Las Vegas Market Update – December 2012
The National Mortgage Settlement Agreement
There remains much concern over solutions to issues caused by AB284. However, I am confident that these issues will be handled in the upcoming Legislative Session beginning February 4, 2013. More importantly the focus should be on the details of the National Mortgage Settlement Agreement – keeping in mind that key language from this settlement is also in AB284. I have compiled a repository of information related to the settlement agreement and added it as a page to this blog. So please take a few moments to check out the National Mortgage Settlement page.
Property Management Permit Course!
I am going to shamelessly plug Americana’s Pre-Licensing Property Management Permit course – again! This course is excellent even for those who want to learn more about Landlord Tenant laws in Nevada. Registration is now open.
Just click here to view the course and/or register.
The Current Las Vegas Market
Single family residential (SFR) closings for November 2012 were down 11% from October 2012 as well as being down 15.8% from November 2011. Overall inventory is hovering around the 5400 unit mark. Despite having about six weeks of inventory in most areas of Greater Las Vegas, we have taken the fewest listings in 2012 compared to the past five years.Has the dramatic shift to a traditional listing market caused listing agents to be off their game?The good news is that median price of an SFR increased by 4.3% to $146,000.
Click Here to Download the Latest Equity Title MarketReport
Las Vegas Market Closings and Momentum
Notice the continued decline of REO closings and the recent sharp decline in short sale closings! We are in the midst of a significant market shift and it’s time to develop or dust off traditional listing presentations. Let’s look at the shift during the past year!
Las Vegas Closings by Property Type 2011 vs 2012
Click Here for Additional Charts
contributed by Forrest Barbee (Corporate Broker)
Posted on October 6, 2012