Las Vegas Market Update – April 2013

ebbetsfield1913The Current Las Vegas Market

Single family residential (SFR) closings for March 2013 are up 12% last month, but YTD first quarter 2013 closed units lag the first quarter 2012 by 18%. SFR closing prices rose 7.3% this month with the median closing prices of an SFR now at $161,000. Hubble Smith recently reported in his March 31, 2013 Review Journal article that most zip codes in the valley enjoyed measurable growth in home values. The article include an excellent SalesTraq map illustrating the year over year percentage changes. That article can be found here:

Most ZIP codes in Las Vegas Valley see growth in home values.

Click here for the Percent Change in Home Values By Zip Code Map

You may have to change to full screen mode to view properly; otherwise it can be viewed on YouTube here:

April Market Update Video

EquityTitleMarketSnapshotMar2013.pdf

Click Here to Download the Current Market Update

Click Here for Additional Market Update Charts

Las Vegas Market Closings and Momentum

EquityTitleMarketSnapshotMar2013.xlsx

REOs are drifting sideways, but short sales are beginning to plummet in earnest. SFR short sale closing prices were the only ones to lose ground from February. Meanwhile the median closing price of a traditional SFR closing is up 10.5%. In fact the average sales price per square foot for the traditional sale was $102 per Sq.Ft. in March! Also notice in the charts below how short sale closed units have lost ground to both REO and Classic closings.

Las Vegas Closings by Property Type

Mar2013SoldByType

ClosingsByTypeFeb2013

SFR Sales Price per Square Foot Trend

EquityTitleMarketSnapshotMar2013.xlsx

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