Las Vegas Market Update – August 2012

The Current Las Vegas Market

Single family residential (SFR) closings for July were down again this month 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”.

Click Here for the most current Equity Title Market Update

What About Market Momentum?

What a difference a month makes! Let’s compare July 2012 closed sales by type with June 2012. Notice the 6 point drop in REO closings and 6 point increase in Short Sale closings!

Let’s look at the SFR Closings by type on a monthly basis for 2012.

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 $133,000.

Single family (SFR) closed sales price increases for the past month were as follows:

  • REO . . . Ave Price – $148,975 – The average is now higher than short sales.
  • Short Sales . . . Ave Price – $140,890 – Declined again in July.
  • Classic Sales . . . Ave Price – $218,380 . . . An increase of more than 3% over June.

Market Momentum

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!

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