Las Vegas Real Estate Market Update – September 2016

DSC_0115 - CopyNew Residential Purchase Agreement – Biggest Change in Ten Years!

It was ten years ago that we first introduced a standard Greater Las Vegas Association of REALTORS (GLVAR) Residential Purchase Agreement (RPA) that was generally adopted by most brokerages in Las Vegas. The upcoming version of the RPA introduces the most substantive changes since its adoption.  Personally, I like many of the changes, but not everyone will agree with me.  That’s okay!  Reality is that each legislative session enacts new laws that often require changes to a number of our standard GLVAR forms.  This is why a number of other states have gone to statewide forms for real estate transactions.  State associations such as the California Association of REALTORS (CAR) and the Arizona Association of REALTORS  (AAR) are the authors and keepers of those forms.  That makes so much sense as it is the state associations that tend to monitor federal, state, and local legislation and ordinances.  The attorneys in those associations then update their state forms shortly after their legislative sessions conclude.  Ten years ago we tried and failed to launch a set of statewide real estate forms in Nevada.  However, given how much the business of real estate is impacted each year by federal and state legislation, perhaps it’s time for state and local real estate leadership to review this issue.  I will gladly volunteer some of my own time if there is an interest.

Las Vegas Market Overview

August Single Family Residential (SFR) closed sales are up 9.3% from July and 8.2% higher than at this time last year.  The median closed sales price of a SFR retreated to $235,000 while the average closed sales price of an SFR dropped 2.4%, falling from $275,885 to $269,222.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

We have mentioned in previous blog posts that the Greater Las Vegas Real Estate Market continues to struggle more that many other markets with conventional financed transactions.  The first chart below shows the Las Vegas market for all price points.

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The next charts show the contrast between conventional financing below the $250,000 price point and then for the price range from $250,000 to $750,000.

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So which price points enjoy momentum in this market even as other price points are flat or falling?  Here they are:

 

BlogPicsAug2016_Page_18BlogPicsAug2016_Page_19

So the price ranges from $250,000 to $750,000 are the clear winners.  Have you “Moved Your Cheese” yet and adapted to these market changes?

Have a Safe and Happy Labor Day!

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Categories: Market Stats, MLS, Mortgages, political, Pricing | 1 Comment

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

  1. Mark E. Rowley

    Hey Forrest…..

    I just looked and I see there are now 349 BDR’s in for the 79th session…..The session as we all know by now starts shortly on February 6th, 2016…..There were multiple NVAR meetings this week with the Legislative Committee being one of them…. Do you think Chairman Kelley has his committee on a road to strategize legislation that will remove or work around the impediments in our states laws that are deeply affecting the recovery of our state / local resale housing market places….?…..Or are we going to keep them swept under the rug like they don’t exist….?

    Did you see the figure that over the first six months of the year, that the “SQUATTER” problem resulted in a 32% increase in calls to the Metro Command Stations in the first two quarters of this year…..?

    Any chance that you may be able to forward me the permit totals for the new housing sector in Phoenix…..?….That would be greatly appreciated….

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

    Like

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