Las Vegas Real Estate Market Update * June 2017

Greater Las Vegas Real Estate Market Overview

May 2017 Single Family Residential (SFR) closed sales were up 22.4% from April and 14.5% better than May 2016. Year to date 2017 closed sales are now up 10.5% over 2016.  The median closed sales price of a SFR edged up from $249,000 to $250,000 while the average closed sales price of an SFR increased by 3.5% to $296,503.  Residential resale activity was brisk again in May leaving us with approximately 1.6 months of inventory and only about 5400 available SFR listings.  It was a grand slam for resale closings this month with SFR closings,  Condos/Townhome closings, Hi-Rise sales closings and Luxury Sales closings all making big gains this month as can be seen below.

In fact, activity was so good that some homeowners were “borrowing” open house signs to bring in the traffic and conduct garage sales.  Looks like more REALTORS need to get out there and help the public with those Open Houses and Garage Sales! LOL

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 Over Pricing Index

The chart below shows that Over Pricing is steady with 61% of all available Single Family Residential listings being over priced.  That means that only about 2100 of the available 5400 SFR homes are priced correctly.  In short, there are only about 3 weeks of marketable inventory.  Is this leading to multiple offers, especially in the price range below $300,000?  Of course it is!  So consider . . .

Underwritten Pre-Approval

We all know that having our buyers pre-approved is far better than having them just pre-qualified.  However, some lenders are able to have your buyer underwritten pre-approved.  That means they have completed all paperwork and submitted all required documents even before identifying the home they plan to purchase.  The only things they are waiting for at this point is a contract, inspections, appraisal and insurances for the most part. The underwritten pre-approval should be signed by the underwriter and this could save a couple of weeks in the loan process.  Under the theory that sometimes “we need to slow down to speed up”, this just might provide your buyer a solid advantage in a competitive, multiple offer situation!

And just maybe it’s time to break out this great video one again . . .

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

  1. Hello Forrest….

    Hope you are well…..The shortage of housing has been coming at us for right at four years now…..That is when the 77th legislative session ended….Put into place was a caveat in the “Homeowners Bill of Rights” so that no servicer could tell the difference between AB284 and the new HBOR bill….We are the only state in the country to have it in our State Statutes……Well it worked, as we lead the nation in multiple unwanted distressed housing categories…….Most pressing is the crime associated with the amount of “SQUATTERS” that climbs every quarter…..

    So the session has ended, nothing was done about changing the business climate in the state…..So how long do you think the small and mid-sized brokerages will be able to last as there is nothing to sell….?

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


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