Fernley Real Estate Update - December, 2007

Posted by Mitch Argon / CalNeva Realty on Monday, December 10th, 2007 at 7:26pm.

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".

Mitch Argon
Broker - CalNeva Realty

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