Las Vegas Market Update October 2014

OverpricedThe Current Las Vegas Market

Closed sales for Year-To-Date 2014 remain 12% behind last year as we enter into October. The median sales price of an SFR improved a mere .8% to $201,600 while the average closed sales price dropped 4.5% to $239,185.   It’s also taking longer to close escrows as the days on market (DOM) continues to increase.  The average DOM for short sales increased to 169 days compared to 156 last month.

SFR-Closings-Sep2014Click Here to Download the Current Las Vegas Market Update

Click Here for Additional Las Vegas Market Update Charts

 Overpricing Overview – October

Overpricing-Sep2014It’s again time to address the overpricing issue head on! The average listing price of an available SFR Equity home is nearly $160,000 more than the average closed sales price. The average listing price of all available equity properties dipped to $411,926 compared to the average listing price of $337,704 for new listings. This market continues to carry a large number of older, very overpriced listings in inventory that do not have a prayer of selling anytime soon.

SupplyChart-Sep2014Current inventory levels increased to 3.5 months for SFR and 3.8 months for condos and townhouses.  That means 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?

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Categories: Market Stats, MLS, Pricing | 2 Comments

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2 thoughts on “Las Vegas Market Update October 2014

  1. Mark E. Rowley

    Should have been “116” not “166”….

    Like

  2. Mark E. Rowley

    Hello Forrest……

    So where do you think that the tens of millions in excess payments will go that are being held on to by the trustee’s that executed the HOA foreclosure sales….?…..If you read NRS166.3114.3.C.4/5 looks to me like the proceeds will go to the units owner that went deliquent to begin with….All of the other positions were wiped out in the NRS 107 executed foreclosure……So you go deliqunent in the State of Nevada on your mortgage, your HOA gets foreclosed on, your first, second, third deeds of trusts get wiped out along with any other position and you get a check for the excess funds……What a deal….!!!

    Can’t wait to see if the banks appeal by the middle of the month…..?

    So is anyone going to step up and fix SB278 of the last legislature….?…..The bill was a year old just a few short days ago and it is obvious that it is not working….!…..This is evidenced by the number of empty houses that Mr. Entsminger said have water meters set, but are not engaged…..So 40K or so houses will just sit around blighting our neighborhoods for a couple more years….?…..

    Best. Mark E. Rowley ROG W. Charleston….

    Like

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