Las Vegas Market Update – February 2015

Gramercy-2In Search of Open Houses!

I drove around parts of Summerlin and the Southwest for nearly an hour this morning and only found two open houses being offered.  I actually found one of the two, but the signs for the other one eventually did not lead anywhere!  Are Open Houses a lost prospecting art?  Or do agents think of the Nevada Real Estate Division newsletter when they think of “Open House”?  I even drove through a community with 54 available homes for sale – and again – NO open houses!  There’s a serious opportunity out there for the agent who decides to pursue that business!!

OpenHouseSign

You can learn more about how to cash in on these opportunities by attending one of our upcoming RE MASTERS classes!

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

 Las Vegas Market Overpricing

OverPricing_Jan_2015

January witnessed one of the worst periods of over pricing for new listings – after many months of beginning to get that under control.  (Just note the red trend line above!)  Las Vegas now has 4.3 months of SFR inventory and 4.7 months on Condo/Townhome inventory.  However, due to the overwhelming degree of over pricing – there is only about one month of actual marketable inventory.  Taking over priced listings in this market that has the listing inventory growing and closed units declining is treacherous.  Moreover, your client “will not respect you in the morning”!!  Worse yet – either your manager or I will eventually receive the complaint call when it fails to sell!!  Please, please review those listings today, then reach out to your clients for the price reductions that we all know are needed!!

The Current Las Vegas Market

Closed sales for January 2015 are again another 13% behind January 2014.  The median sales price of an SFR dipped to $200,000, while the average price slipped to $242,049.  Cash sales momentum continued in January and accounted for 36% of all closings, but conventional loans remained steady and ended up with 35% of the closings.

But let’s begin keeping an eye on the commercial market as it appears to be rebounding even more robustly.  There is a new crane at Gramercy (See pic above).  Is it time to bring back the “Crane Index”?

SFR_Closings_Jan_2015

I have received several requests for stats for Pahrump, therefore you will find included an additional line of information for Nye County and Pahrump in the report below.

SFR_By_Area

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!

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