Las Vegas Market Update – January 2014

MizzouProperty 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 8:00 am, January 23rd in our Summerlin office at 10777 W. Twain Ave. Suite 333!

The Current Las Vegas Market

Greater Las Vegas closed units ended up 10% below 2012 closings.  However, market values and price increases certainly made up for that.   It is fair to say that Greater Las Vegas began 2013 undervalued for a number of reasons, include erratic appraisals that began with the passage of the Home Valuation Code of Conduct (HVCC) legislation in 2009!

Listings taken dropped even more dramatically than in November.  In fact,  we listed fewer properties than were sold in December.  It looks like some listing agents took an extended vacation in December!  However, Las Vegas now has a 2.8 months supply of Single Family Residences for sale and a 3.6 month supply of Condos and Town-homes.

List-v-close-Dec2013

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

January 2014 Market Update Video

Click Here to Download the Current Las Vegas Market Update

Click Here for Additional Market Update Charts

2012 VS 2013

Let’s take a look at listings and sales for 2012 and 2013 by price point.

ListSoldDec2013ListSoldDec2012What jumps out at us is that only 16% of homes listed in 2013 were below $100,000 compared to 30% in 2012.  Similarly only 15% of 2013 closings were below $100,000 compared to 28% in 2012.  This is the clear impact of traditional listings and sales this past year.

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Categories: Market Stats, MLS, Pricing | Leave a comment

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