Once again it’s time 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.
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:
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!
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!!
So What’s Happening in Phoenix/Scottsdale?
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.