View the entire Las Vegas Market Condition Report for April, 2011.
The Las Vegas real estate report for single family homes indicates that median closing prices for home sales fell $900 in March. The current median sale price for a Vegas home is $127,000. March saw 3,189 homes close escrow. Bank owned homes led the way with 1,507 homes sold, short sales had 739 sales, and standard homes had a total of 889 sales. At this time 54% of the properties are closing escrow.
The Vegas housing market report reveals that March 2011 has a greater demand than at the same time in 2010 with 79 more properties that have sold and closed escrow. There is also a notable difference in the median sales price as well. At this time last year the median close price was $137,000 whereas today the closing price is $127,000. The difference in home sales prices is a significant $10,000.
The Vegas real estate report indicates that March 2011 demand is slightly greater than March 2010 demand (+79 SFR units). Observe also the trend in median close price (‐$1,514 or 1.05% ) per month. Market bottom in terms of price continues to be undefined. Overall, prices can be expected to continue to slide. Note from the Historical table the percentage of the market taken by REO (foreclosures) is on the increase, while Short sales and Standard sales have weakened. This will most certainly lead to a weaker future price schedule. The market, in general, has tightened (Absorption Rate declined) while activity has picked up (increased Market Speed). Escrow inventory is on the increase (+425) over the same time last month. 2011 is stacking up as a mirror of 2010 Las Vegas real housing market in terms of demand, however, a weaker price schedule will persist.
REO: (bank foreclosures)
88% of the bank owned properties are closing escrow at a median sales price of $114,000. There are 2,050 foreclosure listings on the market currently while 1,443 foreclosed homes closed escrow in March. The inventory of foreclosure homes is stable, however prices are weak and appear to be growing weaker. REO demand is about 8% than at this time last year.
32% of the short sales in escrow are closing. (This is an amazing figure and opposite of the banked owned properties.) There are 6,421 short sale properties on the market and the median closing price is $133,000. The short sale supply is down marginally while demand is picking up. A buyer who is purchasing a short sale must be extremely patient as only 32% of these properties are closing escrow at this time.
53% of the standard sales are closing escrow. There are 3,640 standard sale homes on the market and the median sales price is $151,000. Supply is holding in the current range while demand is on the rise. These home prices are weak and expected to decline. Standard closings (on average) will take between 24% and 30% of the market and will not likely move out of this range in the near term. More supply can be expected. This will have a damping effect on the price schedule. Look for this market to be relatively unchanging in the near term.
For experienced Las Vegas Realtors contact:
Bob and Jackie Simmons
Realty One Group