Single family residential (SFR) closings for March were up 15% from February and up 4% from March 2011. Overall inventory declined nearly 20% during March with no end in sight. That means there is ony about six weeks of inventory available based on current demand.
What About Available REO Properties?
According to a recent DSNews.com article: “Federal Reserve Issues Policy Statement on Foreclosures as Rentals”
“The general policy of the Federal Reserve is that banking organizations should make every effort to dispose of foreclosed properties and get them off their books as quickly as feasibly possible.” Click here for the entire Article
Market and Price Changes
Again the month both the median and average prices increased with the median closed price of an SFR increasing to $123,000 and the average price at $151,941. increase. In fact nearly every area in the Greater Las Vegas area enjoyed an increase in average price this past month!
New Property Management Permit Course!
Again, I am going to shamelessly plug Americana’s Pre-Licensing Property Management Permit course that was recently approved by the Nevada Real Estate Division. Registration is now open. Just click here to view the course and/or register.