Fernley, NV

Reno/Sparks and Fernley Homes and Real Estate News.

Fannie Mae announced Tuesday that is has expanded its online system to accept purchase offers for all its REO's listed for sale.

Real estate agents will now submit offers online on behalf of buyer clients, receive receipt confirmation, and track the status of submitted offers through the HomePath.com website. HomePath is the GSE's REO disposition operation.

In Novelmber 2010, Fannie Mae launched the HomePath Online Offers pilot in Orlando, Florida; San Diego, California; and Detroit, Michigan. Active Data Technologies, Inc., the developer of the offer platform, commented just five months after the launch that the technology was seeing positive results in these three test markets.

Now the online Offers feature is available for all FannieMae-owned properties across the nation through HomePath.com.

The online platform will make it easier to sell properties to owner occupants, which is a major factor in helping to stabilize communities across the nation.

Real estate professionals representing buyers are able to connect directly with Fannie Mae's listing agents through the HomePath website. The buyer's agent can also find information on the site regarding financing and incentive options offered through HomePath.

If you are interested in finding out more about HomePath homes in Reno/Sparks and Fernley call Sandra. Sandra is a real estate professional registered to assist buyers with HomePath homes.

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.

Summary:

• October home sales in Fernley are up 10.3% over October 2010 and have shown continued improvement for the past seven months. This is the first month where the year-over-year comparison is not influenced by the tax credit incentives, thus a positive sign that sales remain healthy. We have seen only moderate fluctuations in median price for the past seven months.

Fernley Homes Median Sales Price

• October 2011 median price decreased 4.4% to $82,100 compared to $85,899 in September 2011.
• The median price is down 17.1% from the prior October.
• 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 Homes Price per Square Foot Solds

• Price per square foot is at $54.62.

Fernley Homes Sold

• October closed the month with 43 sold transactions up 13.2% from the prior month, up 10.3% from October 2010.
• Fernley sales have continued to show signs of improvement for the past seven months.

Average Days on Market

• The average days on market are down to 94 days, a decrease of 7% from the prior month.

Days on Market (DOM) by Special Conditions

• Short sales average days on market dropped for the second consecutive month down to 147 DOM.
• Properties with no special conditions, REO and Other show a range of between 67 and 82 DOM. There were no sales in the Other category.

Fernley Homes New Listings

• 46 new listings were taken in October equal to September 2011, and a 24.6% decrease from the prior year.

Distressed New Listings by Special Conditions

• The percentage of "Distressed" new listings was 76%, down from September 2011 and down 3 percentage points from October 2010.
• REO listings represented 35% of the market; Short Sales 42%; No special conditions 24% and Other 0%. The market remains dominated by distressed new listings representing 76% of the market.

Status of Pending

• Active Pending - Short Sale represents 50.4% of the total active pendings; Pending No-show represents 23.9%; Active Pending Loan equals 12.4%; Active Pending call 13.3% and Active Pending House less than 0%.

Fernley Homes Months Supply of Inventory (Unsold Inventory divided by Sales per Month)

• As of October 31 there was 5.6 months of inventory based on the October sales rate.
• The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
• Unsold inventory includes Active Pendings. This methoid of reporting month's supply of inventory follows the industry standard of including all pending sales in the active inventory.

Conclusion

• Year-to-date 2011 homes sales (421) numbers are up 4% over 2010 home sales (406). We are cautiously optimistic that the sales number will continue to perform and outpace 2010.
• October's median price of $82,100 was down 4.4% from September. The median price has shown moderate fluctuations for seven months.
• October home sales at 43 outpace October 2010 sales by 10%. This is the first month where the year-over-year comparison is not influenced by the tax credit incentives. Going forward, we will be comparing the year-over-year sales period without the artificial influence of a tax credit.
• Freddie Mac reported that the 30-year fixed rate loan dropped to 4.07%, compared to 4.11% last month. This is the lowest rate reported since Freddie Mac began tracking rates in 1971. Sources report that mortgage interest rates should gradually rise from today's record lows and reach 4.5% by the middle of 2012.
• A qualified homebuyer purchasing a home priced at the Fernley median price of $82,100 with a 3 1/2% down payment, at 4.07% interest rate will have a monthly payment of approximately $400.00 principal and interest.

To read the complete Fernley Market Reports Oct. 2011.

To read September's report and previous months and years.

Report courtesy of Reno/Sparks Association of REALTORS® with data sourced from NNRMLS.

Summary:

November sales are down 10% over last year, but year-to-date unit sales are keepiong pace with 2010 and we have also seen relative stable prices seven out of the past eight months. These are positive indicators for the residential housing market.

Fernley Homes Median Sales Price

• November 2011 median price increased 2.1% to $83,859 compared to $82,100 in October 2011.
• The median price is down 23.8% from the prior November.
• 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 Homes Price per Square Foot Solds

• Price per square foot is at $51.86.

Fernley Homes Sold

• November closed the month with 37 sold transactions down 14% from the prior month, and down 9.8% from November 2010.
• Fernley sales have been r elatively stable for the past nine months.

Fernley Homes Average Days on Market

• The average days on market are up to 99 days, an increase of 5.9% from the prior month.

Fernley Homes Days on Market (DOM) by Special Conditions

• Short sales average days on market dropped for the third consecutive month down to record low of 126 DOM.
• Properties with no special conditions, and REO are comparatively close at 81 and 97 DOM respectively. There were no sales in the Other category.

Fernley Homes New Listings

• 46 new listings were taken in November equal to September and October 2011, and an 11.5% decrease from the prior year.

Distressed New Listings by Special Conditions

• The market remains dominated by distressed new listings representing 67% of the market, down from October 2011 (78%).
• REO listings represented 43% of the market; Short Sales 24%; No special conditions 31% and Other 2%.

Status of Pending

• Active Pending - Short Sale represents 56.5% of the total active pendings; Pending No-show represents 26.1%; Active Pending Loan equas 7%; Active Pending call 10.4% and Active Pending House less than 0%.

Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)

• As of November 30th there was 6.1 months of Inventory based on the November 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:

• Year-to-date 2011 khome sales (458) numbers are up 2.5% over 2010 unit sales (447). We are optimistic that the home sales number will continue to perform and outpace 2010.
• November's median price of $83,859 was up $1,759 (2.1%) over October. The median price has remained stable seven out of the past eight months.
• November home sales at 43 are down 9.8% from the prior year and down 14% from October 2011. November 2011 is the second month of comparing year-over-year figures without the influence of tax incentives. Despite this down turn, we expect 2011 sales to outpace 2010.
• Freddie Mac reported that the 30-year fixed rate loan dropped to 3.98%, compared to 4.11% last month. This is another record low since Freddie Mac began tracking rates in 1971. Sources report that by the middle of 2012 mortgage interest rates should gradually rise from today
• s record lows and reach 4.5%.
• A qualified homebuyer purchasing a home priced at the Fernley median price of $84,000 with a 3.5% down payment, at 3.98% interest rate will have a monthly payment of approximately $400.00 principal and interest.
• We continue to monitor the impact on the market due to October 2011 passage of Nevada law requiring more stringent documentation required of banks in order to perform foreclosures in a timely manner. We may not see any impact on inventory levels as a result of the stringent requirements on the banks until the first quarter of 2012. If the banks are able to adapt to the new requirements, we anticipate sales activity will keep pace with inventory coming on the market.

To read the complete Fernley Market Report Novembe 2011.sflb