Las Vegas Real Estate Market Update – May 2016

DarrenWelshDist20Property Management Permit Pre-Licensing Course!

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.

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

The class runs May 19th through May 21st.  Walk-ins are welcome on Thursday beginning at 7:30 am, May 19th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

Las Vegas Market Overview

Overall closings for 2016 are approximately 6% higher than last year.  The median closed sales price of a Single Family Residence (SFR) leveled out at $221,365 in April resulting in a 0.62% increase while the average closed sales price of an SFR floundered, falling from $259,109 to $253,133, thus sustaining a 2.3% drop from March.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

April was synonymous for aggressive over pricing despite the soft, declining closed sales prices.  Even the luxury market with homes selling for one million and over were not spared a most challenging month.  In fact, luxury sales fell 37.5% in just one month!  Take a look at the following charts:

blog-pics-apr-2016_Page_01

OverPricing-Apr-2016

Let’s Take a Closer Look at the April Price Drops!

One challenge appears to be the lack of strong traction in obtaining and closing conventional loans.  While both Arizona and California are routinely seeing conventional loans making up at least 45% of their closings, Las Vegas is struggling to close conventional loans consistently in the 32-33% range.  It also appears that this same issue may be why the luxury market halted this month.  That is, many of the high end closings have been cash in the past, but the market experienced more attempts to obtain jumbo loan financing that simply failed.

blog-pics-apr-2016_Page_02

Prices by Price Point by Year!

Both reports and charts were given a makeover this month, in part due to the transition from Fusion to Matrix.  Some of my favorite statistics used features that are in Fusion but not in Matrix.  However, every challenge is merely an opportunity in disguise.  Therefore, Matrix offered some unique features not found in Fusion – and they became most helpful.  Also, the market has changed to the point where there is less reason to focus as much detail on distress property listings and sales.  One of new features assists in providing these next few charts where we can look at closed sales by price points to see the price point shift in the market.  Here they are illustrating how sales have behaved over the past ten years based on the price bands that were chosen:

blog-pics-apr-2016_Page_04blog-pics-apr-2016_Page_05blog-pics-apr-2016_Page_06blog-pics-apr-2016_Page_07

Finally, we have added two charts showing a six month history of sales and price movement in select communities.  This helps to show just how local all real estate remains in Las Vegas.  It is easily shown that different communities are selling at paces and patterns that may be dramatically different from one another.  Please let me know which new charts you like or dislike!

comm-pics-Apr-2016_Page_1comm-pics-Apr-2016_Page_2

Pricing it correctly by a Seller who understands – – – Click Here for the Video!

 

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