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Las Vegas Real Estate…January 2011 Market Condition Report

Las Vegas real estate report January 2011

View the entire Market Condition Report.

Las Vegas House Prices:
This Las Vegas real estate report shows a $5,000 drop in the median sales price form a year ago in 2009. One year ago at this time the median close price of a Las Vegas home was $137,000 and it is currently at $132,000.
Currently, 53% of the Vegas homes on the market are selling. Of the sales 46% are REO properties (bank owned, foreclosures), 28% are short sales, and 27% are standard sales. (At this time the standard sales are primarily investors who has bought homes and are flipping them for a profit. However, these are the actual owners of the property according to recordings.)

Supply and Demand:
There is a current supply of 12,520 homes on the market. 2,776 homes are closing a month and 2,511 homes are failing to close escrow. As of this report there are a total of 8,956 homes in escrow. Again, 53% of the homes in escrow are selling. When a house does close it is taking on average 174 days from the time the home goes on the market til the time it does close escrow.

The previous year has 498 more single family residential sales that in 2010. Also of note is the fact that the closing price declined in six of the last eight months.It is estimated that these prices will continue to decline into the middle of 2011. All of the property types (REO, short sales, and standard sales) are weakening at this time. Look for a sluggish market for the continuing winter season. Also, it is expected that short sales will be taking a larger share of the market closings.

Search the MLS for Las Vegas homes for sale and condos for sale.

For a Las Vegas Realtor contact:
Bob and Jackie Simmons
Realty One Group

Las Vegas Real Estate…November 2010 Market Condition Report

Las Vegas Real Estate Market Condition Report-Nov 2010_Page_1

Las Vegas Real Estate Market Condition Report-Nov 2010

View the complete November2010, Market Condition Report.

The November 2010 Las Vegas Market Condition Report shows that the closing price for Las Vegas homes fell $2,000 from the previous month. The median current closing price of a house in Las Vegas is now $133,000 and this is down $7,000 from a year ago at this time. There were 2,475 homes in Las Vegas housing market that closed in October for a slight increase of the 2,439 homes that closed in September. 40% of the closings are REO (bank owned properties), 30% are short sales, while 29% are considered standard sales.

There is a supply of 12,637 Las Vegas houses for sale at this time. It is also stated that the 2,609 houses in Las Vegas closed (demand) while 2,326 properties failed to close in escrow. This means that 53% of the Las Vegas real estate listings of homes are successfully sold at this time.

The Southwest part of the Las Vegas Valley has the most Vegas homes for sale with 3,019 properties and had the most homes closed with 638 properties. The Southwest also leads with the most properties in escrow with 2,502.

Prices are slumping in the Las Vegas real estate market and most price weakness can be attributed to the REO (foreclosures) and Standard home sales.

Las Vegas market condition report-Nov 2010_Page_2

Las Vegas market condition report-Nov 2010_Page_2

Prices for REO properties are weak and appear to be growing weaker. The median asking price for this Las Vegas home is $131,000 while the median closing price is $122,000. Note: There is a supply of 2,523 REO homes on the market and 1,053 of these properties just closed. Just 182 homes in escrow failed to close meaning 85% of the REO homes are closing.

The supply of Short Sale properties is at 6,218 and just 808 (demand) closed this last month. There are now 6,774 short sale houses in Las Vegas in escrow. 1,499 failed to close escrow meaning that 35% of the short sale properties are closing. The median closing price is $135,000 for a Las Vegas short sale.

There is an inventory of 3,896 Standard homes for sale (supply). 749 of these properties successfully closed escrow (demand) while 646 failed to close. This means 54% are closing escrow. The median closing price for the standard sale is $158,000. Note: (Most Standard sales are investor homes that are considered a “flip.”)

Search the MLS for Las Vegas homes for sale and condos for sale.

For an experienced Las Vegas Realtor contact:
Bob and Jackie Simmons
Realty One Group

Market Condition Report…October 2010

Las Vegas Real Estate Market Condition Report-Oct 2010-SFR

Las Vegas Real Estate Market Condition Report-Oct 2010-SFR

View the complete October 2010, Market Condition Report.

Las Vegas homes closed in September 2010 at an average closing price of $135,000 according to a Nevada Title Company report. The closing price is down $5,000 from the previous month when Las Vegas properties closed at an average of $140,000. The average price in September of 2009 was $138,000 so Las Vegas houses are selling for $3,000 less in 2010. At this time there are 12,149 Las Vegas houses for sale and Vegas real estate is seeing downward pressure in pricing.

There were 2,439 closings of Las Vegas homes in September which is 307 fewer homes than the previous month. REO properties (Las Vegas bank owned homes), short sales, and standard sales all had fewer closing s than the previous month.

The supply of homes for sale in Las Vegas jumped by 1,143 houses in September. However, there were 439 fewer homes in escrow (pending/contingent).

The demand for foreclosures has slowed a bit and Las Vegas foreclosure listings are gradually increasing. Prices are weak, but the pace of decline has slowed. There are now 2,503 Las Vegas foreclosures on the market while 1,064 just closed this last month. Currently there are 2,001 foreclosure properties in escrow. 90% of the foreclosure properties are selling and their median closing price is $125,000.

Las Vegas Homes Market Condition Report-Oct 2010-SFR_Page_2

Las Vegas Foreclosures, Short Sales, Standard Sales

Short sale listings have increased to 5,862 while the demand for these houses is slipping. Prices of short sales remain stable. Currently there are 7,090 short sale homes in escrow while 810 of these properties closed this last month signaling a slowdown in closings.

The standard sales have 3,784 properties on the market while 735 closed escrow in September. At this time there are 1,226 of these homes in escrow. 54% of these properties are selling. The inventory of these homes are slowly rising. They have a stable demand although the list price, price in escrow, and closing prices are slowly falling.

Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group