Fernley Homes and Real Estate Report August 2010

for sale and sold 150x141 Fernley Homes and Real Estate Report August 2010

Fernley Homes and Real Estate monthly report provides information on homes sold, homes for sale, bank-owned and short statistics for Fernley, Nevada.

Summary

The median sales prices continues to  level out, and we remain cautiously optimistic that this trend will continue.  However, for the remainder of 2010 we are returning to a real estate market that is no longer motivated by buyer tax credits and other government interventions.  The comparisons we make with the prior year will continue to use non-incentive sales from this year to compare with last Fall sales to meet the old November 30, 2009 tax credit deadline.

Fernley Homes Median Sales Price

  • August 2010 median price decreased by 2.3% to $105,000 compared to $107,500 in July 2010.
  • The median sales price has been relatively stable for the past fifteen 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

  • August ended the month with 29 homes sold/transactions, a decrease of 34.1% from the prior month.
  • Sales were down 49.1% over the same period last year.

Fernley Homes Average Days on Market

  • The average days on market was up to 111 days, an increase of 2.7% from the prior month.

Fernley Homes Sold-to-asking-price Ratio

  • August reported sales received an average of 100.6% of the seller’s asking price.

Fernley New Listings

  • 66 new listings were taken in August compared to 64 in July, a 3.1% increase over the previous month and a 13.2% decrease from the prior year.
  • The percentage of “Distressed” new listings was up 14 percentage points over July.  79% of new August listings were distressed.
  • Note:  Beginning with the January 2010 report, properties reported as “other” which includes “Freddie Mac’s and HUD’s” are included with Bank Owned REO properties.

Status of Pending (Under Contract)

  • Active Pending – short sale represents 55% of the total active pendings: Active Pending Loan equals 23%; Pending No-show represents 14%; and Active Pending call -8%.

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

  • As of August 31, there was 8.0 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. The calculation of month’s supply of inventory excluding Active Pendings would bring the absorption down to 4.2 months supply of inventory.

Conclusion

  • August median Fernley home prices is down 7.1% year over year.  With the exception of a couple months following the end of the tax incentives, the median price has remained stable for the past fifteen months.  Until we have several more months of sales, and the end of the extended September 30 first-time homebuyer tax credit deadline behind us, it is too early to call a trend.
  • As expected, unit sales levels were down from the prior month. As a forward looking indicator, pending sales were up 4% from the prior month.  This stability in the pending sales numbers is a positive sign that demand for homes continues without the influence of first-time home buyer tax credits.
  • Seven of the last thirteen months, sellers have received over 100% of the sold-to-asking price ratio.  This is an indicator that single family homes in  Fernley are undervalued.

To read the complete August 2010 report with graphs and 5 year charts.

The report is courtesy of Reno-Sparks Association of Realtors.®

Jul;y 2010 report

June 2010 report

May 2010 report