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Summary:
- The median sales price has continued its settling trend over the past 24 months.? More buyers and investors are deciding it is an opportune time to purchase a home.? High inventory and low prices reflect the affordability of homes, verified by the increase in home sales.
Fernley Homes Median Sales Price
- May 2011 median price increased by 8.8% to $87,000 compared to $80,000 in April 2011.
- The median price is down 19.8% from the prior May.
- Median price is defined as the mid-point, the price half of the sales for the time frame are below and half are above.
Fernley Homes Price per Square Foot Solds
- The current price per square foot is at $57.89.
Fernley Homes Sold
- May closed the month with 41 sold transactions even with the prior month, and up 13.9% from May 2010.
Fernley Homes Average Days on Market
- The average days on market is down to 108 days, a decrease of 19.3% from the prior month.
Days on Market (DOM) by Special Conditions (New Report)
- Short sales continue to influence the average days on market with over 140 DOM.
- Properties with no special conditions, REO, or Other show a range of between 75 and 110 DOM.
Fernley Homes New Listings
- 64 new listings were taken in May compared to 51 in April, a 25.5% increase from the previous month, a 30.6% increase from the prior year.
- Distressed New Listings by Special Conditions (New Report)
- The number of new REO listings has increased for the past four months, while the number no special conditions have declined.
- Note:? Properties reported as ?Other? includes ?Fannie Mae?s, Freddie Mac?s and HUD?s? are included with Bank Owned REO properties.
Status of Pending (data in report)
- Active Pending ? Short Sale represents 49.6% of the total active pendings;? Active Pending Loan equals 9.8%; Pending No-show represents 26%; Active Pending call 13.8% and Active Pending House is less than 1%.
Fernley Homes Months Supply of Inventory? (Unsold Inventory divided by Sales per Month)
- As of May 31 there was 5.6% of inventory based on the May 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.
Conclusion
- The affordability door is open to a wider range of buyers.? This means that a single-income, household earning approximately $12 per hour, can now afford the median priced home in the Fernley area.
- Mortgage rates are at historic lows.? Rates are predicted to move up before year end.? For those with stable jobs and who expect to stay in their home long-term, it?s an excellent time to buy.
- The number one market requirement for Nevada is jobs!
- For buyers, it?s buyer confidence and credit worthiness to qualify for financing under stricter underwriting guidelines.
- At current median prices, the dream of homeownership has never been more affordable.
Report courtesy of the Reno/Sparks Association of REALTORS? with data sourced from Northern Nevada Regional MLS.
To read the full 14 page report complete with graphs, charts and 5 year history Fernley Market May 2011
To read?Fernley Homes and Real Estate Market Report April 2011.? If you want to read reports for the past years go to my home page and go to categories for ?Fernley Market Reports?.
Filed under Fernley Market Reports, Northern Nevada Real Estate ?
Source: http://www.soldonfernley.com/fernley-homes-and-real-estate-market-report-may-2011/
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