Las Vegas Market Update – September 2014

moon cakeProperty 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, September 11th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

 The Current Las Vegas Market

Click Here to Download the Current Las Vegas Market Update

Click Here for Additional Las Vegas Market Update Charts

Closed sales for Year-To-Date 2014 remain 13% behind last year as we enter into September. The median sales price of an SFR remains at $200,000 while the average closed sales price increased to $250,313.

SFR-ClosingsByYearAug2014However, the really big news this month is that cash closings did not dominate the market.  For the first time in years Conventional financing enjoyed a slightly larger market share of August closings.

FinancingAug2014This represents a major turn in the Greater Las Vegas market and a trend that we can expect to continue despite the challenges with the Mortgage community’s QM rules and more conservative appraisals.

 

Overpricing Overview – Part 2

It’s again time to address the overpricing issue head on!  The average listing price of an SFR Equity home was nearly $36,000 more than the average closed sales price.  The average listing price of all available equity properties remains at nearly $418,000 compared the the average listing price of approximately $302,000 for new listings.  That means this market is carrying a large number of older, very overpriced listings in inventory that do not have a prayer of selling anytime soon.

OverPricingAug2014Current inventory levels are generally high enough – and growing – so that a seller and listing agent will most likely only get one shot at pricing a new listing correctly.  A year or so ago a seller might be tempted to list their home a few thousand dollars high and then “nibble” the price down over the next few days or weeks.  Do NOT try that today!!  It will most likely result in exposing the home to the correct buyers who will not respond to the over pricing.  Then, once the price drops and corrections have been made – those buyers will probably no longer be available as they will have moved on to competing, but properly priced homes.   Some communities may be better or worse due to supply and demand – which must be taken into consideration.  However, do you really want to play Russian roulette with your listing? Or, is it better to price it to sell from Day One?

Have a very Happy Autumn Moon Festival!


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