Las Vegas Market Update – April 2012

The Current Las Vegas Market

Single family residential (SFR) closings for March were up 15% from February and up 4% from March 2011. Overall inventory declined nearly 20% during March with no end in sight. That means there is ony about six weeks of inventory available based on current demand.

Click here for the most current Equity Title Market Update Report

What About Available REO Properties?

According to a recent DSNews.com article: “Federal Reserve Issues Policy Statement on Foreclosures as Rentals”

“The general policy of the Federal Reserve is that banking organizations should make every effort to dispose of foreclosed properties and get them off their books as quickly as feasibly possible.” Click here for the entire Article

Market and Price Changes

Again the month both the median and average prices increased with the median closed price of an SFR increasing to $123,000 and the average price at $151,941. increase. In fact nearly every area in the Greater Las Vegas area enjoyed an increase in average price this past month!

Market Momentum

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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