The Current Las Vegas Market
Single family residential (SFR) closings for February 2013 are down 13.6% from one year ago, but up 15.6% from January. SFR closing prices remained level this month with the median closing prices of an SFR at $150,000.
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Las Vegas Market Closings and Momentum
REOs are back on the decline again and made up only about 10% of the closings in this market. There is no REO tsunami as a result of the recent increase in Notice of Default (NOD) activity. However, the current market could easily absorb a significant amount of REO properties if they were to come to market!
Las Vegas Closings by Property Type
Las Vegas Supply Versus Demand
The lack of inventory remains a concern for Realtors as well as customers in Greater Las Vegas. However, keep in mind that nearly 190,000 SFR homes were built between 1970 and 1999. This is the sweet spot in this market that many agents are missing. Many homes built during this time have the potential for a great deal of equity because many of these homes missed the bubble and subsequent market decline. Perhaps it’s time to prospect in these neighborhoods and subdivisions?
SFR Sales Price per Square Foot Trend