Greater Las Vegas / Phoenix Market Update – January 2015


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Walk-ins are welcome on Thursday beginning at 7:30 am, January 22nd in our Summerlin office at 10777 W. Twain Ave., Suite 333!

 Overview of Both Markets

Both markets remain generally soft on prices as we begin the last quarter of 2014.  Both markets have made the transition to a “Traditional Equity” market as distressed sales have been relegated to a small segment of both markets.  Both markets have closed fewer units overall in 2014 than in 2013 at this same time, but both markets managed to close more units in December than in November. However, the “fewer” units represent closings at the lower end of the market only. The market above $00,000 or so has actually enjoyed more closings than last year.  Here is how that looks in the Las Vegas market:

z_UnitsComparison_Dec2014_2 z_UnitsComparison_Dec2014

This really means that if your average closed sales price for your 2013 transactions was above $200,000, then it’s a good bet you also closed more units in 2014 than in 2013.

The Current Las Vegas Market

Closed sales for Year-To-Date 2014 remain 11% behind last year as we close out 2014.  The median sales price of an SFR leveled out at $204,250, while the average price settled in at $247,903.  Cash sales gathered momentum in December and accounted for 34% of all closings, but conventional loans remained steady and ended up with 33% of the closings. However, the most interesting stats at year’s end are those for the Hi-Rise resale market closings.  Despite being down noticeably from 2013, the past four (4) months of hi-rise closings have been better than closing for the same period of time in 2013.  Is there something good beginning to happen here?  It’s too soon to tell – but let’s keep an eye on it!

z_Hi-rise_Dec2014

Click Here to Download the Current Las Vegas Market Update

Click Here for Additional Las Vegas Market Update Charts

More than ever – 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.  Avoid over pricing your next listing!

Update! December enjoyed both a slight rise in the closed sales price of SFR Equity listings even as the average listing price of an SFR Equity listing declined measurably!  This has not been a trend for several months and explains why the newest listings are often selling the fastest!  Many of you are absolutely pricing your new listings correctly!!

z_Overpricing_Dec2014

So What’s Happening in Phoenix/Scottsdale?

z_ARMLS_By_Year_Dec2014

The Phoenix Market is now made up of 90% 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 $214,000; that’s a 3.4% increase from November and a 7.54% increase since last year.  The average sales price ended 2014 at $279,894 and represents a 4% increase this past year and and 3.6% increase over last month. Closed units for 2014 are running 12% behind 2013 year to date. There is a 3.4 months supply of inventory at present.

Click Here to Download the Current Phoenix/Scottsdale Market Update

Click Here for Additional Phoenix/Scottsdale Market Update Charts

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

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One thought on “Greater Las Vegas / Phoenix Market Update – January 2015

  1. Mark E. Rowley

    Hello Forrest….Hope you had a great holiday season…..Instead of just having a link to the 78th Legislative session, why don’t you list all of the bills that the association is following…..There are 937 BDR’s registered at the writing of this and we all know that in the first week of session each legislator gets additional BDR’s depending on chamber / seniority….This could add a potential 378 more bills once the session has started…..So it was well advertised in the multiple classes that I took after the last session that the Association was tracking “84 Bills”…..How about a list of all the ones we are tracking this session….?

    From what i can see from the statuatory filings of campaign contributions on the Secretary of States web site we backed approximately forty three out of sixty three Legislative candidates…..But it does not appear that any of the canidates filed any BDR’s on our behalf…..?…..Just looking for guidance on how to look at that from the associations eyes….

    Why would the Association back a candidate like Megan Smith when she was ruled ineligible for the district a couple of weeks before election day….?…..I understand if she would have won, the House Speaker could have taken a vote to confirm her anyway….We saw that one just last session…..By the dates on the filings, we gave her money after she was declared ineligible to be on the ballot…..Please teach me how that one works….

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

    Like

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