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Real Estate News in Fernley - March 19th, 2017
The Fernley market moved to a balanced market, at 5 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales. Months supply of inventory between 5 and 7 months is considered a balanced market. After a high of $209,000 in November, the Fernley median sales price has remained relatively level. The February median price at $202,000 was down 2% from January and up 22% from a year ago. There is a growing gap in median sales price between the Reno market and the surrounding communities. Today the median priced home in Fernley is 37% less than Reno which makes Fernley an affordable choice for buyers. New listings are seasonally on track, February new listings are up 26% at 54 compared to January and up 32% from one year ago. Properties are remaining on the market an average of 109 days compared to 87 days in February 2016. Sellers are receiving an average of 99% of list price compared to 96% in February 2016.

Real Estate News in Fernley - December 10th, 2016
“The Fernley market performed as expected. The number of units sold averaged 43 units per month, which is typical,” commented William Process, 2016 President of the Reno/Sparks Association of REALTORS®. “Even with monthly highs and lows in unit sales throughout the year, the Fernley market historically averages between 42 sales per month. To date, this year’s sales appear to be on that same track.” The median price at $ 209,000 was up 10% from October and up 29% from November 2015. Fernley’s November unit sales are up 2% to 42 compared to October and up 14% from November 2015. November new listings are down 9% to 51 compared to October and up 50% from November 2015. The Fernley market has 3.9 month’s supply of inventory, a seller’s market. Conclusions: Housing affordability is the hot topic. While Fernley may be an affordable option in comparison to Reno/Sparks, the median price is Fernley is up 10% from November 2015. For the past four years, we have anticipated a hik...
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Real Estate News in Fernley - September 22nd, 2016
“The median home price for single family residences in Fernley was up in August,” said William Process, 2016 RSAR President. “The Fernley market has continued to show strong median price gains since the bottom of the market in January 2012.” Fernley’s August unit sales are up 22% to 45 compared to July and up 32% from August 2015. The August median price was up 5% to $199,000 compared to $189,900 in July. Median price was up 21% compared August 2015. August new listings are up 2% to 64 compared to July and up 14% compared to August 2015. The Fernley market has 3.7 months supply of inventory, a seller’s market. This is below the six months supply of inventory needed for a balanced market. Conclusions: We have seen continued year-over-year price gains for the past 4 years, from a low of $72,500 in January 2012 to the current median price of $199,000 - a 174% increase since the housing crisis. August unit sales at 45 are the highest August in the past five years. January through August 2016 unit sales are 10 units below the same period in 2015. New listings reached the highest level in April of 2016 at 78 and have been declining since. August new listings were at 64 up 1 unit from July 2016. Properties are remaining on the market an average of 79 days compared to 60 days in August 2015.

Real Estate News in Fernley - June 19th, 2016
We have seen continued year-over-year price gains for the past 4 years. The Fernley market experienced double-digit, year-over-year gains in the median price 10 out of 12 months in 2015, with an average year-over-year median price gain in 2015 of 19.7%. In 2016, price gains have been more modest with the average year-over-year median price up 9.6%. We see this slowdown as healthy. Total available housing inventory at the end of May was 125 in the Fernley area down less than 1% from May 2015. At 2.7 months supply, this is below the six months supply of inventory needed for a balanced market. New listings in April 2016 (76) and May 2016 (67) saw the highest volume of new listings for a month in the past five years. Year-to-date, new listings are up 9% over the same period 2015. Properties are remaining on the market an average of 78 days and sellers are receiving an average of 99.1% of list price. Mortgage rates have remained below 4 percent in 16 of the past 17 months. It remains ...
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National Market Conditions
2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Spring 2018 Market Update
“January’s available active inventory was at a low of 112 available listings,” said Doug McIntyre, 2018 RSAR President. “The declining supply of active inventory is the primary reason we are seeing increasing prices. Looking to the year ahead, with the passage of the new tax bill, Californians will be looking at Nevada as a better place to own real estate.” The median price at $240,000, up 4% from December 2017 & up 17% from January 2017. Fernley’s unit sales at 39 are down 19% from December 2017 & down 3% from January 2017. January new listings at 40 are up 48% from December 2017 & down 7% from January 2017. The Fernley market has 3 month’s supply of inventory, a seller’s market. Conclusion: The January median sales price at $240,000 still remains 8% off the peak of the Fernley market reached in March of 2006. Today’s market conditions are much different than they were in 2006. With inventory levels at record lows, it continues to put upward pressure on sales prices. Unit sales were down from the 19% from the prior month after hitting a five-year record high in June of 2017. New listings in January were up 48% from December. Sellers may see this year as the time to sell. With the passage of the new tax bill, Californians will be looking at Nevada as a better place to own real estate. January available active inventory was at 112 listings. Properties are remaining on the market an average of 112 days up 6% from January 2016. Sellers are receiving an average of 99.7% of list price up 2% from January 2016.
Average Sold Home Price: $250,000

Average Time on Market: 90-120 days

Best Selling Price Range: $200,000 - $249,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Increasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Very tight market

Greatest Activity: First Time Buyers

Best reason to buy or sell: New Industries

Nearest Metro Area: Reno - Sparks

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Real Estate Professional, Lisa Hayes Lisa Hayes
Trans-Action Realty 500
Specializing in Fernley Real Estate
6880B S. McCarran Blvd., Suite #7
Reno, Nevada 89509
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(Because current market conditions can change rapidly in any given marketplace,
please check with Lisa Hayes for current Fernley, NV market conditions before acting on this information.)
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