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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 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. 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 how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% 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 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. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
Historically, during the peak listing months, May, June and July, new listing inventory outpaces sales, said John Graham, 2017 RSAR President. “This year new listings and sales are tracking at the nearly the same pace. This means new listing inventory is being quickly absorbed as sales.” The median price at $224,875 is up 4% from April and up 25% from May 2016. Fernley’s unit sales at 42 are down 30% from April and down 14% from May 2016. May new listings at 62 are down 8% and down 8% from May 2016. The Fernley market has 1.8 months supply of inventory, a seller’s market. Median price has been on the rise since its low of $73,000 in February 2012 to its current high of $225,000. That’s a 208% increase in value over a five-year period. New listings have been on the increase as predicted, but are not keeping pace with demand. Properties are remaining on the market an average of 84 days down 27% from May 2016. Sellers are receiving an average of 99.4% of list price down less than 1% from May 2016. The average days to contract in May was 84 down 26% from April 2017.
Average Sold Home Price: $225,000

Average Time on Market: 60-90 days

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

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

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

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

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: Repeat Buyers

Best reason to buy or sell: New Industries

Nearest Metro Area: Reno - Sparks

Average Sold Home Price: $225,000

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Lisa Hayes
805-338-6126
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15 year fixed rate: 2.97%
30 year jumbo rate: 4.16%
15 year jumbo rate: 3.83%
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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
805-338-6126
Email Me | Receive New Listings by Email
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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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