Fernley Homes and Real Estate Market Report January 2012 ...

Fernley Median Home Sales Price

• January 2012 median home price decreased 14% to $78,250 compared to $91,000 in December 2011
• The Fernley median home price is up 4% from the prior January.
• The Fernley median home price has remained stable the past ten months.
• 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 Price per Square Foot Solds

• Price per square foot is at $49.37.

Fernley Number of Homes Sold

• January closed the month with 42 sold transactions down 14% from the prior month, and up 50% from January 2010.
• Fernley sales have been relatively stable for the past ten months.

Average Days on Market

• The average days on market are down to 130 days, a decrease of 8.6% from the prior month.

Days on Market (DOM) by Special Conditions

• Short sales average days on market are up to 219 DOM.
• Properties with no special conditions and REO are at 115 and 84 DOM respectively.

Fernley Homes New Listings

• 38 new listings were taken in Januray up 22.6% from December, and a 34.5% decrease from the prior year.
• New listings have declined from a high in 2011 of 75 in August.

Distressed New Listings by Special Conditions

• The market remains dominated by distressed new listings representing 74% of the market, down from December 2011 (77%).
• REO listings represented 39% of the market; Short Sales 34%; No special conditions 26% and Other 0%.

Status of Pending

• Active Pending ? Short Sale represents 59.5% of the total active pendings; Pending No-show represents 20.7%; Active Pending Loan equals 6.9%; Active Pending call 12.9% and Active Pending House 0%.

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

• As of January 31 there was 4.2 months of inventory based on the January sales rate.
• The National Association of REALTORS? describes a balanced market as between 5 and 7 months supply.

Conclusion

• Home sales continue at historic levels into the new year.? January 2012 home sales at 42 are the second highest home sales for a January in history.? This number outpaces January 2011 sales by 50% and is down 14.3% from December.? The month-over-month drop in sales follows the trend of a drop in sales after the year end increase as buyers and investors rush to close before year end, often for tax purposes.
• January?s median price of $78,250 was down 14% from December.? The Fernley housing market has had relative stability for the past ten months.
• Despite the unemployment rates, the high volume of sales reported this year shows that qualified buyers and investors are taking advantage of affordable prices and record low interest rates.
• Interest rates reached another new low of 3.92% in January.

Report courtesy of Reno/Sparks Association of REALTORS? with data sourced from Northern Nevada Regional Multiple Listing Service (NNRMLS).

To read the complete January Fernley Homes and Real Estate Market Report January 2012?with graphs, charts and five year history.

To read December 2011 Fernley Homes Report and previous months and years.

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