Fernley Homes and Real Estate Market Report July 2012

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Fernley Homes and Real Estate Report, Your Guide to Buying and Selling a Home in Fernley!

The current market lends itself to being a good time for a homeowner who is thinking of selling a home to move forward and sell the home.? We are seeing homes receive multiple offers and often times selling more more than the original asking price.

Fernley Homes Median Sales Price

• July 2012 median price increased 5.4% to $98,000 compared to $93,000 in June 2012.
• The median price is up 14.5% from the prior July.
• Median price is defined as the mid-point, where, for the time period identifed, the price for one-half of the sales are higher and one-half are lower.

Fernley Homes Sold

• July ended the month with 50 sold transactions, up 16.3% from the prior month, and down 10.7% from July 2011.

Fernley Homes Average Days on Market

• The average days on market are up to 169 days, an increase of 18.2% from the prior month.

Fernley Homes New Listings

• 43 new listings were taken in July down 6.5% from June, and a 34% decrease from the prior year.
• Distressed listings represented 51% of the market, up from June 2012 at 70%

Fernley Homes Months Supply of Inventory

• As of July 31, there was 3.5 months of inventory based on the July sales rate.
• The National Association of REALTORS? describes a balanced market as between 5 and 7 months supply

Conclusion

• New listings are down 6.5% from July 2011.? The market mix of new listings has changed from July 2011 when bank owned listings represented 44% of the market.? Today bank owned is 14% of the market.? The market has shifted to short sales represented by 37% of new listings.
• The sales side has all shifted to short sales dominating the market.
• Fernley sales rebounded and were up 16% from June 2012, and down 11% from July 2011.? Demand and buyer confidence is strong, but inventory levels remain low.
• Begining in April 2012 Fernley has had a steady increase in month over month median price.? Median price is up 14.5% over July 2011.? Low inventory and buyer demand is putting upward pressure on median sales price.
• For the fifth consecutive month, the Fernley market has remained a seller?s market.? We believe this trend will continue.
• Current Month?s Supply of Inventory in the Fernley market is at 3.5 MSI showing the market as a seller?s market.

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

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

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

Source: http://www.soldonfernley.com/blog/fernley-homes-and-real-estate-market-report-july-2012/

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