Fernley NV Housing Market Trends: Jan 08 Update

Posted by Mitch Argon / CalNeva Realty on Tuesday, January 15th, 2008 at 6:34pm.

Here are the latest numbers on Fernley real estate trends and how things have changed in the current Fernley housing market.

This information reflects the current housing cycle and encompasses dates from January, 2005 forward.  If you are interested in seeing the month to month trends and more, you should subscribe (it's free) to The Greater Reno-Tahoe Real Estate Report (see the link at the bottom of this post).

Fernley Median Home Price Trend

 The table below shows the most recent Fernley median price information as well as summary comparisons to "peak and trough" months within the current real estate cycle.  While the December number is slightly above the low point of 10-07, it probably still does not indicate we have reached a bottom of the Fernly home prices.  The very unfortunate flooding earlier this month is certainly going to have some negative impact on pricing and sales volume in the near term.

 

Peak to Trough July, 2006 October, 2007 Change
  $ 305,000 $ 232,000 down 24%
       
Peak to Current Month July, 2006 December, 2007 Change
  $ 305,000 $ 239,000 down 22%
       
One Year Change December, 2006 December, 2007 Change
  $ 250,000 $ 239,000 down 4%

Fernley Homes Sold (Transactions) Trend

 Sales volume is down substantially in both year over year and for the last two years.  Look for these numbers to go down further for at least one quarter due to the Fernley flooding earlier this month. 

 

One Year Change December, 2006 December, 2007 Change
  27 19 down 30%
       
Two Year Change December, 2005 December, 2007 Change
  42 19 down 55%

Fernley Months of Inventory Trend

 While inventory levels in January, 2008 are up only 6% over January of 2007, the "Months of Inventory" is up 52% due to the lower volume of home sales.  This bodes well for home buyers as the Months of Inventory will need to get down to the 4-6 months range to achieve a neutral market.  I don't expect the Fernley housing market to be substantially different in 2008.  We may start to see the months of inventory steadily moving down but it will remain high.

 

Months Inventory January, 2007 January, 2008 Change
  8.4 12.8 up 52%

 

Related Tools & Resources

The information and services below are offered at no cost to site visitors.

Mitch Argon
Broker - CalNeva Realty

Leave a Comment