Las Vegas Real Estate Market Report- July
The Current Las Vegas Market For July
Courtesy of Forrest Barbee, Berkshire Hathaway HomeServices Nevada Properties Corporate Broker
Closed sales for Year-To-Date 2014 remain 13.% behind last year as we enter into July. The median sales price of an SFR is now at $199,900, a 2.5.% increase from last month and a 14% increase from one year ago. Available REO listings continue their decline, and REO closed sales prices dropped precipitously in June. Short sales closed prices improved with the median sales price of $170,000; that is $20,000 higher than the median price for an REO.
The most discernible change if the Greater Las Vegas has been the accelerated transition from a distressed to non-distressed market. That in turn has triggered an amazing improvement in financing versus cash sales. The charts below illustrate the rapid changes in just the past six months.
The supply of SFR homes dropped to 2.6 months while Condos and Town-homes have now dipped to a 3.4 month supply. Most areas within Greater Las Vegas experienced improvement in the average closed sales prices during June. A word of caution! We may have 2.6 months of available inventory, but it’s probably more like 1 month of marketable inventory. Yes, I said marketable!! That’s because we continue to see widespread overpricing of homes in this market!
But keep in mind that Greater Las Vegas enjoys numerous “micro climates” when it comes to market appreciation or depreciation. This epitomizes the notion that “all real estate is local”! Very local when evaluating Greater Las Vegas market pricing.
Click Here to Download the Current Las Vegas Market Update
Click Here for Additional Las Vegas Market Update Charts
Here are some New Charts!
We have been following SFR closings by month and year for some time. Earlier in the year we were nearly 16% behind 2013 in closed units. This month we are only 13% behind 2013. So now I want to add separate charts for Condo/Town homes and Hi-Rise closings in order to visualize these closings as well. Both charts are included in the Additional Charts download – just above.
