Las Vegas & Phoenix/Scottsdale Market Updates – June 2014

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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.

SFR-ClosingsMay2014The 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.

Click Here to Download the Current Las Vegas Market Update

Click Here for Additional Las Vegas Market Update Charts

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?

Click Here to Download the Current Phoenix/Scottsdale Market Update

Click Here for Additional Phoenix/Scottsdale Market Update Charts

ARMLS-SoldTermMay2014

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Categories: Market Stats, MLS, Pricing, Property Management | 1 Comment

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One thought on “Las Vegas & Phoenix/Scottsdale Market Updates – June 2014

  1. Mark E. Rowley

    Hi Forrest….Always great to read your thoughts every month…..You can add into the mix that the May total of Notice of Trustee sale filings were at a multiple year monthly low of 586…Source the Clark County Recorders Office…..At the Clark County Trustee Auction only 141 houses went Back to the Bank in May and only 103 houses were sold to private parties in May….BOTH OF THESE NUMBERS ARE FOUR YEAR LOWS…Source the Nevada Legal News…..So we are now on track to generate just over 5K Trustees Deeds here in Clark County for 2014’….Since the enactment of SB321, 10.01.2013, chapter 7 bankruptcies have fallen just short of 20%….Source PACER…..Yesterday CoreLogic came out with its quarterly Negative Equity Report…The State of Nevada leads the nation at 29.3% of our mortgaged properties underwater….You can go to the CoreLogic website to download the report….http://www.corelogic.com/……We are in an interesting market to say the least…..I always look forward to your updates……Thx. Mark E. Rowley, ROG W. Chareston….

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