Las Vegas Market Update – February 2012

The Current Las Vegas Market

Single family residential (SFR) closings for January ended up 16% less than December but up 16% from January 2011.  The most significant changes can be seen in the shift from REO closings to short sales and traditional sales.  The continued decline can be seen in the trend chart below!

Click here for the most current Equity Title Market Update Report

What About Available REO Properties?

Market and Price Changes

Bote the median and average prices decreased during January with the median closed price of an SFR decreasing by 1.7% to $1180,000. But the real question is; “Could the Las Vegas market look like the chart below by the fourth quarter of 2012?”Phoenix appears to be tracking about eight months ahead of the Las Vegas market, and this is a snapshot of what their current market looks like.  Something to think about.

New Property Management Permit Course!

Again, I am going to shamelessly plug Americana’s Pre-Licensing Property Management Permit course that was recently approved by the Nevada Real Estate Division. Registration is now open. Just click here to view the course and/or register.

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