Rentals:

• 254 Listed 6/15/2009
• 19 Under Contract 6/15/2009
• 51 Leased May 2009 
• 5.0 Months Inventory

Resales:

• 764 Listed 6/15/2009
• 89 Under Contract 6/15/2009
• 38 Closed May 2009
• 20.1 Months Inventory (=1.7 years) Still bad but significant improvement over last several months!
  

This Market is extremely volatile due to the boutique nature and lack of financing.    Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494.  Press 1 if you are a buyer or press 2 if you are a renter.  For financing options press option 3.  For selling or leasing/property management press option 0.  We will not list condos that have not yet closed with the builder or are not interested in contract reassignments.  Para español presione el cuatro.

This Rhodes Ranch Area resale market report:

• Active Listings (6/15/2009): 217
• Under Contract (6/15/2009): 341
• Sold May 2009:  115
• Months Inventory: 1.9

Rental Market Report:

• Active Listings (6/15/2009): 120
• Under Contract (6/15/2009): 19
• Leased May 2009:  48
• Months Inventory:  2.5

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494. 

702-966-2494 menu:

• Option 1:  Buyers wanting to purchase a Rhodes Ranch Area Home
• Option 2:  Renters wanting to rent a Rhodes Ranch Area Home
• Option 3:  Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
• Option 0:  Sellers wanting to sell their home in the Rhodes Ranch Area:  We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
• Option 4:  Para español presione el cuatro.

I had this question posed to me today on my blog by another agent:

'What is considered a sellers market?  There may be a lot of houses selling, but if you price anything low enough, someone will buy it.  That doesn't mean sellers are making a killing does it?  Maybe I am looking at the wrong houses in Vegas, but the several hundred I looked at are priced lower now than they were five years ago.  Is that really making sellers happy, the kind of market they want?'

A seller's market to me is an inventory, supply/demand sort of thingy.  It doesn't mean homes are appreciating 10% a month (although the next several month appreciation reports may be exciting!)

So inventory wise this is why I post graphs! I call less than 4 month's inventory a seller's market, 4-7 month's inventory a stable market and 7-13 month's inventory a buyer's market and 13+ month's inventory a depressed market.

Here is a buyer's market (sorry I was a little graphically challenged back then):

Here is a buyer to stable-transitioning market:

Here is a seller's market:

My answer to the above question is that we could still be a market that has an abundance of inventory with no buyers!  Also, list prices are not equivalent to sale prices these days.  Sale prices are being pushed up.

Here's the beautiful thing for sellers (maybe not price) is that they can pick terms and they control what they accept.  For example, if there are 20 offers on a property with the net overbid list price by 10% and there are all types of offers:  they can cherry pick a cash offer that overbid list price by 8% over that FHA buyer that had the highest bid.

Why would they do that?  Probably because cash closes quicker and with less drama and has less contingencies so the risk factor of waiting another 2 months for a close (yes, FHA is taking about 45-60 days to close,) wouldn't be worth another 2%

They also may not be paying closing costs and buyers are getting few concessions.

So low prices on saleable inventory + multiple offers = prices driven up (slowly this time thanks to HVCC!)

Cash is king and I started doing this report because (I am going out on a limb saying this and am 99% sure) we are going to watch the amount of cash closes rise in the next several months due to market conditions.

Financed buyers are going to have to tread water in sub-markets with more inventory if they want the no haggle price with some concessions.  The odds of closing that short sale are currently about 20:1.

Prices are definitely NOT 'what you see is what you get' in this market currently.  They are being driven up and in many cases financed buyers are left in the dust.

Patience and persistence is what we all need if we really want that house............ (and make sure you are getting a good CMA to make sure you aren't overpaying too much!)

Cash is emerging as king in the Las Vegas Area Real Estate Market!!!  It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying!  It is important to understand how a seller looks at each financing type:

Cash Offers:  Generally have less contingencies and quicker close times.  A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing:  Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing:  Requires more scrutiny with lender required repairs via appraisal.  In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller.  Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other:  Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc.

Desert Shores May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  79
• Under Contract (6/15/2009):  77
• Sold May 2009:  30
• Month's Inventory:  2.6

Last Month's Report

Click here for Most Recent Desert Shores Market Report

Click here for More Information on Desert Shores Lake Living.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Silverado Ranch May 2009 Real Estate Resale Market Report:

• Listings (6/15/2009):  225
• Under Contract (6/15/2009):  219
• Sold May 2009:  59
• Month's Inventory:  3.8

Since last month:  Listings are DOWN -54, Pendings are UP +21, Sales are UP +26

Read Last Month's Report Here

 If you are thinking about buying, renting or selling a Silverado Ranch Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

These are incredible prices for a first visit and adjustment!  I started seeing Dr Wise in January or February for my Carpal Tunnel CTS or tendonitis which was severe.  He taught me techniques to work on the scar tissue at home.

I highly recommend that anyone who has pain in their arms due to CTS or Tendonitis (back and neck pain too!) to at least visit Dr Wise for a consultation and chiropractic adjustment.  Circulation in my hands has improved and the pain is now non-existant.  The improvements are life changing as I have been avoiding surgery and treatment for around a decade!  I am thinking about throwing away my splints and wrist bands :)

Please let Dr Wise know you found him through my blog :)  He is located conveniently off of the southern 215 Beltway and Rainbow

So buyers, are you sitting on the fence waiting for that 5 figure number of moratorium listings to be dumped on the Las Vegas Area market?  It's already started with Freddie and Fannie and thus far, we have absorbed it because buyer interest is so high!

The media keeps scaring people with big numbers:  boo!  Ten Thousand (10,000) is NOTHING and will be absorbed quickly (interest rates, economic and lending conditions willing!)  10,000 won't even bring our market out of a seller's market!

Today Hubble Smith reported in the LVRJ that there is between 20,000-30,000 homes that are rarin to go into foreclosure.  I say BRING IT ON so we can get some of these buyers into contract.  If we have 20,000 units dumped on our market overnight we can finally have a STABLE market.

This will not happen however:  Fannie and Freddie are doing rentbacks and selling in bulk to REITs.  If we are lucky, we could get another 10-15K units and it would still still remain a seller's market.

Our market is in dire need of sellable inventory.  We currently have less than 12700 units on the market, over half are unsellable because they are overpriced or short sales.  We are hovering at 13000 pending and contingent properties.  Right now we are looking at over 4000 closes for the month of June so if we had 22000-24000 units (after 9000-13000 units are thrown out there) on the market it would still be a seller's market.  Pendings are still rising at a phenomenal clip EVEN with all the closes and we didn't experience the traditional leveling in May.

REPEAT:  In a nutshell, our market can afford (currently) to have 9000-13000 units dumped on it overnight and it would still remain a seller's market.  Buyer interest is so high I know we could absorb it easily!

Buyers:  don't be a bench warmer!  Start practicing your swing and get in the game.  You never know when you will hit your homerun!

Call us today at 702-966-2494.  We will help direct you to some great pre-qualification sources and give you a buyer's consultation so you will be ready to submit your winning bid on the home of your dreams!

The rental sector has surprisingly remained stable throughout all this market turmoil!

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.

Units Leased:

• May 2009:  1760
• April 2009:  1677
• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564  

 Average Monthly Rental Rates:

• May 2009:  $1348
• April 2009:  $1348
• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503  

Median Monthly Rental Rates:

• May 2009:  $1200
• April 2009:  $1200
• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275

Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0