Photo by Jerry Mansker
Summary
- December home sales at 47 are the fourth highest homes sales for a December in history. This number outpaces December 2010 sales by 47% and is up 27% from November 2011. Year-end sales for 2011 were the fourth highest in the history of the MLS. We are optimistic that these are early and positive signs of a move toward recovery.
Fernley Homes Median Sales Price
- December 2011 median price increased 7.3% to $90,000 compared to $83,859 in November 2011.
- The median price is down 8% from the prior December.
- The median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.
Fernley Price per Square Foot Solds
- Price per square foot is at $55.97.
Fernley Homes Sold
- December closed the month with 47 sold transactions up 27% from the prior month, and up 47% from December 2010.
- Fernley sales have been relatively stable for the past ten months.
- Total sales for 2011 (505) are the fourth highest in history and up 6% from 2010 (479) year-end sales.
Fernley Homes Average Days on Market
- The average days on market are up to 146 days, an increase of 47% from the prior month.
Days on Market (DOM) by Special Conditions
- Short sales average days on market are up to 206 DOM.
- Properties with no special conditions and REO are comparatively close at 134 and 107 DOM respectively.
- Properties in the Other category had an average DOM of 182.
Fernely New Listings
- 31 new listings were taken in December down 32.6% from November, and a 27.9% decrease from the prior year.
- New listings have declined from a high in 2011 of 75 in August.
Distressed New Listings by Special Conditions
- The market remains dominated by distressed new listings representing 78% of the market, up from November 2011 (67%).
- REO listings represented 39% of the market; Short Sales 39%; No special conditions 22% and Other 0%.
Status of Pending
- Active Pending - Short Sales represents 54% of the total active pendings; Pending No-show represents 29.2%; Active Pending Loan equals 8%; Active Pending call 8.8% and Active Pending House 0%.
Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of December 31 there was 4.1 months of inventory based on the December sales rate.
- 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
- Total sales for 2011 (505) are the fourth highest in history and up 6% from 2010 (479) year-end sales.
- December's median price of $90,000 was up 7.3% from November. This the second month we have seen modest increases in median sales price. It's too early to call it a trend; but after eight out of twelve months showing a bottoming, it's a positive sign.
- Despite the unemployment rates, the high volume of sales reported this year shows that qualified buyers and investors are taking advantage of affordable prices and record low interest rates.
- Interest rates reachedf another new low of 3.96% in December.
- Lower inventory is a signal that price declines may be coming to an end and a sign of pent up demand.
- We are optimistic that these are early and positive signs of the move toward recovery.
To read the complete Fernley Market Reports December 2011
To read Fernley Homes and Real Estate Market Report November 2011 and previous months and years.
Report courtesy of Reno/Sparks Association of REALTORS® with dat sources from NNRMLS.
