would bring the absorption down to 2.7 months supply of inventory.

Conclusion

  • This could be described as a normal market as we adjust to a non-incentivized homebuying world with some softening in the closed sales.
  • October median sales price is down less than 10% year over year.  Median home prices continue to show stability with a continuation of a mostly sideways trend with some settling instead of the disctinctly downward trend of the prior two years.
  • October’s percentage of distressed listings decreased 2 percentage points to 78% but still remains below the levels seen last year.
  • Fernley home inventory levels remain at a balanced market, moving to a mild seller’s market.  This is also reflected in sold to asking price ratio, which has favored sellers for the past three months.
  • Results of our recent elections could have an affect on the housing market.

Courtesy of the Reno/Sparks Association of REALTORS®, data from the Northern Nevada Regional Multiple Listing Service.

To read the complete FernleyStandardReportOctober2010  report complete with graphs, charts and five year history.

September Report