Fernley Real Estate Market Trends – Nevada

News for Fernley, NV - May 26th, 2012 11:41am
April 2012 sales for Fernley are the fifth highest in the history of MLS and were only exceeded by the boom years, as well as April 2010, which was influenced by the first time homebuyers tax credit," said Kevin Sigstad, 2012 president of the Reno/Sparks Association of REALTORS. "Another trend to note is that for the third straight month, median price has increased." April 2012 reported unit sales are up 12.5% from March 2012. After three months of price declines in the Fernley market, the median price is up 15.8% over March 2012 & up 3.1% over April 2011. The share of distressed listing has shifted with a larger volume of listings with no special conditions coming on the market. The volume of Bank-owned listings has declined and has been replaced by traditional sellers. A portion of these equity sellers may be attributable to investor who took advantage of low prices and are selling at a profit. Current Month's Supply of Inventory in the Fernley market is at 4.4 MSI showing the market as a seller's market. Market demand and the declining number of bank-owned property have impacted the month's supply of inventory. In April, the month's supply of inventory in the category of bank-owned property was at 2.4 MSI. We have also seen a change in the mix of inventory with a higher volume of properties with no special conditions coming on the market. It appears that the void in inventory has been partially filled by equity sellers and investor flippers who are seeing this as an opportune to sell. With the tightening of inventory, buyers and agents are seeing multiple offers on properties. REALTORS® and appraisers are faced with the challenge of determining a home's value in what is a changing market. In spite of these challenges, near record high unit sales support the conclusion that for equity sellers and investor flippers now may be a good time to sell. It's encouraging the Lyon County's unemployment numbers have trended down year over year. For buyers, now is a good time to take advantage of historic low interest rates & affordable housing prices before these two factors change... [ + Read Full Article ]

News for Fernley, NV - March 19th, 2012 12:49pm
February single family unit sales in the Fernley area are up 18.5% over February 2011 and have remained stable over the past year ," said Kevin Sigstad, 2012 president of the Reno/Sparks Association of REALTORS. "We are continuing to see strong sales and the Fernley market absorbing new inventory. Pair that with the fact that our region is not experiencing the typical seasonal winter lull, the stage is set for a record-breaking spring in home sales."

Trans-Action Realty Merges With First Choice Realty 500 - March 12th, 2012 4:01pm
(Reno, NV, January 17, 2012) Mike Clark, President of Trans-Action Realty and Chris Harris, President of First Choice Realty 500 announced today that their companies have merged. The new company will be known as Trans-Action Realty 500. Clark said, "The new company will be one of the larger independent real estate firms in Nevada with over 150 agents and sales of over 120 million a year." Harris added, "We are joining forces to become a major player in northern Nevada, and our increased strength gives us the opportunity to bring more services to the table for our clients and our agents." The Managing Broker of Trans-Action Realty 500, Ken Amundson stated, " This merger is a dream marriage of two of the fastest growing real estate firms in northern Nevada. While many other brokers are downsizing our plan is to continue to grow. Our goal is to be at 300 agents in the next 18 months" Trans-Action Realty 500's main office will be at 6121 Lakeside Drive in Reno with additional locations in Carson City and Fernley.

News for Fernley, NV - December 21st, 2011 6:25pm
A qualified homebuyer purchasing a home priced at the Fernley median price of $84,000 with a 3 ˝% down payment, at 3.98% interest rate will have a monthly payment of approximately $400.00 principal and interest. "November sales are down 10% over last year, but year-to-date unit sales are keeping pace with 2010," said Kevin Sigstad, 2011 president-elect of the Reno/Sparks Association of REALTORS. "We have also seen relative stable prices seven out of the past eight months. These are positive indicators for the residential housing market."