Las Vegas Market Update – May 2012

Property Management Permit Course!

First, 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.  However, walk-ins are welcome this Thursday morning, May 10th!

The Current Las Vegas Market

Single family residential (SFR) closings for April were down nearly 10% from Marth but and up 3% from April 2011. Overall inventory declined another 16% during April. That means there is ony about four to  six weeks of inventory available based on current demand.

Click here for the most current Equity Title Market Update Report

What About Available REO Properties?

Market and Price Changes

Both the median and average prices increased with the median closed price of an SFR increasing to $127,900 for a 4% increase and the average price at $159,466 for a 5% increase.   Single family (SFR) closed sales price increases for the past month were as follows:

  • REO . . . Ave Price – $133,291 – 8% increase
  • Short Sales  . . . Ave Price – $145,067 – 1.6% increase
  • Classic Sales . . . Ave Price – $201,468 – 2.9% increase

Market Momentum

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