Las Vegas Market Update – December 2012

mortgageservicing-buttonThe National Mortgage Settlement Agreement

There remains much concern over solutions to issues caused by AB284.  However, I am confident that these issues will be handled in the upcoming Legislative Session beginning February 4, 2013.  More importantly the focus should be on the details of the National Mortgage Settlement Agreement – keeping in mind that key language from this settlement is also in AB284.  I have compiled a repository of information related to the settlement agreement and added it as a page to this blog.  So please take a few moments to check out my National Mortgage Settlement Agreement page.

Property Management Permit Course!

I am going to shamelessly plug Americana’s Pre-Licensing Property Management Permit course – again! This course is excellent even for those who want to learn more about Landlord Tenant laws in Nevada. Registration is now open.

Just click here to view the course and/or register.

Walk-ins are welcome on Monday afternoon beginning at 3:30 pm, December 10th in our Summerlin office at 10777 W. Twain Ave. Suite 333!

The Current Las Vegas Market

Single family residential (SFR) closings for November 2012 were down 11% from October 2012 as well as being down 15.8% from November 2011. Overall inventory is hovering around the 5400 unit mark.  Despite having about six weeks of inventory in most areas of Greater Las Vegas, we have taken the fewest listings in 2012 compared to the past five years.  Has the dramatic shift to a traditional listing market caused listing agents to be off their game?   The good news is that median price of an SFR increased by 4.3% to $146,000.

Click Here to Download the Latest Equity Title Market Report

Las Vegas Market Closings and Momentum

ClosingTrendNov2012

Notice the continued decline of REO closings and the recent sharp decline in short sale closings! We are in the midst of a significant market shift and it’s time to develop or dust off traditional listing presentations.  Let’s look at the shift during the past year!

Las Vegas Closings by Property Type 2011 vs 2012
ClosingsByTypeNov2011ClosingsByTypeNov2012Click Here for Additional Charts

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One thought on “Las Vegas Market Update – December 2012

  1. Hey Mr. Forrest,

    Really comprehensive market update you got here. Very helpful from someone up north, in Reno. We’re seeing similar trends up here, really good bird eye view on your market and I will keep you site handy as I have been blogging about Northern NV real estate since ’07.

    Warm regards,
    folks from http://Renohomeblog.com

    Like

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