Greater Las Vegas Real Estate Market Update – February 2016

IMAG0006Las Vegas Market Overview

It was a typical January with listings taken soaring even as closings dropped precipitously. The median closed sales price of a Single Family Residence (SFR) improved only slightly to $218,650 from $217,000 while the average closed sales price of an SFR dropped by 1.6% to $248,424.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

Frankly, I was expecting more closings and even the chart below doesn’t really explain what happened.  On the surface it appears that there was a surge in cash closings in January.  However, that was not the case – it was the slowdown of conventional loan closings that give the appearance that “cash was king” in January.  That slowdown certainly did not impact FHA or VA closings, as they remained at normal levels for this market.

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Let’s Take a Closer Look at the Start to 2016!

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Despite the slow beginning to 2016, January still achieved a 5% improvement over January 2015 closings.  So lets wait and see if TRID closings catch up over the next few months.  

Are Your Listings Languishing?

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We mentioned earlier that there was an extraordinary increase in listings taken with 4491 new listings taken in January compared to only 2891 in December.  However, the chart above shows very clearly that those new listings taken (the red line on the chart) were taken at significantly higher prices even as prices fell.  That set the table for more over pricing!

Those who have been in my classes or sales meetings may have seen the video in the link below, but this short video is timeless.  It’s a listing presentation where George Segal and Richard Benjamin are trying to sell their house.  You will certainly enjoy this:

Click Here to Watch “The Listing Presentation”

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One thought on “Greater Las Vegas Real Estate Market Update – February 2016

  1. Hello Forrest….

    We are now to the end of year and the final market totals are all falling in place….Your market analysis of Clark County being about nine months behind the Phoenix market has been something I have watched you talk about for years until this year…..According to the RL Brown Housing Reports covering the Metro Phoenix Housing Market, the Phoenix market again this year will have double digit permit growth for the second year in a row….They are up 12.69% YoY so far….This is a far cry from how the Clark County stats look…….Mid single digit permit growth…..

    Secondly, percentage wise, we are growing at a much faster pace than the Phoenix market for the second year in a row……Literally double the Phoenix rate according to the Nevada State Demographer Jeff Hardcastle…..

    Please comment, share your opinion, on why such a wide spread in the comparative market performances….?

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

    Like

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