Summary
- We continue to see a mostly sideways trend in year-over-year median sales price. As we approach 2011, we are hopeful that these trends will continue in the new year and the median sales price movement becomes less volatile. This stabilization will assist buyers and sellers alike.
Fernley Homes Median Sales Price
- November 2010 median home price increased by 11.1% to $110,000 compared to $99,000 in October 2010.
- The median home sales price has been stable for the past seven months.
- Median home price is defined as the mid-point, half of the sales for the time frame are below and half are above.
Fernley Homes Sold
- November ended the month with 41 sold transactions an increase of 5.1% from the prior month, the fourth consecutive month of increased sales.
- Sales were down 18% over the same period last year.
Fernley Homes Average Days on Market
- The average days on market are up to 111 days, an increaxe of 13.8% from the prior month. (This would be due to the length of time it takes to close a short sale.)
Fernley Homes Sold-to-asking-price Ratio
- November reported sales received an average of 97.9% of the seller's final asking price.
Fernley Homes New Listings
- 50 new listings were taken in November compared to 61 in October, an 18% decrease from the previous month and a 15.3% decrease from the prior year.
- The percentage of "Distressed" new listings was down 1 percentage point from October. 78% of new November listings were distressed.
- Note: Properties reported as "other" which includes "Freddie Mac's and Hud's" are included with Bank Owned REO properties.
Fernley Homes Status of Pending
- Active Pending-Short Sale represents 57% of the total active pending; Active Pending Loan equals 15%; Pending No-show represents 22%; and Active Pending call 6%.
Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of November there was 5.1 months of inventory based on the November sales reate.
- The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
- Unsold inventory includes Active Pendings. This method of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.
Conclusion
- This could be described as a normal market as we adjust to the non-incentivized home buying market.
- November median sales price is up 22.8% year over year. Median home prices continue to show stability with a continuation of a mostly sideways trend with some settling instead of the distinctly downward trend of the prior two years.
- November's percentage of distressed listings decreased 1 percentage point to 78%, but still remains below last November.
- Fernley homes inventory levels remain at a balanced market, moving to a mild seller's market.
- In the news: The interest rates on a 30 year fixed loans increased from 4.46% to 4.61%. This was reported as a big threat to potential homebuyers by some, an incentive to make a purchase now by others.
- Realtiy check: That increase in the interest rate represents a $20 per month increase in monthly paymnets for a $200,000 loan, the potential loss of 5 or 6 Starbucks a month, hardly a roadblock to many buyers. On second thought, it might be enough to push some coffee lovers to make the move to buy that home today.
Data sourced from Northern Nevada Regional Multiple Listing Service.
To read the complete report with graphs, charts and five year history Reno Sparks November Market Report 2010
Fernley Homes and Real Estate Market Report October 2010
