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June 26, 2017

Las Vegas Homes Report…December 6, 2010

Las Vegas Homes Report...December 6, 2010

Las Vegas Homes Report...December 6, 2010

Currently, the median list price of a single family residential home in the Las Vegas valley is $139,000. Las Vegas home prices have been paused at this level lately. The real estate report also states that inventory of the Vegas housing market has been “lightening lately” and the days on the market has been increasing as well. Concerning supply and demand the home sales have been outpacing new inventory for several weeks.

View the Las Vegas Homes Report…December 6, 2010.

Keep in mind that since January of 2007 the Vegas real estate market has dropped from a median list price above $350,000 and has declined to the current level of $139,000. Las Vegas is still in a Buyer’s Market and we will not see prices rise until the excessive inventory of real estate listings are consumed. However, we are likely to see an upward pressure in pricing as this trend continues. We will gradually move towards the seller’s zone if this direction does indeed continue.

For about the last 16 months the general median price of a Vegas home for sale has hovered around the $140,000 mark.

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

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

Las Vegas Market History…November 2010

Las Vegas Housing Market History-November 2010

Las Vegas Homes Market History

The November 2010 Las Vegas market history report reveals the recent trends for Las Vegas homes for sale.

Supply:
The current number of Las Vegas houses for sale is 12,637. This is quite a change from the 8,547 homes for sale in January. The number of homes on the market started to rise in June and this inventory of real estate listings has continued to increase ever since.

Demand:
According to the Las Vegas housing report , January saw a total of 3,069 Las Vegas homes close escrow. This November there are 2,609 houses in Las Vegas closing. As one can see the amount of homes closing escrow peaked in July with each month thereafter decreasing in the number of closings.

Median Price History:
The current median list price of homes for sale in Las Vegas is now $139,000. Throughout this year the median price has hovered just above or below the $140,000 mark. However, keep in mind that in January of 2007 the median price for a Las Vegas single family home was over $350,000. As one can clearly see the prices are weakening. The Standard sales are selling for a median price of $157,500 which is down from a peak of $175,000 back in March. The REO which are the bank owned properties are selling at a lesser price than earlier in the year. The Las Vegas short sale homes are struggling at a current median sales price of $122,000.

Weeks Supply Given Demand:
The overall weeks supply of homes has risen from 27 in January to 38 in November. The type of Las Vegas properties that are selling the quickest are foreclosures, followed by standard sales, and then short sales. Short sales weeks of supply given current demand is now at 70 weeks.
Note…The absorption rate is beginning to rise from July to November as one can see.

Conversion of Active To Closed (Market Speed):
Foreclosures have been the property type with the greatest number of closings in each month of this year. This property type has far out sold both standard sales and short sales. However, the foreclosure closings have been dropping since April. Each month following has resulted in fewer foreclosures closing escrow. Standard sales and short sales have also followed this same trend.
Note…The overall Vegas real estate market is slowing.

What does this report mean to the buyer or seller?
Buyers are in a very strong position at this time. There are currently more Las Vegas homes available for the buyer and prices are dropping.
Sellers have to price their properties at a very competitive to attract offers from buyers. The competition amongst sellers is fierce at this time as more homes are entering the market.

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

Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group
Weeks Supply Given Demand: