Sandra Mathewson, CRS, ABR, GRI

June was a very busy month with 57 sales: 5 in the golf course and 52 in the rest of Fernley.

In the golf course there were 5 sales:

4 bank-owned sales $87,000 $109,600 $128,000 $175,000

1 short sale listed for $117,000 and sold for $117,000

The 52 sales in the rest of Fernley were as follows:

43 bank-owned sales

List price high $255,900 low $44,900 avg. $117,691

Sales price high $$255,500 low $48,000 avg. $117,087

Average days on market were 97 days with an average sq.ft. Price of $66.

The bank-owned homes are selling for more than asking because of demand and multiple offers on each property.

3 short sales sold:

List $140,000 sold $140,000

List $180,000 sold $170,000

List $245,000 sold $230,000

5 sales were regular owner sales:

List price high $239,990 Low $132,900 Average $168,558

Sales price high $225,000 Low $130,000 Average $146,000

1 Relocation sale:

Listed $149, 9000 sold for $142,000

July starts off with 273 listings:

Golf course has 33 listings:

6 bank-owned

List price high $155,900 Low $88,900 Average $119,600

21 short sales:

List price high $161,900 Low $94,900 average $129,900

5 regular seller listings:

List price high $499,999 Low $198,000 average $301,799

1 relocation listing $159,900

The rest of Fernley starts July with 240 listings:

84 bank-owned

List price high $2,790,000 Low $44,900 Average $139,587

106 short sales

List price high $365,000 Low $59,900 Average $117,755

48 regular seller listings

List price high $4,200,000 Low $89,000 Average $312,947

2 listings conditioned upon court approval

$145,000 and $290,000

Inventory is decreasing for now, bank-owned are in demand and the short sales are still increasing.

What is fueling the sales: low, low prices below prices 10 years ago, low interest rates and the First-Time Homebuyer Tax Credit.

Thinking about Fernley? Sandra is the market specialist for Fernley and surrounding communities.

Every attempt has been made to give accurate results.

Sales are steady in and around Fernley. The golf course had 10 sales:

7 bank-owned sold with an average of $65 per sq.ft. and an average of 124 days to sell.

List price high $159,900 average $127,428 low 79,900

Sold price high $157,000 average $125,000 low $78,000

2 short sales sold, one was listed for $162,000 and sold for $162,000, the other was listed at $149,900 and sold for $130,000

1 regular seller/buyer sale at the list price of $169,000

All the rest of Fernley had 33 sales for May 2009: 27 bank-owned sold with an average per sq.ft. cost of $62.00 and 119 days to sell.

List price high $225,000 average $101,638 low $49,900

Sale price high $217,500 average $ 99,280 low $45,000

6 regular seller/buyer sales:

List price $169,000 sold $168,000

List price $147,693 sold $153,000

list price $129,500 sold $122,000

list price $109,900 sold $104,000

list price $ 90,000 sold $79,375

Interesting, there were NO short sale transactions.

June numbers are interesting, for the golf course we have 27 listings: 5 bank-owned, 16 short sales, 5 regular seller listings as follows:

Bank-owned list prices $87,500, $105,900, $119,500, $129,900, $175,000. Average days 85 and $66 per sq.ft average cost.

Short sales 16, this is a record amount. A few months ago we had more bank-owned than short sales.

List price high $164,900, average $128,275 low $95,000

5 regular seller listings list high $499,999 average $283,799 low $198,000 average of 170 days on the market and one relocation priced at $159,900. You can see how long the regular seller listings are on the market compared to the bank-owned and the difference in prices.

The rest of Fernley starts June with 230 listings, 87 bank-owned, 93 short sales, 45 regular seller and 1 relocation.

Bank-owned list price high $249,000 average $109,943 low $44,900

Short sale list price high $365,000 average $123,753 low $69,000

Regular seller list price high $4,200,000 average $319,304 low $89,000

I have talked to other Realtors and we all agree that we are running out of bank-owned homes. As soon as one comes into the MLS, there are several offers in the first few days. Sometimes we write several offers for a client before we get an accepted offer. The amount of homes listed as short-sales is scary. If they don't sell, then what?

If you are thinking of buying a home, call Sandra at (775) 287-8222, or visit my website www.SoldOnFernley.com. Ask about the Nevada Rural Housing Financing program, no money down, low, low interest rates.

Fallon has seen a slight increase in distressed property activity, but nothing like Fernley is experiencing.

May produced 11 sales for stick-built homes. 7 were bank-owned:

list price low $66,900 average $105,842 high $133,900

sale price low $68,500 average $110,642 high $148,000

Interesting fact, all the bank-owned sold for more than the list price

4 sales were regular seller/buyer:

list price low $119,900 average $202,199 high $299,000

sale price low $107,000 average $194,450 high $288,000

Only 1 manufactured home sold after several years of trying, list price $226,500, sold $226,500 (considerably reduced over the years)

June starts off with 193 listings that are stick-built. 22 are bank-owned, 20 short sales, 149 regular listings, 1 misc and 1 relocation.

bank-owned low $14,500 average $128,575 high $249,900

short sales low $99,000 average $161,655 high $265,000

regular low $66,500 average $267,634 high $1,800,000

Relocation is listed for $35,000

June manufactured listings are:

3 bank-owned low $92,800 average $104,000 high $114,400

no short sales

48 regular low $69,900 average $152,265 high $274,000

one probate sale

If you are thinking of buying or selling a home, call Sandra (775) 287-8222. Ask about the First-Time Buyer USDA Rural Housing Program. Low interest rates, no money down.

May 2009 only produced 5 sales:

Stick built list price $89,000 sold price $89,000 this was a bank-owned

Stick built list price $152,650 sold price $152,500 regular seller/buyer sale

Manufactured has 3 sales, Two were bank owned

list $66,000 sold for $50,000

list $73,500 sold for $49,900

list $200,000 sold for $190,000 this was a regular seller/buyer sale

June starts off with 62 manuf. listings. Of those 6 are bank owned, 5 are short sales, 50 are regular listings and 1 is subject to court approval

The list prices are: low $40,000 average $128,169 and high $289,000

June starts off with 30 stick built listings: 7 are bank-owned, 2 short sales and 20 regular seller listings.

list price low is $57,900, average $162,154, high $375,000

Silver Springs seems to be fairing very well in not being consumed with foreclosures.

Fernley is now eligible for the "Neighborhood Stabilization Program (NSP) to assist homebuyers in purchasing bank-owned homes in Fernley and Dayton. Funding is available through Lyon County's Neighborhood Stabilization Program.

As a component of the Housing and Economic Recovery Act of 2008 (HERA), the NSP is specifically intended to stabilize neighborhoods experiencing the negative effects of the sub-prime mortgage crisis and the general economic downturn. These localities are identified as those hard hit by foreclosures and are statistically at high risk of continued market deterioration.

Lyon County is taking applications for the qualified homebuyers Down Payment Assistance Program (DPA). This program is funded by HUD through NSP funds and provides $30,000 to qualified homebuyers at 50% area medium income and $15,000 for 120% area medium income, at 0% interest, in the form of a deferred loan. The Lyon County loan is due only upon sale, transfer of title, if the property is no longer the applicant's primary residence, or buyer's refinance with cash out. Homebuyers may use DPA funds as down payment and for closing costs.

There are some restrictions for qualifying such as: Have an annual income of not more than 120% of median income as determined by HUD. Property must be sold at 15% or lower than appraised value. Property must be a bank foreclosed home in 89403 or 89408 zip code area. Complete an eight hour HUD Certified homebuyers course before close of escrow. Qualify for a first mortgage through a regulated lender and a few more.

For more information, call Sandra at (775) 287-8222. Visit my website: www.SoldOnFernley.com