Total Single Family Residential closings for 2009 totaled 38,127 which is a 53% increase over 2008. Additionally, townhomes and condos saw another 8752 closings which respresent a 137% increase over 2008. In fact 2009 closings exceeded those of 2005 and this market is poised for a similar year in 2010.
The availability of bank-owned listings has increased slightly to around 2350 available listings in the Greater Las Vegas area. Short sale listings now are at account for another 4800 properties while traditional listings total nearly 4300 . REO closings in December accounted for 60% of all single family residential (SFR) sales; that is down from 80% a few short months ago. Short sales transactions made up over 19% of December sales. But again – let’s not overlook the importance of strength in Classic Closings”! Traditional sellers accounted for 21% of all residential sales in December.
Let’s compare the price breakdown of all bank-owned properties in the Greater Las Vegas Area that closed during 2009 with the Classic or Traditional Closings as well as the increasing Short Sales. First here is the price analysis of bank-owned closings:
Next, lets look at the price breakdown of short sales.
By contrast here is the price analysis of the Classic or Traditional Closings. What stands out here is the sales price range of traditional sales and the higher average and median closing prices.
Now let’s download the December 2009 Greater Las Vegas Market Stats for Single Family Residences listed under one million dollars. The “Available Homes” count increased modestly again this month. Sales activity remains high and resulted in a one month absorption rate of over 41%. The median price of a Single Family Residence (SFR) fell from $140,000 to $136,000 in December.
However, this is one of those times NOT to look at such a stat as representative of Greater Las Vegas. It’s more like election eve where you must examine the exit polls in each precinct to understand what’s going on. So here’s what you won’t read in the Review Journal! The downward price pressure resulted from large numbers of bank owned closings in the north, northwest and the southwest where REO activity in the lower prices ranges has been intense the past few months. Meanwhile December average closing prices in Summerlin shot up 6.5% over the November average ($271,107 vs $254,518). There were also modest gains in areas 501 and 606. That said, it’s time to begin examining each subdivision on its own merits and data rather than looking macroscopically at the Greater Las Vegas numbers.
December closings sold according to the following terms:
- Cash 41% with an average sales price of $117,522
- Conv 23% with an average sales price of $192,915
- FHA 30% with an average sales price of $143,515
- VA 5% with an average sales price of $188,113
This market continues to have good momentum going into the new year with a high level of pending transactions coupled with sustainable demand.
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