Las Vegas Market Report- February 2013

Contributed  on February 7, 2013 by Forrest Barbee Corporate broker

The Current Las Vegas Market

Single family residential (SFR) closings for January 201 are down 22% from one year ago, but closing prices continue to increase. SFR closings were down 6.4% in 2012 compared to 2011. This was offset by a 24% increase in the median sales price of an SFR as 2012.   Please watch the short video update and download the market update and charts below.

Video Market Update on YouTube

Click Here to Download the Current Market Update

Click Here for Additional Market Update Charts

Las Vegas Market Closings and Momentum

REOs have declined dramatically this past year and are now only about 10% of the closings in this market. However, they seem to have leveled off with a very slight increase in the available REO properties this past month! It’s good to see an increase here since Greater Las Vegas only has an average of 1.2 months of SFR inventory compared to 2.7 months of inventory at this same time last year.

Las Vegas Closings by Property Type 2012 vs 2013

Closings are down 6.4% from 2011 but remain strong.  January 2013 began with 22% fewer units closed than last year.