Las Vegas Real Estate Market July 2008
Jul 6th, 2008 by Forrest
Again you really have to be motivated by this month’s resale closing stats for the Greater Las Vegas real estate market! It is clear that we are moving a great deal of bank owned property off the market. This month sixty-five percent (65%) of all residential closings were REO properties; seventy-two percent (72%) if you include short sale closings. The number of available listings is holding while the closings are very nicely up again and the inventory is taking about the same time to sell.
Great, so let’s dive right into the positive news and numbers this month . . . but first download and take a look at: June 2008 Resale Market Snapshot.
Increasingly again, more and more properties are coming on the market “in the selling zone” and selling in a relative short timeframe while those “out of the selling zone” continue to age in MLS without selling. Approximately 36% of June 2008 closings (those in the selling zone at listing) were under 90 days on the market with an average of 60 Days on Market. That is up from 25% based on March closings. The remaining 64% suffered an average of 230 Days on Market (that’s nearly 8 months … definitely out of the selling zone).
Listing prices have now dropped 19.5% since September 2007 while closed sales are up 149% since their low in December. June closed sales represent another 5% improvement over May; more importantly, this is the only the second month since August 2006 that we have witnessed more than 2000 single family home closings. Closed sales prices dropped another 5% in the past month; that means that closed sales prices continue to decline faster than listing prices . At the same time overall inventory generally held constant. The average Cumulative Days on Market is still 169 days despite the fact that many overpriced listings remain in inventory.
June closings mays still set the tone for the balance of 2008. This is the first time since 2006 that June closings were above the May closings! So at the very least June has given this market some momentum going into the summer months! You really have to love that!
But even with all the good news, let’s stay Focused on Price Reductions!
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