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June 26, 2017

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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metrofax.com

March 2011…Market Condition Report

Las Vegas single family homes report March 2011

View the entire…March 2011 Las Vegas Market Condition Report:

The Las Vegas real estate report for single family homes indicates that median closing prices for home sales jumped $1,900 in February. The current median sale price for a Vegas home is $127,900. February saw 2,425 homes close escrow. Bank owned homes led the way with 1,199 homes sold, short sales had 634 sales, and standard homes had a total of 592 sales. At this time 52% of the properties are closing esrow.

The Vegas housing market in February 2011 has a greater demand than at the same time in 2010 with 78 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 $135,888 whereas today the closing price is $127,900. The difference in home prices is a significant $7,988.

The Vegas real estate news indicates that the market bottom in terms of price is undefined. Prices are dropping, however at a more constant pace than previously reported. The price declines will continue because of sellers lowering their asking prices and also because of less accepted offers going into escrow. Supply is said to be stable now and demand remains little changed. The report goes on to predict that there will be more short sales entering the housing market.

REO: (bank foreclosures)
82% of the bank owned properties are closing escrow at a median sales price of $115,000. There are 2,229 foreclosure listings on the market currently while 1,302 foreclosed homes closed escrow in February. The inventory of foreclosure homes is stable, however prices are weak and appear to be growing weaker.

Short sales:
28% of the short sales in escrow are closing. (This is an amazing figure and opposite of the banked owned properties.) There are 6,430 short sale properties on the market and the median closing price is $134,000. The short sale supply has stabilized. This market segment requires much patience due to the high supply and also because only 28% of these properties are actually closing escrow.

Standard sale:
44% of the standard sales are closing escrow. There are 3,739 standard sale homes on the market and the median sales price is $151,000. Supply and demand of standard sales is unchanged from the previous month. Prices are weak and expected to decline. It is anticipated that with the arrival of spring there will be an increase of these standard sale homes for sale.

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


metrofax.com

Las Vegas Real Estate…February 2011 Market Condition Report

Las Vegas housing market condition report for February 2011.

View the entire Market Condition Report.

In January 2010 the median closing price for a home sold in Las Vegas, NV was $135,000. In January 2011 the median closing price has fallen to $126,000, a drop of $9,000 in house prices. The market bottom in terms of price is currently undefined, however prices are continually to fall at a faster pace than in previous months. The price declines are due to sellers dropping their asking prices.The current supply is stable and demand is somewhat flat at this time. However, there is an rise in the number of homes having offers accepted and going into escrow. At this time it is anticipated that Short Sales will begin to see a larger share of the closings.

According to the Las Vegas home market report January 2011 had 2,357 homes sales. Foreclosures led the way with 49% of the sales following by short sales with 29%, and standard sales with 24%.

The Vegas property report shows that there are now 12,468 homes for sale in Las Vegas. Currently, there are 9,132 single family homes in escrow. In January 2,835 of these Las Vegas homes failed to close escrow. This means that 48% of the homes in escrow closed during the month of January. It took on average 177 days from the time the house went on the market until it finalized escrow. The median asking price of a Las Vegas home for sale is $136,000 while the median closing price is $130,000.

REO (bank owned properties)

There are currently 2,349 foreclosures for sale while 1,292 properties closed escrow in January. Only 272 homes failed to close meaning that 83% of these properties are closing. The median asking price is $120,000 and the median closing price is $116,000.

Short Sales

There are 6,360 short sale homes on the market while only 722 closed escrow in January. 1,797 homes failed to close in January. Currently, there are 5,969 single family homes in escrow. So, only 29% of the short sales completed escrow in this month. The median asking price of a short sale is $125,000 and the median closing price is $135,000.

Standard Sales

As of now there are 3,751 Standard Sale homes for sale in Las Vegas, NV. January had 628 of the homes close escrow while 758 failed to close. Currently, there are 1,008 of these properties in escrow. 45% are selling and it is taking 155 days from the time of the listing to the time of the close. The median asking price is $196,000 and the median closing price is $155,000.

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