Las Vegas Market Update – July 2014

thomas-jeffersonProperty 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 just want to learn more about Landlord Tenant laws in Nevada.  Do you want to learn how to prevent or spot embezzlement – before it becomes a problem?  Would you like to learn foolproof techniques for reconciling your trust accounts? There are lots of “how to” for brokers and licensees who want to become property managers and do it right!  Boring is NOT a word anyone has ever used to describe this course.  Registration is now open.  See you there.

Just click here to view the course and/or register.

Walk-ins are welcome on Thursday beginning at 7:30 am, July 10th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

4th of July Footnote

The Continental Congress formally declared and voted for independence on July2, 1776. John Adams believed that this would be the day of epic celebration for the newly formed Colony. However, the Continental Congress experienced an onslaught of wireless networking problems, causing the original Jefferson draft to endure 86 changes and it took until July 4th, 1776 to finally approve the text.  So much for epMail (express pony Mail)! And of course – like many of our own transactions – they didn’t get the signatures until August 2, 1776.

More remarkably, both John Adams and Thomas Jefferson were alive on July 4, 1826 to observe the 50th anniversary of the Declaration of Independence.  John Adams passed that morning.  His final words were; “Independence Forever.  Jefferson survives”!   However, Thomas Jefferson passed around 1pm that same day!

 

The Current Las Vegas Market

Closed sales for Year-To-Date 2014 remain 13.% behind last year as we enter into July. The median sales price of an SFR is now at $199,900, a 2.5.% increase from last month and a 14% increase from one year ago. Available REO listings continue their decline, and REO closed sales prices dropped precipitously in June.  Short sales closed prices improved with the median sales price of $170,000; that is $20,000 higher than the median price for an REO.

The most discernible change if the Greater Las Vegas has been the accelerated transition from a distressed to non-distressed market.  That in turn has triggered an amazing improvement in financing versus cash sales.  The charts below illustrate the rapid changes in just the past six months.

LV-SoldTermPie-Jun2014LV-SoldTermPie-Dec2013

The supply of SFR homes dropped to 2.6 months while Condos and Town-homes have now dipped to a 3.4 month supply. Most areas within Greater Las Vegas experienced  improvement in the average closed sales prices during June.  A word of caution!  We may have 2.6 months of available inventory, but it’s probably more like 1 month of marketable inventory.  Yes, I said marketable!!  That’s because we continue to see widespread overpricing of homes in this market!

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

Here are some New Charts!

We have been following SFR closings by month and year for some time.  Earlier in the year we were nearly 16% behind 2013 in closed units.  This month we are only 13% behind 2013.  So now I want to add separate charts for Condo/Town homes and Hi-Rise closings in order to visualize these closings as well.  Both charts are included in the Additional Charts download – just above.

ClosingsByYearJun2014_CondoClosingsByYearJun2014_Ver

 


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