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December 16, 2017

Las Vegas Housing Market Report…June 20, 2011

Las Vegas Housing Market Report 20Jun11, Vegas real estate report

Las Vegas Housing Market Report

Las Vegas Housing Market Report reveals Vegas house prices & real estate market trends. Las Vegas Homes Report for Vegas real estate trends & house prices.


Las Vegas Real Estate Trends

 

This Week:

Las Vegas Housing Market Report…June 20, 2011 shows that the current median list price of homes for sale is $127,848. This price has dipped in the last four weeks. Currently, the inventory of single family homes is trending up while the days on the market is remaining essentially flat. At this time the Las Vegas housing market does not have a strong up or down pull.

Supply and Demand:

The Market Action of Vegas properties has slowed in the last month. Compared to last week , Las Vegas real estate prices and inventory levels for single family resale homes are virtually unchanged.

Price Trends:

The median Las Vegas housing market prices has changed little since last week. The Las Vegas real estate market for homes has “paused.”

The Las Vegas Nevada housing market remains a very strong buyer’s market at this time. There is an ample supply of foreclosures and short sales in the Vegas housing market. Savvy home investors are purchasing Las Vegas houses and either flipping them or renting them. Home buyers have not seen Las Vegas home prices at this level since 1995.

View the entire…Las Vegas Housing Market Report for June 20, 2011.

Median List Price…$127,848
Asking Price Per Square Foot…$70
Average Days on Market…159
Percent of Properties with Price Decrease…35%
Percent Relisted (reset DOM)…7%
Percent Flip (price increased)…6%
Median House Size (sq.ft.)…1806 sqft
Median Lot Size…4,501-6,500 sq.ft.
Number of Bedrooms…3
Number of Bathrooms…3

Search the Las Vegas MLS listings to find Homes for Sale!

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When buying or selling Las Vegas real estate…
Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group
702-508-8172

Las Vegas Homes Real Estate Market Report for April, 2011

Las Vegas Homes Report, 2011

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.

Short sales:
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.

Standard sale:
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

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Las Vegas Homes Report…April 11, 2011

Vegas single family homes real estate report for April 11, 2011

The Las Vegas housing market report focuses on single family residential homes in Las Vegas, NV and reveals Vegas home prices as well as the supply and demand.

The current median list price of a Las Vegas single family home is currently $129,900. The Vegas housing inventory is tightening and the days on the market is falling. The demand is increasing as home sales have been exceeding the new inventory of Las Vegas homes for the last several weeks. Due to the fact that this is still a Buyer’s market prices have not moved higher as yet. However, as the supply and demand trends continue along this course we are likely to the market shift towards the Seller’s zone. If this happens we will see an upward pressure on Vegas home prices.

View the entire Las Vegas Homes Report for April 11, 2011.

Overall, homes in Las Vegas have about the lowest median list price since the Vegas housing market peaked. The median list price of a Las Vegas house was above $350,000 in January , 2007 and is currently at $129,900, a difference of over $220,000.

Median List Price…$129,900
Asking Price Per Square Foot…$71
Average Days on Market…162
Percent of Properties with Price Decrease…40%
Percent Relisted (reset DOM)…7%
Percent Flip (price increased)…7%
Median House Size (sq.ft.)…1,802 sqft
Median Lot Size…4,501-6,500 sq.ft.
Number of Bedrooms…3
Number of Bathrooms…3

Search the Las Vegas MLS listings to find Homes for Sale!

When buying or selling Las Vegas real estate…
Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group

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