Fernley Real Estate Market - At a Glance - March, 2008
I am trying a new format for my market blog posts. I can't get all of the data from the report into a blog summary but I am trying this format which has the last 6 months worth of Fernley real estate market trend data. Please note: this post contains information for homes sold in February, 2008 and inventory levels in March, 2008.
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Fernley Real Estate Market Data
Note: all % changes are from the same period one year ago. Column headings - "Month - Year".
|Fernley||O - 07||N - 07||D - 07||J - 08||F - 08||M - 08|
|Inventory Change (annual)||-2%||-8%||-3%||6%||-1%||-1%|
|Sold Change (annual)||-33%||-33%||-30%||-22%||-8%|
|Median Price (Thousands)||$ 202||$ 203||$ 200||$ 185||$ 200|
|Price Change (annual)||-10%||-15%||-18%||-18%||-16%|
|Months of Inventory||13.1||12.8||13.3||12.8||13.5||13.6|
|Mo. Inv. Change (annual)||56%||39%||46%||52%||39%||37%|
What does this mean?
Ever get tired of realtors trying to sugarcoat numbers? Makes you wonder what their motivation is.... Look. The numbers here do not lie. Whenever you are looking at a specific market, you really need to compare numbers to one year ago (same market, same comparisons) to see how the market is progressing. Why? Because the markets change based on the seasons alone - for example, inventory always falls during the holidays and colder weather months in our markets. Does this indicate a good, sustainable trend - absolutely not. Anyway, here's what this broker sees in the market numbers above.
Fernley Months of Inventory (subscribe to the report below to learn more about this) is UP 37% from one year ago. Good news for patient buyers - Bad news for current sellers. At 13.6 Months of Inventory, we have a long way (and probably a long time - i.e. over a year) before the Fernley market stabilizes. Don't get tricked by "falling inventory", the number of homes sold has fallen much faster than inventory which continues to put downward pressure on prices. Speaking of prices, the Fernley median home price was at $200K in Febraury. This is DOWN 16% from one year ago but up slightly from the recent trough of $185K in January.
Love it? Hate it? This is the current market reality and it is not going to hit a bottom soon.
Related Links of Interest
- Search MLS - all listings, no registration!
- Foreclosure Home Alerts by Email
- Subscribe to The Greater Reno-Tahoe Real Estate Report
- Recent Homes Sold - by city
If you have any questions about buying or selling in this market, give me a call at 775-315-4424.
Broker - CalNeva Realty