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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 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

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 both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 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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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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