Las Vegas Real Estate Market Update * May 2017

Greater Las Vegas Real Estate Market Overview

April 2017 Single Family Residential (SFR) closed sales were down 10.65% from March and 0.3% less than April 2016.  Some of the slippage is likely due to the fact that the last two days of April fell on the weekend.  However, year to date 2017 closed sales remain up 9% over 2016.  The median closed sales price of a SFR improved 2.89% to $249,000 while the average closed sales price of an SFR also increased by 0.77% to $286,365.  Residential resale activity continued to be brisk in April leaving us with less than 2 months of inventory and less than 5700 available SFR listings.

 

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Market Shrinkage

The bank owned (REO) segment of the market experienced significant contraction this month, falling from 6% of the closings to just over 4%.  Additionally, homes priced below $250,000 continue to make up an increasingly smaller segment of this market.  Below we can see that closed units below $250,000 have contracted by 6% and that volume shrunk by 5%.

 

 

 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 nearly $42,000. 

Siena Golf Course Update

There has been a lot of discussion about the future of the Siena Golf Course over the past few weeks.  On May 3, 2017 there was a special Board of Directors meeting devoted to this one issue and it afforded residents to offer comments and have a serious dialog on this subject.  The meeting was well attended and most productive under the proactive leadership of the current Siena HOA Board.  The event was videotaped and uploaded to YouTube in four segments.

 

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Categories: Market Stats, MLS, Pricing, Property Management | 1 Comment

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One thought on “Las Vegas Real Estate Market Update * May 2017

  1. Mark E. Rowley

    Hello Forrest….

    It was an interesting month for sure….It could potentially be a tough run for the brokerages / sales staffs with inventory supplies at less than two months…..The next several months will be interesting as the summer quickly approaches…..

    As we know Nevada / Clark County continues to rank in major data base measurements that we wish could be forgotten about, but now there are two more that were pointed out this past month and should probably be added to the true market health watch…..Then there was the recorder office recordation of the final ruling in the court case that I am sure the association has been watching, lets get to that in a second…..

    First the new categories…….We already know the following……..The state / Clark County rank in national data bases with negative equity……mortgage delinquency…..least amount of product for sale per capita in the country…..Now it is being pointed out that we are the least affordable for the lower / middle class wage earner…..We are now also being crowned with the largest spread between the peak of $315K and the current median in the high $240K’s…..

    As far as the court case, that I am sure the association is aware of…….A “professional, property tax paying “SQUATTER” was awarded a $400K plus house in a court ruling a couple of weeks ago…..The deed was filed in Clark County in the last ten business days or so my source has told me…..Is there the potential that hundreds, maybe thousands of these cases could now be coming……?…..I am interested in your insight to the situation…..

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

    Like

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