The Current Las Vegas Market
Single family residential (SFR) closings for 2013 continue to lag last year, but now only by 8.6%. The SFR median closed sales price dipped to $180,000 as closing prices seem to be flattening just a bit. Additionally inventory continues to build to a point where there is a 2.5 month supply of Single Family Residence inventory and a 3 month supply of townhomes and condos. We should be over 9,000 total available residential properties sometime this week.
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Las Vegas Market Trends
Expect the closing trend below to continue. Don’t expect either SB321 (The Homeowner’s Bill of Rights) or AB300 to have a significant influence of overall, long-term market conditions. Rather look for traditional sales to make up 80% of future closing with REO hanging in around 10% and Short Sales to continue to decline to around 10%.
Additionally, the days that properties are on the market until sold is beginning to increase again. We still don’t know the full impact that the government shutdown may have on current and future business if the shutdown goes much past two weeks. However, we can certainly expect delays in FHA and VA closing at a minimum, not to mention new loan originations. Stay tuned!
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