The Current Las Vegas Market
Single family residential (SFR) closings for June were down but both the median and average sales prices were up. This month’s snapshot is a few days earlier than official numbers that will be released by GLVAR, so there may be slight differences. However, the numbers and charts show a market that is recovering and trying to get back to some form of “normal”.
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What About Market Momentum?
What a difference a year makes! Let’s compare June 2011 closed sales by type with June 2012. Notice the 20 point drop in REO closings!The available Bank Owned REO listings continue a slow contraction as the market continues its dramatic shift to traditional and short sale closings.
Market and Price Changes
Both the median and average prices increased again this past month with the median closed price of an SFR increasing to $131,900 for a 3% increase over May.
Single family (SFR) closed sales price increases for the past month were as follows:
REO . . . Ave Price – $135,303
Short Sales . . . Ave Price – $141,796
Classic Sales . . . Ave Price – $211,973 . . . An increase of more than 3% over May.
Expect this trend to continue as well for the remainder of 2012. Of course the summer heat and lack of inventory are causing enormous frustration for buyers and agents alike. Please treat each other with great respect and have a prosperous and productive month of July!