Las Vegas Market Update – May 2014 – Forrest's Training & Education

Property 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 Thursday beginning at 7:30 am, May 8th in our Southwest office at 8337 W. Sunset Road, Suite 150!

The Berkshire Hathaway HomeServices Conversion

Congratulations to everyone on this brand conversion that has nearly exhausted everyone! More importantly here is a “Shout Out” to all who participated in the May 3rd Open House Extravaganza!! I toured the Las Vegas Valley for several hours yesterday and I can honestly say that this is the most number of Open House signs I’ve seen in years!! Fantastic!!!

The Current Las Vegas Market

Closed sales for Year-To-Date 2014 remain 15.% behind last year as we enter into May. The median sales price of an SFR decreased 2.% to $190,750 the past month while the average sales price remained flat. Available REO listings dropped to 600 units even as the number of closed REO units made up 12% of the overall closings. Thus the apparent REO closing momentum may be short-lived.

The supply of SFR homes remains at 2.5 months while Condos and Town-homes have now dipped to a 4 month supply. Most areas within Greater Las Vegas experienced slight declines in the average closed sales prices. Yet, the Northwest and Southwest SFR closing prices increased by 2.7% and 2% respectively.