Las Vegas Real Estate Market Update – August 2016

IMAG0021Property Management Permit Pre-Licensing Course!

Once again it’s time to shamelessly plug Americana’s Pre-Licensing Property Management Permit course – again! This course is excellent – even for those who just want to learn more about Landlord Tenant laws in Nevada.  Do you want to learn how to prevent or spot embezzlement – before it becomes a problem?  Would you like to learn foolproof techniques for reconciling your trust accounts? There are lots of “how to” for brokers and licensees who want to become property managers and do it right!  Boring is NOT a word anyone has ever used to describe this course.  Registration is now open.  See you there.

Just click here to view the course and/or register.

The class runs Aug 18th through Aug 20th.  Walk-ins are welcome on Thursday beginning at 7:30 am, Aug 18th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

Las Vegas Market Overview

July closed sales are down 13% from June and 11% lower than at this time last year.  The median closed sales price of a Single Family Residence (SFR) inched up from $235,000 to $236,000 while the average closed sales price of an SFR dipped slightly, falling from $276,482 to $275,885.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

Much of the drop in closed units was in those homes under $500,000.  Sales remained steady strong in the $500,000 – $750,000 price ranges.  The charts below will also show how the Las Vegas market compares to both Southern California and Phoenix/Scottsdale in the sale of Single Family Residence.

blogpics-july2016_Page_16

blogpics-july2016_Page_06

AZ-blogpics-july2016_Page_5

CA-blogpics-july2016_Page_03The good news this month is the reduction in over priced homes:

blogpics-july2016_Page_09


Let’s Take a Closer Look at the Market Value trends Phoenix/Scottsdale, Southern CA, and Greater Las Vegas !

CA-blogpics-july2016_Page_02 AZ-blogpics-july2016_Page_2 blogpics-july2016_Page_05

 

Categories: Market Stats, MLS, Pricing, Property Management | 1 Comment

Las Vegas Real Estate Market Update – July 2016

balloonsThe Summer and the Market are Heating Up!

Overall closings for 2016 remain 8.1% ahead of last year’s closings. The median closed sales price of a Single Family Residence (SFR) improved to $235,000 in June resulting in a 2.6% increase while the average closed sales price of an SFR nudged upward again to $276,482 representing a 1.4% increase over May and a 9.2% gain in the past two months.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

June market momentum heated up as SFR closings bettered last month by 6.3% and June 2015 by 6.7%  Similarly,  2016 condo/town-home sales and hi-rise sales are showing strength over last year’s sales.

blog-pics-nv-june-2016_Page_06

blog-pics-nv-june-2016_Page_12So What Has Changed!

The Las Vegas real estate market may be recovering in a slow, but steady manner.  However, financed transactions are being concluded much more smoothly than in the past with conventional, FHA, and VA loans all participating.  The loan success rate is in spite of some frustratingly low appraisals!  Perhaps lenders, title professionals, and REALTORS have adapted to the new, ever changing TRID environment?  Either way, this is very welcome news! Check the charts below!

blog-pics-nv-june-2016_Page_03

blog-pics-nv-june-2016_Page_08

Over Pricing Update!

Many homes continue to languish in a market that witnesses over pricing of approximately 60% of the SFR available inventory.  The good news is that there are signs of this market beginning to correct that problem as some of that was squeezed out this past month and over pricing is less.  Newer inventory has been priced much closer to the market and results in opened escrows within a very few days in many cases while the older, over priced inventory simply accumulates more days on the market.  Notice the days on market in some of the communities below.

blog-pics-nv-june-2016_Page_09

blog-pics-nv-june-2016_Page_07

Let’s Have a Fantastic July!

 

Categories: Market Stats, MLS, Pricing, Property Management | 1 Comment

Las Vegas Real Estate Market Update – June 2016


cropped-cropped-birthday201211042.jpgWhat a Difference a Month Makes!

Overall closings for 2016 are approximately 10% higher than last year. The median closed sales price of a Single Family Residence (SFR) improved to $229,000 in May resulting in a 3.5% increase while the average closed sales price of an SFR soared to $272,795 representing a 7.8% increase over April, which was apoplectic to say the very least.  It brings to mind that wonderful Dinah Washington hit song: “What a difference a day makes!”  Be sure to download this month’s update and charts as they have undergone both a face lift and a tummy tuck to reflect market changes and the new capabilities of Matrix.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

May witnessed renewed market momentum as SFR closings bettered last month by 6.9% and May 2015 by 11.5%  Similarly, condo/town-home sales and hi-rise sales also participated in the May rally.  But it was the luxury market that made the greatest one month gain after a disconcerting performance in April.

BlogPicsMay2016_Page_06

BlogPicsMay2016_Page_12

BlogPicsMay2016_Page_13

BlogPicsMay2016_Page_14

Taking a Closer Look at May Results!

One challenge overcome by this month’s results was the noticeable increase in conventional closed sales.  Perhaps this is a sign that financing has turned a corner in Las Vegas?  The last component that would potentially make a substantial difference would be consistent, rather than erratic appraisals.  In fact, we’ve had a rash of low appraisals this past month, making me wonder if some appraisers aren’t back to “down market” appraisal adjustments.  We certainly hope not!  However, we must exercise some caution when looking at all the “up” stats this month and “up” numbers.  We can see that those increases were not uniformly enjoyed in all communities.  Check the charts below!

BlogPicsMay2016_Page_03

BlogPicsMay2016_Page_08

Finally, here is a new, broader look at the Greater Las Vegas real estate market!

BlogPicsMay2016_Page_01

Please remember to Vote in the Clark County primaries!

 

Categories: Market Stats, MLS, political, Pricing | Leave a comment

Las Vegas Real Estate Market Update – May 2016

DarrenWelshDist20Property Management Permit Pre-Licensing Course!

Once again it’s time to shamelessly plug Americana’s Pre-Licensing Property Management Permit course – again! This course is excellent – even for those who just want to learn more about Landlord Tenant laws in Nevada.  Do you want to learn how to prevent or spot embezzlement – before it becomes a problem?  Would you like to learn foolproof techniques for reconciling your trust accounts? There are lots of “how to” for brokers and licensees who want to become property managers and do it right!  Boring is NOT a word anyone has ever used to describe this course.  Registration is now open.  See you there.

Just click here to view the course and/or register.

The class runs May 19th through May 21st.  Walk-ins are welcome on Thursday beginning at 7:30 am, May 19th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

Las Vegas Market Overview

Overall closings for 2016 are approximately 6% higher than last year.  The median closed sales price of a Single Family Residence (SFR) leveled out at $221,365 in April resulting in a 0.62% increase while the average closed sales price of an SFR floundered, falling from $259,109 to $253,133, thus sustaining a 2.3% drop from March.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

April was synonymous for aggressive over pricing despite the soft, declining closed sales prices.  Even the luxury market with homes selling for one million and over were not spared a most challenging month.  In fact, luxury sales fell 37.5% in just one month!  Take a look at the following charts:

blog-pics-apr-2016_Page_01

OverPricing-Apr-2016

Let’s Take a Closer Look at the April Price Drops!

One challenge appears to be the lack of strong traction in obtaining and closing conventional loans.  While both Arizona and California are routinely seeing conventional loans making up at least 45% of their closings, Las Vegas is struggling to close conventional loans consistently in the 32-33% range.  It also appears that this same issue may be why the luxury market halted this month.  That is, many of the high end closings have been cash in the past, but the market experienced more attempts to obtain jumbo loan financing that simply failed.

blog-pics-apr-2016_Page_02

Prices by Price Point by Year!

Both reports and charts were given a makeover this month, in part due to the transition from Fusion to Matrix.  Some of my favorite statistics used features that are in Fusion but not in Matrix.  However, every challenge is merely an opportunity in disguise.  Therefore, Matrix offered some unique features not found in Fusion – and they became most helpful.  Also, the market has changed to the point where there is less reason to focus as much detail on distress property listings and sales.  One of new features assists in providing these next few charts where we can look at closed sales by price points to see the price point shift in the market.  Here they are illustrating how sales have behaved over the past ten years based on the price bands that were chosen:

blog-pics-apr-2016_Page_04blog-pics-apr-2016_Page_05blog-pics-apr-2016_Page_06blog-pics-apr-2016_Page_07

Finally, we have added two charts showing a six month history of sales and price movement in select communities.  This helps to show just how local all real estate remains in Las Vegas.  It is easily shown that different communities are selling at paces and patterns that may be dramatically different from one another.  Please let me know which new charts you like or dislike!

comm-pics-Apr-2016_Page_1comm-pics-Apr-2016_Page_2

Pricing it correctly by a Seller who understands – – – Click Here for the Video!

 

Categories: Market Stats | Leave a comment

Las Vegas Real Estate Market Update – April 2016

redrock1Las Vegas Market Overview

The short version!  Demand UP! Prices DOWN! Inventory DOWN! Closings UP! March Madness was not exclusive to NCAA basketball.  The median closed sales price of a Single Family Residence (SFR) dipped slightly from $220,700 to $220,000 while the average closed sales price of an SFR dropped 1.6% from $263,262 to $259,109.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

March SFR closings were 32% better than February and 3% better than March 2015.  The result is continues slow, but steady improvement over 2015 closings as demand picks up even as prices remain soft.  

Slow but Steady Improvement over 2015!

MarchPics_Page_08

Over Pricing

Over pricing is alive and well.  Newer listings are being priced closer to market values and are therefore getting into escrows very quickly while the those priced poorly are languishing in this market.  So now we have higher absorption and fewer months of available inventory.  Now reduce that inventory by about 75% – because that about the percentage of available SFR homes that are over priced – and we have just created a scarcity of marketable inventory.  What the hell does all of that mean?? Well, I’m suggesting that the “marketable” inventory will most likely receive multiple offers and/or back-up offers as a result of the massive over pricing.  Those sellers will be less likely to extend escrows to be very sensitive to buyer delays in the escrow process.  Further, the lack of marketable inventory caused by the over pricing will inevitably push a number of buyers and prospective buyers into the new home market to avoid over pricing headaches!

Overpricing

As discussed above, the Greater Las Vegas now only enjoys a 2.6 months supply of inventory, which represents a one month loss compared to last month.   The charts below also show which areas improved in market value or declined in market value.

Last Month/This Month Comparison of Market Changes by Area

AreaPrices-feb-2016

MarchPics_Page_07

The Listing Presentation – One More Time!

Maybe this short video should be added to your listing presentation??

Categories: Market Stats, MLS, Pricing | 2 Comments

Las Vegas Real Estate Market Update – March 2016


Anaheim-Hills-Office-11-1024x683Las Vegas Market Overview

February brought a great deal of activity to the Las Vegas market.  The median closed sales price of a Single Family Residence (SFR) improved to $220,700 from $218,650 from while the average closed sales price of an SFR jumped 6% to $263,262. There was a slight uptick in bank owned REO sales even as the available REO properties declined.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

February continues on a track that is resulting in slow, but steady improvement over 2015 closings.  Conventional loan financing is also beginning to bounce back after the lackluster month we experienced in January.  There is an overall 3.5 months supply of inventory in Clark County at this point.

Slow but Steady Improvement over 2015!

blog-pics-feb-2016_Page_07

Year-to-Date closings for 2016 are already 7.5% ahead of February 2015.  The average closed sales price of an SFR in Clark County is up 7.87% over February 2015 and 18.85% over February 2014.  See the charts below.  However, not all areas appreciated at the same rate.  For example, the South (301-303) is up 22.83% over the past two years while Henderson is up only 7.06% for that same period.  This is a gentle reminder that all real estate is very local and that we cannot use broad market numbers or changes when looking at a particular area or community.

Three Year Comparison of Market Changes by Area

AreaPrices-feb-2016

AreaPrices-2015

AreaPrices-2014

Click Here to Watch a Great REALTOR video ad in Canada!

Categories: Market Stats, MLS, Pricing | 1 Comment

Greater Las Vegas Real Estate Market Update – February 2016

IMAG0006Las Vegas Market Overview

It was a typical January with listings taken soaring even as closings dropped precipitously. The median closed sales price of a Single Family Residence (SFR) improved only slightly to $218,650 from $217,000 while the average closed sales price of an SFR dropped by 1.6% to $248,424.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

Frankly, I was expecting more closings and even the chart below doesn’t really explain what happened.  On the surface it appears that there was a surge in cash closings in January.  However, that was not the case – it was the slowdown of conventional loan closings that give the appearance that “cash was king” in January.  That slowdown certainly did not impact FHA or VA closings, as they remained at normal levels for this market.

Blog-Jan2016_Page_2

Let’s Take a Closer Look at the Start to 2016!

Blog-Jan2016_Page_3

Despite the slow beginning to 2016, January still achieved a 5% improvement over January 2015 closings.  So lets wait and see if TRID closings catch up over the next few months.  

Are Your Listings Languishing?

Blog-Jan2016_Page_1

We mentioned earlier that there was an extraordinary increase in listings taken with 4491 new listings taken in January compared to only 2891 in December.  However, the chart above shows very clearly that those new listings taken (the red line on the chart) were taken at significantly higher prices even as prices fell.  That set the table for more over pricing!

Those who have been in my classes or sales meetings may have seen the video in the link below, but this short video is timeless.  It’s a listing presentation where George Segal and Richard Benjamin are trying to sell their house.  You will certainly enjoy this:

Click Here to Watch “The Listing Presentation”

Categories: Market Stats | Leave a comment

Greater Las Vegas Real Estate Market Update – January 2016


elioProperty Management Permit Pre-Licensing Course!

Once again it’s time to shamelessly plug Americana’s Pre-Licensing Property Management Permit course – again! This course is excellent – even for those who just want to learn more about Landlord Tenant laws in Nevada.  Do you want to learn how to prevent or spot embezzlement – before it becomes a problem?  Would you like to learn foolproof techniques for reconciling your trust accounts? There are lots of “how to” for brokers and licensees who want to become property managers and do it right!  Boring is NOT a word anyone has ever used to describe this course.  Registration is now open.  See you there.

Just click here to view the course and/or register.

Walk-ins are welcome on Thursday beginning at 7:30 am, February 25th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

Las Vegas Market Overview

The number of listings taken dropped sharply this past month, even as closings were up more than 700 units from November. So, for the first time in four years we ended up with more units closed than during the previous year.  In this case 2015 closings were up 6% over 2014.  The median closed sales price of a Single Family Residence (SFR) dipped to $217,000 from $220,000 while the average closed sales price of an SFR dropped by 6% to $252,401.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

Overall closings for 2015 are roughly 6% higher than last year.  In fact, December closings were up 714 units over November closings which represents a 36% increase over last month and a 21% increase over December 2014. It was four years ago in 2011 that this market experienced a higher number of closed units than the previous year!

SFRClosings-Dec-2015

Let’s Take a Closer Look at the December Price Drops!

SFR-Nov-2015

SFR-Dec-2015

We stated earlier that prices dropped roughly 6% just this past month.  Consequently, I’m already getting calls asking me about the possibility of another market crash or bubble bursting!  OMG!  The naysayers – glass half empty folks are already poised for bad news! We also saw that SFR closings were up just over 700 units.  So, let’s compare Southwest closings for November and December.  They were up over 200 units in that area alone, but with an average sales price $36,000 lower per unit than in November.  The point is that the drop in market values for December are not uniformly spread across the entire Greater Las Vegas market area.  In fact, check out the East and there we see a price increase.  All real estate is local, so please do not be distracted by negative articles selling gloom and doom predictions.  It’s good for ratings and sales, but it’s simply not REALITY!

Prices by Price Point by Year!

The next few graphs and charts illustrate the movement of closed sales by price point.  For example, we see that in 2011 over 33% of the closings were under $100,000 – but that has dropped to nearly 3% in 2015.  You may want to click on each item below to see a larger, more readable version.

GLVAR-PricePoint-Closings-2015_Page_1

 

The next two charts below attempts to create a visual of the shift from lower priced closings in 2010 and 2011 to the higher price points in the years following.

GLVAR-PricePoint-Closings-2015_Page_2

GLVAR-PricePoint-Closings-2015_Page_3

 

Finally, here are the median and average closed sales price changes over the past six years.  Have you made your adjustments to these changes?  Forty-seven percent (47%) of all 2015 year to date closings were in the price range of $200,000 – $400,000.  That compares to only 15% in 2011 when over one third of all closings were under $100,000.   Perhaps you may need to consider an adjustment to your 2016 business plan based on these findings?

GLVAR-PricePoint-Closings-2015_Page_4

 

Categories: Market Stats, MLS, Property Management | Leave a comment

Las Vegas Real Estate Market Update – December 2015

Lee-BarrettCongratulations to Lee Barrett

Congratulations to Lee Barrett on being appointed our newest Nevada Real Estate Commissioner on November 1st.  I’m thrilled for Lee and already looking forward to the upcoming December hearings!  Oh – click on Lee’s pic for a short tribute to his career in real estate as depicted on his license plate! See you soon!

Las Vegas Market Overview

Inventory levels dropped sharply this past month, but that is normal this time of year.  The median closed sales price of a Single Family Residence (SFR) remained flat at $220,000 while the average closed sales price of an SFR rose 3.6% to $268,557.  Thus the Greater Las Vegas market enjoys a four months supply of inventory based upon the current supply and demand numbers. The fact that the average price is on the rise while the median price is flat suggests that while there an equal number of closings above and below $220,000 – that the closings above $220,000 are generally higher than last month.  We will look at this in more detail below.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

Overall closings year to date for 2015 are roughly 5% higher than last year despite a slowdown in closed units during November.  Remember that 2011 was the last time that this market experienced the number of closed units being higher than the previous year!

SFR_ClosingsByYear_Nov2015

A Look at Prices by Price Point by Year!

The next few graphs and charts illustrate the movement of closed sales by price point.  For example, we see that in 2011 over 33% of the closings were under $100,000 – but that has dropped to nearly 3% in 2015.  You may want to click on each item below to see a larger, more readable version.

PPC-1

 

The next two charts below attempts to create a visual of the shift from lower priced closings in 2010 and 2011 to the higher price points in the years following.

PPC-2

PPC-3

Finally, here are the median and average closed sales price changes over the past six years.  Have you made your adjustments to these changes?  Forty-seven percent (47%) of all 2015 year to date closings were in the price range of $200,000 – $400,000.  That compares to only 15% in 2011 when over one third of all closings were under $100,000.   Perhaps you may need to consider an adjustment to your 2016 business plan based on these findings?

PPC-4

 

Categories: Market Stats, MLS, political, Pricing | 1 Comment

Las Vegas Real Estate Market Update – November 2015

openhousesignLas Vegas Market Overview

Market values continue to drift sideways even as the number of closed units increases slightly. Inventory availability remains just below 11,000 residential units, but the average months of supply for available SFR properties rose to 3.4 months as the number of closed units dropped 10.4% in October.  Meanwhile the Northwest has less than three months of available inventory.

Blog-Oct-2015_Page_1

Just a note on inventory levels!  The numbers provided in these stats look at large areas and do not take price points into consideration.  For example, Seven Hills has about four months of overall inventory, but more than ten months of inventory in the luxury end of the market.  Thus, it is necessary to consider price points when preparing a Comparable Market Analysis (CMA) in order to properly determine how supply and demand are playing out at the different price points.  Here is a chart that partially illustrates this point by looking at Days on Market by price point:

DOM By Price Point

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

October SFR closings were down 10.$% from September but rose 20% from October 2014. The median sales price of an SFR remains at $220,000, while the average price edged up to $259,239.  Again this is the new “normal” for the Greater Las Vegas market. It’s slow, steady, but not sexy growth.  Some even call it boring, but that’s just fine! Embrace the sanity that comes with this market and let’s just hope it continues in this relatively boring manner for several more years!

Blog-Oct-2015_Page_2

Meanwhile, the Luxury Market is strong with sustained momentum!

Blog-Oct-2015_Page_3

Finally, we are in that market period when Open Houses truly reward those who faithfully conduct them.  We are entering the holiday season where we have far fewer “lookers” coming out.  However, the vast majority of those who take their time to seek out an Open House are generally ready to buy or list.   So, if you are not satisfied with your current 2015 results, or want to build momentum for 2016 – consider preparing and conducting Open Houses as many days as you possibly can between now and New Years!

 

 

 

 

Categories: Market Stats, MLS, Pricing | 1 Comment

Blog at WordPress.com.

Follow

Get every new post delivered to your Inbox.

Join 92 other followers

%d bloggers like this: