Despite an influx of houses currently being built in the Churchill County community, housing inventory continues to be severely limited, and according to one local realtor it is still a “seller’s market.”
Bob Getto of Ferguson & Getto, Inc., has produced the Churchill County, Nevada Residential Real Estate Tracking Report for several years now. The report released to The Fallon Post shows that in the twelve months before March 31, 2023, there were 263 units sold, both resale and new construction. Compared to the same period in Fernley, there were 435 units sold.
That number is down from the year before when there were 332 units sold in Churchill County and with 319 sold in 2021.
The median sales price for both resale and new construction for the period ending March 31, 2023, was $347,900. In 2022 it was $320,000 and in 2021, $278,500. The 2023 median price in Fernley for 2023 was $381,000.
As of March 31, there were only 39 units currently available on the market for purchase in the community. Getto explains that in a healthy housing market, a community the size of Churchill County should have nearly 160 homes available.
The “absorption rate” is the number of months’ supply of unsold inventory within the local real estate market. The National Association of Realtors describes a balanced market as between a five- and
seven-month supply of inventory. Currently in Churchill County, there is a 1.8-month supply of homes, indicating a housing shortage.
The current median asking price for a home in Churchill County is $372,000.
With the continued growth of NAS Fallon and the growth of western Nevada along Interstate-80, Getto says the local market is in a state of limbo, defying the national housing market as interest rates increase and values decrease.
He also says because the rental market in the community is so limited, the high-density, upscale multi-family housing products being proposed in the community would provide some movement in the market. Because many people prefer to rent, the multi-family product would move people out of mediocre single-family housing, freeing up that inventory for people who want to purchase homes.
But getting new houses built to meet demand remains a problem. Between interest rates, the high cost of materials, and a limited workforce available to “swing hammers,” Getto said, “It just doesn’t pencil.”
Information for the report was collected from the Northern Nevada Realtors Multiple Listing Service. There are currently 3,800 realtors operating in the Northern Nevada Region, with 60 based in Churchill County.
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