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.
Walk-ins are welcome on Thursday beginning at 7:30 am, July 10th in our Summerlin office at 10777 W. Twain Ave., Suite 333!
Overview of Both Markets
May brought generally good news for both the NV and AZ markets. Both markets have closed fewer units overall in 2014 than in 2013 at this same time. However, the “fewer” units represent closings at the lower end of the market only. The market above $300,000 or so has actually enjoyed more closings than last year. Non-distressed sales now make up 76% of all Las Vegas closings and 89% of the Phoenix/Scottsdale closings.
Las Vegas closed units picked up this month even though we are running behind 2013. The median and average closed sales prices for May returned to March levels after last month’s contraction. REOs remain fewer in number overall but are selling at average prices above short sales due to higher closing prices for REO properties in May and significantly lower closing prices for short sales.
Greater Phoenix continues to see improvement in financed transactions even though prices are trending sideways for the moment.
The Current Las Vegas Market
Closed sales for Year-To-Date 2014 remain 14.% behind last year as we enter into June. The median sales price of an SFR returned to the March level of $195,000, a 22.% increase from April. Available REO listings continue their decline, but closed REO prices are up while closed short sale prices have declined and are now approximately $10,000 below REO closings.
The supply of SFR homes dropped to 2.4 months while Condos and Town-homes have now dipped to a 3.9 month supply. Most areas within Greater Las Vegas experienced slight improvement in the average closed sales prices during May. But keep in mind that Greater Las Vegas enjoys numerous “micro climates” when it comes to market appreciation or depreciation. This epitomizes the notion that “all real estate is local”! Very local when evaluating Greater Las Vegas market pricing.
So What’s Happening in Phoenix/Scottsdale?
The Phoenix Market is now made up of 89% non-distressed sales – as was stated earlier. In turn, this has greatly improved the financing situation as seen below. Closed sales prices continue to drift sideways with the current median sales price of a single family detached home being $206,000 and the average sales price is $278,434. Closed units for 2014 are running 18% behind 2013 year to date. There is a 3.4 months supply of inventory at present.
Meanwhile the Diamondbacks have a solid road record at 17-14. So perhaps fewer home games is the answer to improving their season?