Las Vegas Real Estate Market Update – February 2017

hole12The 79th (2017) Session of the Nevada Legislature Begins on Monday!

First, there are 102 Assembly Bills and another 102 Senate Bills that are posted on the Nevada Legislature website.  Expect the tone and dynamics of this session to be vastly different from 2015.  Let’s see how many 2015 bills are modified or repealed!  Will we see any movement on the change to permanent daylight time?  That’s really in the hands of the Congress at this point.  There is one bill that could change real estate educational requirements.

Greater Las Vegas Market Overview

January 2017 Single Family Residential (SFR) closed sales were down 21.2% from December, but we are beginning 2017 with a 16.3% increase in closed sales over January 2016.  The median closed sales price of a SFR improved 1.3% to $235,000 while the average closed sales price of an SFR also decreased by .4% at $271,738.

Click Here for the Current Market Update

Click Here for Additional Las Vegas Market Update Charts

January experienced a typical seasonal drop in closed units but there were nearly 4400 new listings taken during January.  This resulted in a small increase in overall months of inventory available.  In fact, SFR Months of Inventory is just short of 3 months at present, but condo and townhome inventory has fallen to 1.7 months.  Although closed sales dipped, the number of homes going into escrow improved by nearly 400 units in January.

 

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Where Were the Sales?

The chart below clearly illustrates that closed sales were not consistent across Greater Las Vegas this past month.  For example, Spring Valley, Inspirada, and Iron Mountain Ranch all witnessed pronounced decreases in closed sales – even as Aliante and Mountain’s edge saw slight improvement.  Therefore, depending on the community, months of inventory for SFR homes ranges from 2 to 20 months.  It’s also clear that some communities had very short average days on the market (most notably Centennial Hills), while others such as Anthem Country Club and Red Rock Country Club were just shy of 100 days average on the market.  Some of that also suggests that some of the older inventory closed this past month.  That can also been seen by the drop in the average list price for available SFRs!

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

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One thought on “Las Vegas Real Estate Market Update – February 2017

  1. Mark E. Rowley

    Hello Forrest….

    The latest data from CoreLogic shows that out of the 404K mortgages in Clark County 84K of them are a distressed situation of some kind….The Phoenix market continues to pull away from the Vegas market with a stellar 32% increase in new home sales in 2016′ compared to Clark Counties 16.7%….Of the 7984 homes built in Clark County in 2016′ less than 5% of then were under $250K…..I have made several inquiries to Mr. Martin and Mr. Kelley about whether or not NVAR has any of its own BDR’s in for the session….No reply is an indication that the association will continue to lead from behind as long as the brokers don’t incur any type of taxation……

    We remain the only non-judicial foreclosure state in the country to have a ridiculous potential civil penalty on the mortgage servicing industry….All other states for the same kind of violation have penalties of between $1K – $5K….Our state is $50K….Last year there just under 3900 trustee’s deeds filed in Clark County…..So the thousands of “ZOMBIES” will continue to rot and the squatter situation will continue to get worse….

    So how does the recovery in the national scene help us again…..?

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

    Like

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