I sat down with long time appraiser Scott Dugan to discuss the latest with appraisals in the Las Vegas real estate market.

Rob Jenson on the set of House Hunters Las Vegas

Single Family Residences (SFRs) Under $1 Million:

• Number of Listings on Market: 19,209 (+1.2%, 233 unit increase from July)
• Quantity Sold: 3,055 (-7.4%, 245 unit drop from July)
• Average Sales Price: $160,449    (+1.3%, $2,057 increase from July)

(Down $82,563 from July, ‘08)

• Number of Foreclosures on Market 1^st of July: 6,053 (-7.4%, 483 unit drop from July)
• Number of Foreclosures Closed: 2,120 (-12.4%, down 300 units from July’s record)
• Number of Short Sales on Market 1^st of Month: 9,697 (4.8% increase from month prior)
• Number of Short Sales Closed: 385 (+5.3%, 51 unit jump from July)

Luxury SFRs Over $1 Million:

• Number of Listings on Market: 672 (+.4% slight increase from month prior)
• Quantity Sold: 8 (-43%, 6 unit slump from month prior)
• Number of Listings over $3 Million on Market: 145 (+1%, July’s 144 was lowest in a year)
• Number of Closings over $3 Million: 2 (12 units since October, 2008)
• Number of Foreclosures on Market: 1^st of Month 19 (+58%, biggest number since January)
• Number of Foreclosures Closed: 1 (14 units closed in 2009)
• Number of Short Sales on Market 1^st of Month: 48 (2 unit increase from month prior)
• Number of Short Sales Closed: 1 (Only 5 1M+ Short Sale Closings in 2009)

Condominiums Over $1 Million:

• Number of Listings on Market: 130 (-7.8%, 9 unit decrease from month prior)
• Quantity Sold: 3 (1 unit uptick from last month, 8 units closed in 2009)

Miscellaneous:

• Total Number of SFRs Sold: 3,063 (-8%, 251 unit slide from July)
• Total Number of Foreclosures  Closed:  2,121 (-12%, 301 unit drop from July)
• Total Number of Short Sales Closed: 386 (+15.2%, 51 unit increase from July)

Key Findings:

• SFR’s <1M Average Sales Price is peaked 1 year ago, and regressed as much as $84,620. Augusts’ 1.3% climb erased the loss from the last 2 months. It is only the second time in a year the average price for SFR homes less than 1M has increased.
• Mixed results this month, Inventory and Average Sales Price were up, but Sales are down.
• SFR Sales (3,063 units) slid for the 2^nd month in a row, 337 units off June’s peak of 3400.
• Distress sales dropped 1% to their lowest % of all sales since October, at 82%.
• Inventory of SFR homes <1M increased for only the 2^nd time this year.
• There are twice the # of short sale than REO listings, but REO’s outsell short sales 5 to 1.
• Lower interest rates and a drop in the average sales price under $160,500 for homes <$1M is attracting more bargain hunting foreclosure and short sale buyers to the Las Vegas market. That has brought the inventory of homes down to a 6.5 month supply.
• If you don’t include homes under contract the monthly supply drops to 2.8 months!

*Data as of July 1^st, 2009; Does not include new home builder sales unreported in MLS.

Robert Jenson is the CEO of The Jenson Group, Luxury Real Estate.   Voice - 702-521-8832