Las Vegas Real Estate Market Update – June 2016


cropped-cropped-birthday201211042.jpgWhat 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.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

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.

BlogPicsMay2016_Page_06

BlogPicsMay2016_Page_12

BlogPicsMay2016_Page_13

BlogPicsMay2016_Page_14

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!

BlogPicsMay2016_Page_03

BlogPicsMay2016_Page_08

Finally, here is a new, broader look at the Greater Las Vegas real estate market!

BlogPicsMay2016_Page_01

Please remember to Vote in the Clark County primaries!

 

Advertisements
Categories: Market Stats, MLS, political, Pricing | Leave a comment

Post navigation

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: