I recently posted a recap of the 2017 housing market for Reno and Sparks, Nevada — See 2017 Reno-Sparks Housing Market Recap. Today, I would like to do the same for the Fernley, Nevada housing market.
Fernley’s housing market is on fire. 2017 saw big gains in nearly every metric tracked. Let’s take a look.
Fernley Home Prices
Fernley’s residential home prices ended the year up 19.7 percent year-over-year. In 2017 Fernley’s monthly median home price ranged from a low of $205,750 in January to the year’s high of $245,875, reached in November. The year ended with a median sales price of $229,840 in December — again, up nearly 20 percent from December 2016’s median of $191,950. [See chart below.]
The median sales price for the entire 12 months of 2017 was $223,700 – an increase of 17.8 percent over 2016’s 12-month median of $189,900. [See chart below.]
Expect home prices to continue to climb in 2018. The question is, to what level?
Price Per Square Foot
2017 begin with a median sold price per square foot of $126.73/sq.ft. in January and ended the year with $148.43/sq.ft. in December. [See chart below.]
December’s median sold price per square foot was up 19.4 percent year-over-year.
2017 was a record year for number of homes sold. A total of 620 houses (excluding condos) were sold in 2017. This represents an increase of 19.2 percent over the 520 houses sold in 2016. [See chart below.]
Sales by month exhibited the typical seasonality the market experiences. Monthly sales set a low of 25 houses sold in February, and then climbed throughout the first half of the year peaking at 88 units sold in June. The 2nd half of 2017 saw sales receding to end the year with 48 sales in December. [See chart below.]
2017 sales by price range breakout as follows…
Half of the homes sold in 2017 sold for more than $223,700, and half sold for less than $223,700.
With both sales price and units sold being up in 2017, not surprisingly, total volume was greatly higher than 2016’s. 2017’s sales volume of $145,458,191 was up a whopping 43.5 percent over 2016’s volume of 101,351,324. [See chart below.]
Conventional mortgages were used to purchase the majority, nearly 36.8 percent, of Fernley houses in 2017. Cash sales made up 17.9 percent of 2017 house purchases. The means used to purchase in 2017 breaks out as follows…
Note: “Other” includes: assumption of existing mortgage; contract of sale; owner carry financing; etc.
What other Fernley housing metrics would you like to see? I have the means to report on a variety of data provided by our local MLS. Let me know what you’d like to see, and I will be happy to report on it.
And, as always, thank you for reading the Reno Realty Blog.
Note: The home price and other data reported above covers the city of Fernley, Nevada [NNRMLS Area #450]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – January 29, 2018. Note: This information is deemed reliable, but not guaranteed.