The Current Las Vegas Market
Single family residential (SFR) closings for July 2013 are nearly dead even with last month and last year. Meanwhile, YTD closings continue to lag last year by 10.3%. The SFR median closed sales price rose another 2.9% during July and is now $180,000. However, the average closed sales price of a traditional SFR dropped $10,000 during July and is now $244,258. The average days from list to close for short sale transactions was 252 days in July compared to 234 days in June. Is this because we have more banks involved in the short sale process without any previous short sale systems experience?
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Las Vegas Market Closings by Sold Terms
We asked last month if Las Vegas has hit a turning point with respect to financing versus cash sales. Cash sales, which have been accounting for 58 – 60% of all closings, dropped to 54% this month and may signal a significant market change ahead. Conventional financing seems to be gaining a foothold at 27%
Las Vegas Closings by Property Type
Distress sales continue to give way to traditional, equity sales as the Las Vegas Market recovers. Rising market values are definitely making it more difficult for yield investors to acquire additional properties for their portfolios.
Compare the market shift in just one month! Short sales are contracting faster than REO sales.
The momentum chart below also confirms this shift from distressed to non-distressed sales.