View the complete Las Vegas Real Estate August 2010 Market Condition Report.
As we look at the Market Condition Report for Las Vegas Single Family Homes we can see that Las Vegas housing prices have dropped $4,000 from an average of $139,000 in July, 2009 to $135,000 in July, 2010 making housing affordable even more. There is a significant change in Las Vegas bank owned homes as REOs fell from 2,448 a year ago to 1,161 REOs this past July. However, Short Sales have increased from 340 to 926 in the last 12 months. While these numbers indicate a critical shift in one years time take a look at this stat. The Standard sale (Owner) has increased from 573 to a July, 2010 level of 773. So, how is it that there is an increase of Standard sales when there are still this many REOs and Short Sales?
The reason that there is an increase in the Standard sales is that investors are purchasing investment properties and in many cases rehabbing them. The smart real estate investor is finding and flipping houses over for a profit. These sales appear as standard (Owner) sales when they close at the title company. Another key indicator of the Market Condition Report is Total Closings Evaluated. There were 3,361 closings in July, 2009 compared to 2,860 in July, 2010. So, that is is a difference of 501 fewer closings.
What is happening to prices?
Short Sales: “Prices are stable in the short term with no change in either ask, in escrow, or close price.”
Standard: “Listing price is in significant decline, but closing price rising marginally.”
For Las Vegas Single Family Homes there are 10,200 Las Vegas listings currently available as of this report.
For an experienced Las Vegas Realtor contact Bob and Jackie Simmons of the Realty One Group.