What a Difference a Month Makes!
Overall closings for 2016 are approximately 10% higher than last year. The median closed sales price of a Single Family Residence (SFR) improved to $229,000 in May resulting in a 3.5% increase while the average closed sales price of an SFR soared to $272,795 representing a 7.8% increase over April, which was apoplectic to say the very least. It brings to mind that wonderful Dinah Washington hit song: “What a difference a day makes!” Be sure to download this month’s update and charts as they have undergone both a face lift and a tummy tuck to reflect market changes and the new capabilities of Matrix.
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May witnessed renewed market momentum as SFR closings bettered last month by 6.9% and May 2015 by 11.5% Similarly, condo/town-home sales and hi-rise sales also participated in the May rally. But it was the luxury market that made the greatest one month gain after a disconcerting performance in April.
Taking a Closer Look at May Results!
One challenge overcome by this month’s results was the noticeable increase in conventional closed sales. Perhaps this is a sign that financing has turned a corner in Las Vegas? The last component that would potentially make a substantial difference would be consistent, rather than erratic appraisals. In fact, we’ve had a rash of low appraisals this past month, making me wonder if some appraisers aren’t back to “down market” appraisal adjustments. We certainly hope not! However, we must exercise some caution when looking at all the “up” stats this month and “up” numbers. We can see that those increases were not uniformly enjoyed in all communities. Check the charts below!
Finally, here is a new, broader look at the Greater Las Vegas real estate market!
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