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2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

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 significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 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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(Because current market conditions can change rapidly in any given marketplace,
please check with Top Agent for current Fernley, NV market conditions before acting on this information.)
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