One Team set out this past month to conduct an Open House with some modest preparation. The results were: 28 visitors, 3 listing leads and 9 buyer leads – in just 2-1/2 hours – on a Thursday! Another agent has worked out an arrangement in an unfinished community that has literally turned his business around. Most importantly – these are not exceptional stories, rather this is what I am hearing from Sales Executives nearly every time they conduct an Open House in this market.
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Las Vegas Market Overpricing
February fared much better than January for new listings. Las Vegas now has only 3.9 months of SFR inventory and right at 5 months on Condo/Townhome inventory. However, it is estimated that just over 70% of all listings are over priced. If so, then there only about 3 to 4 weeks of actual marketable SFR inventory.
Closed sales for February 2015 improved to the point that year-to-date SFR closed sales are only 7.6% behind 2014 while Condo/townhome closings are running 8.3% behind 2014. The median sales price of an SFR improved to $205,000, while the average price rose to $246,927. Days on Market increased significantly in many areas suggesting that a great deal of older inventory most likely had price reductions that resulted in their sales. The Days on Market for short sales jumped to 200 days.
Cash was King again in February with conventional financing retreating to only a 30% market share.
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Now let’s look at those segments of the market that excelled! Both the high-rise condo market and the luxury market are enjoying a strong start to 2015.
In 2014 there was only one recorded sale above $5M, but the luxury market (sales above $1,000,000) was very strong in the $2.5 – $5M range during 2014 and is continuing that trend this year.