Fernley, NV Real Estate - Update for December, 2007
This post provides some narrative insights into the Fernley Nevada real estate market. If you are interested in tracking the market, subscribe to The Greater Reno-Tahoe Real Estate Report, a free, monthly e-report showing charts and graphs of key Fernley real estate market trends and statistics. Please note: this post contains information for homes sold in November, 2007 and inventory levels in December, 2007.
Fernley Median Home Price
The Fernley median home price for November, 2007 was $203,000. This is down 15% from the Fernley median home price in November of 2006. At these pricing levels, we are starting to see selective investors coming back into this market - not flippers, buy/hold/rent long term investors.
Fernley Homes For Sale
There are approximately 370 homes for sale in Fernley in December, 2007. Last December there were 380 homes listed - no major changes here. As new home builder inventories get depleted with fewer new starts, there will be downward pressure on this number; look for foreclosure and distressed home sales to counter the latter trend, however.
Fernley Homes Sold
There were only 14 Fernley homes sold in November, 2007. This is down 33% from November, 2006. This is the lowest number of sales in a month since prior to 2005 and represents a significant drop from November, 2005 with 53 homes sold - that's 74% for those of you who are counting - Ouch!
Fernley Real Estate - Buyer or Seller Market?
The Fernley real estate market is still a solid Buyer's Market with months of inventory at 13.3 months (up from 9.1 months in December, 2006). A neutral market would be in the range of 4 to 6 months of inventory. For home sellers, this is trending the "wrong way".
Broker - CalNeva Realty