The Summer and the Market are Heating Up!
Overall closings for 2016 remain 8.1% ahead of last year’s closings. The median closed sales price of a Single Family Residence (SFR) improved to $235,000 in June resulting in a 2.6% increase while the average closed sales price of an SFR nudged upward again to $276,482 representing a 1.4% increase over May and a 9.2% gain in the past two months.
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June market momentum heated up as SFR closings bettered last month by 6.3% and June 2015 by 6.7% Similarly, 2016 condo/town-home sales and hi-rise sales are showing strength over last year’s sales.
The Las Vegas real estate market may be recovering in a slow, but steady manner. However, financed transactions are being concluded much more smoothly than in the past with conventional, FHA, and VA loans all participating. The loan success rate is in spite of some frustratingly low appraisals! Perhaps lenders, title professionals, and REALTORS have adapted to the new, ever changing TRID environment? Either way, this is very welcome news! Check the charts below!
Over Pricing Update!
Many homes continue to languish in a market that witnesses over pricing of approximately 60% of the SFR available inventory. The good news is that there are signs of this market beginning to correct that problem as some of that was squeezed out this past month and over pricing is less. Newer inventory has been priced much closer to the market and results in opened escrows within a very few days in many cases while the older, over priced inventory simply accumulates more days on the market. Notice the days on market in some of the communities below.
Let’s Have a Fantastic July!