Las Vegas Market Update – July 2012

The Current Las Vegas Market

Single family residential (SFR) closings for June were down but both the median and average sales prices were up.  This month’s snapshot is a few days earlier than official numbers that will be released by GLVAR, so there may be slight differences.  However, the numbers and charts show a market that is recovering and trying to get back to some form of “normal”.

Click Here for the most current Equity Title Market Update

What About Market Momentum?

What a difference a year makes! Let’s compare June 2011 closed sales by type with June 2012.  Notice the 20 point drop in REO closings!The available Bank Owned REO listings continue a slow contraction as the market continues its dramatic shift to traditional and short sale closings.

Market and Price Changes

Both the median and average prices increased again this past month with the median closed price of an SFR increasing to $131,900 for a 3% increase over May.

Single family (SFR) closed sales price increases for the past month were as follows:

  • REO . . . Ave Price – $135,303
  • Short Sales . . . Ave Price – $141,796
  • Classic Sales . . . Ave Price – $211,973 . . . An increase of more than 3% over May.

Market Momentum

Expect this trend to continue as well for the remainder of 2012. Of course the summer heat and lack of inventory are causing enormous frustration for buyers and agents alike. Please treat each other with great respect and have a prosperous and productive month of July!

About these ads
This entry was posted in Market Stats, MLS, Pricing. Bookmark the permalink.

One Response to Las Vegas Market Update – July 2012

  1. Pingback: Friday Figures for 7/6/2012 – Homes and Investment Properties in Vegas, Henderson, and North Las Vegas

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s