Las Vegas Market Update – April 2011

March Soars Past February and Betters Last Year!

Single family residential (SFR) closings for March were up 31% from February and 6.6% better than March 2010. The median sales price of an SFR dipped 1.6% to $125,950.  Overall inventory continues to slowly shrink while available REO inventory remains steady at the 2800 level.  Average SFR closings prices suffered a 7.5% decline in the Northwest, but the good news is that the average closing sales price of an SFR increased nicely in some other areas, most notably in Summerlin and the Southwest!

Classic Closings rebounded nicely in March and comprised 27% of all closings!  And keep in mind that the average closing price of a Classic sale was $174,000 (SFR, CON, TWH, MAN combined) compared to $112,482 for REO closings and $138,544 for Short Sale closings.

Thank you to everyone who voted in this year’s Primary Elections! Also keep in mind that based on the 2010 Census—Nevada will gain a fourth Congressional seat.  To keep up with Reapportionment & Redistricting or the current Legislative Session, please visit:  http://www.leg.state.nv.us/.

For the complete Equity Title Market Update Report for April 2011 – Click Here.

Also, I’m including the most current Credit Suisse Survey report that includes information based on a monthly survey of Real Estate agents.  For the April 2011 Credit Suisse Report – Click Here.

Lastly – Click Here for the latest Center for Business and Economic Research (CBER – UNLV) report that is compiled by Bob Potts.  UNLV’s CBER is headed by Nasser Daneshvary and they provide invaluable economic research and information for Greater Las Vegas.  Please take time to review this report!

And of course – The Boys of Summer are Back! Go Yankees!

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