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Las Vegas Real Estate Market Update * July 2017

Greater Las Vegas Real Estate Market Overview

June 2017 Single Family Residential (SFR) closed sales were up 4.3% from May and 12.3% better than June 2016. Year to date 2017 closed sales are now up nearly 11% over 2016.  The median closed sales price of a SFR edged up 3.4% from $250,000 to $258,500 while the average closed sales price of an SFR remained flat at $296,080.  Residential resale activity was brisk again in June leaving us with approximately 1.5 months of inventory. SFR closings,  Condos/Townhome closings, Hi-Rise sales closings and Luxury Sales closings continued to make gains as well.

So what does it mean when the median price posts significant improvement while the average sales prices remain flat.  Simply, we are selling more homes at higher prices, but in those higher price ranges – the sales are closing a slightly lower prices.  This could be the result of squeezing out the over pricing or lower than expected appraisals.  Either way 50% of the units closed in June were at prices above $258,500.  The charts below also show that 65% of the SFR units closed in October 2016 were below $250,000.  However, as of this month only 55% of the Greater Las Vegas closings are below $250,000.  That can be seen in better detail by reviewing the “Closed Units by Price Point” charts below.

 

Click Here for Individual Las Vegas Market Charts

Click Here for the Current Market Update

 

 Over Pricing Index

There were 3675 SFR closings this past month. The average Days on Market (DOM) for all SFR closings was 36 days, but check this out:

  • 2535 SFR closings (69%) were 30 days or less
  • 2199 SFR closings (60%) were 20 days or less
  • 1632 SFR closings (44%) were 10 days or less

Over Pricing Fun Facts:

There are currently thirteen available SFR listings that have been actively on the market for over 1000 days, with the longest one being over 1500 days.  One has been on the market since April 2014 with Public Remarks as follows: “. . . Hurry it won’t last in this market . . .” And guess what? Yes, that’s right – the current listing price is the same price it was listed at over 1100 das ago.  Let’s see! April 2014? That was two real estate license renewal periods ago for me! LOL

Another one listed earlier in 2014 states: ” . . . Seller is looking for offers . . .”  Certainly, this seller is still looking!

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 is less than 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 . . .

Know the New Home Community Inventory

First, with 61% of the six weeks of SFR inventory over priced – we are left with about 15 days of marketable inventory in residential resale inventory.  Thus be sure to preview the various new home communities in the areas you normally market or where you buyers are looking.  There is some standing inventory, but even that is going quickly.  A couple of new home communities are nearly sold out after being open for only one week.  Still, a new home purchase may be a great alternative for you buyer who keeps losing multiple offers in an overheated resale market.  Keep in mind that if a builder is sitting on completed inventory, they are motivated to move those homes so they can build more.  You might even find excellent incentives there for your buyers.  Besides, many buyers are going to new home communities with or without you due to current market conditions and even frustration over the residential resale market conditions.

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 . . .

Categories: Market Stats, MLS, Pricing | 1 Comment

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


Click Here for the Current Market Update

Click Here for Individual Las Vegas Market Charts

 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 . . .

http://www.youtube.com/watch?v=_NL-nS9Tte0

Categories: Market Stats, MLS, Pricing, RE Practice | 1 Comment

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.

 

Click Here for the Current Market Update

Click Here for Individual Las Vegas Market Charts

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.

 

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

Las Vegas Real Estate Update – April 2017

 Greater Las Vegas Real Estate Market Overview

March 2017 Single Family Residential (SFR) closed sales were up 41.5% from February and 13.6% better than March 2016, making it the best March since 2012. Year to date 2017 closed sales are now up 12.3% over 2016.  The median closed sales price of a SFR improved 0.83% to $242,000 while the average closed sales price of an SFR also increased by 2.7% to $284,173.  Residential resale activity was brisk in March leaving us with less than 3 months of inventory and less than 5900 available SFR listings.  All property types participated in the March gains.  Condos/Townhomes were up 24.3% over February, while Hi-Rise sales improved by 28.6% and Luxury Sales by 80%


Click Here for the Current Market Update

Click Here for Individual Las Vegas Market Charts

 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 $41,000. 

Currently 6% 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 6% over priced – there is only about 4 weeks of marketable inventory. 


Categories: Market Stats, MLS, Pricing | Leave a comment

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.

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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. 

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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, 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!

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

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

Las Vegas Real Estate Market Update – October 2016


wdm-2Greater Las Vegas Market Overview

September Single Family Residential (SFR) closed sales were down 5.75% from August but 7.9% higher than at this time last year.  The median closed sales price of a SFR dipped 0.49% to $233,850 while the average closed sales price of an SFR dropped 0.70%, falling from $269,222 to $267,327.  Yet, SFR closed sales are 6.5% better than at this time in 2015.  Condo/Townhome sales are up 16.3% over 2015 while Hi-rise closings are up 13.9% compared to last year.

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

 


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Finally,  here are how selected communities have performed over the past six months.

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Categories: Market Stats, MLS, Pricing | Leave a comment

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:

 

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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!

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

Las Vegas Real Estate Market Update – August 2016

IMAG0021Property Management Permit Pre-Licensing Course!

Once again it’s time to shamelessly plug Americana’s Pre-Licensing Property Management Permit course – again! This course is excellent – even for those who just want to learn more about Landlord Tenant laws in Nevada.  Do you want to learn how to prevent or spot embezzlement – before it becomes a problem?  Would you like to learn foolproof techniques for reconciling your trust accounts? There are lots of “how to” for brokers and licensees who want to become property managers and do it right!  Boring is NOT a word anyone has ever used to describe this course.  Registration is now open.  See you there.

Just click here to view the course and/or register.

The class runs Aug 18th through Aug 20th.  Walk-ins are welcome on Thursday beginning at 7:30 am, Aug 18th in our Summerlin office at 10777 W. Twain Ave., Suite 333!

Las Vegas Market Overview

July closed sales are down 13% from June and 11% lower than at this time last year.  The median closed sales price of a Single Family Residence (SFR) inched up from $235,000 to $236,000 while the average closed sales price of an SFR dipped slightly, falling from $276,482 to $275,885.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

Much of the drop in closed units was in those homes under $500,000.  Sales remained steady strong in the $500,000 – $750,000 price ranges.  The charts below will also show how the Las Vegas market compares to both Southern California and Phoenix/Scottsdale in the sale of Single Family Residence.

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CA-blogpics-july2016_Page_03The good news this month is the reduction in over priced homes:

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Let’s Take a Closer Look at the Market Value trends Phoenix/Scottsdale, Southern CA, and Greater Las Vegas !

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Categories: Market Stats, MLS, Pricing, Property Management | 2 Comments

Las Vegas Real Estate Market Update – July 2016

balloonsThe Summer and the Market are Heating Up!

Overall closings for 2016 remain 8.1% ahead of last year’s closings. The median closed sales price of a Single Family Residence (SFR) improved to $235,000 in June resulting in a 2.6% increase while the average closed sales price of an SFR nudged upward again to $276,482 representing a 1.4% increase over May and a 9.2% gain in the past two months.

Click Here for the current Market Update

Click Here for Additional Las Vegas Market Update Charts

June market momentum heated up as SFR closings bettered last month by 6.3% and June 2015 by 6.7%  Similarly,  2016 condo/town-home sales and hi-rise sales are showing strength over last year’s sales.

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blog-pics-nv-june-2016_Page_12So What Has Changed!

The Las Vegas real estate market may be recovering in a slow, but steady manner.  However, financed transactions are being concluded much more smoothly than in the past with conventional, FHA, and VA loans all participating.  The loan success rate is in spite of some frustratingly low appraisals!  Perhaps lenders, title professionals, and REALTORS have adapted to the new, ever changing TRID environment?  Either way, this is very welcome news! Check the charts below!

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Over Pricing Update!

Many homes continue to languish in a market that witnesses over pricing of approximately 60% of the SFR available inventory.  The good news is that there are signs of this market beginning to correct that problem as some of that was squeezed out this past month and over pricing is less.  Newer inventory has been priced much closer to the market and results in opened escrows within a very few days in many cases while the older, over priced inventory simply accumulates more days on the market.  Notice the days on market in some of the communities below.

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Let’s Have a Fantastic July!

 

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

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