Single family residential (SFR) closings for June were nearly 17% better than May and up 8% from June 2010. The median sales price of an SFR improved to $124,500. SFR closings for the 2nd QTR 2011 were 16% better than the 1st QTR 2011. Overall inventory held steady, but available REO inventory drifted higher and is hovering around the 3400 level. REO closings picked up momentum at the expense of Short Sale and Classic closings! Summerlin SFR average closed sales prices increased 14.6% over May 2011. Condo and townhomes also enjoyed improved average closed sales prices in both the North and East areas of Greater Las Vegas. In fact, the monthly absorption rate for condos and townhomes is 35% compared to 31% for SFRs.
Note that as of July 1st, SB-273 impacts potential deficiency judgments related to certain second loans associated with foreclosures and short sales. There are more legislative changes to follow! Please remember to use your cell phones “hands-free” and to refrain from texting while in your car!
Finally, make sure that you and your clients are drinking extra water during this hot spell!!