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

February single family home sales in the Fernley are up 18.5% over February 2011 and have remained stable over the past year!

Fernley Median Home Sales Price

• February 2012 median home price decreased 5.4% to $74,000 compared to $78,250 in January 2012.
• The median home price is down 31.5% from the prior February.
• 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 Homes Price per Square Foot Solds

• Price per square foot is at $50.42

Fernley Number of Homes Sold

• February closed the month with 32 sold transactions down 23.9% from the prior month, and up 18.5% from February 2011.
• Fernley sales have been relatively stable for the past eleven months.

Fernley Homes Average Days on Market

• The average days on market are up to 157 days, an increase of 20.5% from the prior month.

Days on Market (DOM) by Special Conditions

• Short sales average days on market are up to 241 DOM.
• Properties with no special conditions average days on market are up to 267, the highest in history.
• REO properties average days on markets remain stable at 106.

Fernley New Listings

• 60 new listings wee taken in February up 58% from January, and a 20% increase from the prior year.
• New listings are following the normal seasonal trend of increasing after a holiday down turn.

Distressed New Listings by Special Conditions

• The market remains dominated by distressed new listings representing 77% of the market, up from January 2012 (73%).
• REO listings represented 38% of the market; Short Sales 38%; No special conditions 23% and Other 0%.

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

• As of February 29 there was 6.1 months of inventory based on the February sales rate.
• The National Association of REALTORS? describes a balanced market as between 5 and 7 months supply.

Conclusion

• February 2012 reported home sales are down 10 sales from January 2012.? February 2012 sales are up 18.5% from February 2011 home sales.
• The median home price has remained stable for the past eleven months.
• The unemployment rate trended down in 2011 and is down from 14.2% in January 2011 to 13% in January 2012.
• With interest rates at historic low levels and affordable housing prices, stable home sales support the conclusion that now is agood time to purchase a home.

To read the complete Fernley Homes and Real Estate Market Report February 2012

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

Report courtesy of Reno/Sparks Association of REALTORS? with data sourced from NNRMLS.

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