Las Vegas Real Estate Market Update – March 2017

sienapracticeholeThe 79th (2017) Session of the Nevada Legislature!

First, there are 257 Assembly Bills and another 238 Senate Bills that are posted on the Nevada Legislature website.  AB-235 (Click Here) was introduced last week and enacts the Uniform Commercial Real Estate Receivership Act. (BDR 3-714).  To keep up to date with Legislative activity in Carson City, click on the link below.

 

2017 Nevada Legislature Calendar and Videos

 

Greater Las Vegas Market Overview

February 2017 Single Family Residential (SFR) closed sales were up 4.6% from January, but we are beginning 2017 with a 11.2% increase in closed sales over 2016.  The median closed sales price of a SFR improved 0.84% to $240,000 while the average closed sales price of an SFR also increased by 1.8% at $276,713. February saw more activity and closings than January.  SFR Months of Inventory is 2.8 months at present, but condo and townhome inventory has fallen to 1.5 months.

blogpics-02-2017_page_01blogpics-02-2017_page_11

Click Here for the Current Market Update

Click Here for Individual Las Vegas Market Charts

New Over Pricing Index

The charts below  are an attempt to get a better handle on the current over pricing situation.  The charts look at a rolling 12 month average of original listing prices and compares that to a rolling 12 months of closings.  It only include SFR data for properties that had an original list price between $250K – $1M in an effort to avoid any skewing from the high end listings (over $1M).   The CON/TWN chart includes data for properties has had an original list price below $1M.  The rolling 12 month averages provide a smoother trend line than using actual monthly numbers.  It looks like we were getting the over pricing under control in the latter part of 2013 and early 2014, but since then the over pricing gap has increased with the average amount of over pricing per SFR being approximately $39,000. 

Currently 61% of all available SFR listings have been on the market for over 30 days, 52% over 45 days, and 47% over 60 days.  That’s remarkable given there is only 2 to 3 months of available inventory, but with 61% over priced – there is only about 4 weeks of marketable inventory. 

blogpics-02-2017_page_02

blogpics-02-2017_page_03

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, Anthem Country Club, and Providence faced decreases in closed sales – even as Aliante, Summerlin, and Mountain’s edge saw improvement.  Therefore, depending on the community, months of inventory for SFR homes ranges from 2 to 8 months.  It’s also clear that some communities had very short average days on the market (most notably Silverado Ranch and Peccole Ranch), while others such as Anthem Country Club and Siena were just over 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!

blogpics-02-2017_page_12

 

 

 

 

 

 

 

 

 

Advertisements

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

  1. Hello Forrest….

    Well the builders fixed their legislative challenge in the 78th session rolling back all of the challenges that NRS 40.600 – 40.695 presented to them from its inception in 1996′ and we are now starting to see the fruits of their legislative efforts as high end attached product all over the valley is now being permitted….Of course this type of product is their most profitable and no lower or middle class wage earner will be able to afford the product, but it will sell into a highly pent up market place very nicely….

    How about AB161 and the illusion that this would somehow put an end to our out of control squatter problem that is getting worse by the year because of all the “ZOMBIES” that are laying vacant rotting our neighborhoods from the inside out…..

    Forest, can you do us all a favor with your “over pricing” chart…..Do 0-200K, $200,001K- $300K, $300,001K to $500K, then $500,001 to $1M….$39K is not a lot in the million dollar range, but does present a challenge in the home for sale at $295K….

    Thx, Mark E. Rowley ROG W. Charleston 702-379-1353…

    Like

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