las vegas statistics: Las Vegas Real Estate Market Snapshot 1.26.2009
- 01/27/09 10:23 AM
The Las Vegas Housing Market Remains Active! While listing inventory continues to creep up ever so slightly, the Las Vegas real estate market supply continues to remain stable at 8.9 months. This is good news as prices continue to slip - now averaging close to 50% less than the market peak in 2006. Inventory absorption is critical to a recovering market. The million dollar market is dead. Fewer homes qualify for the market segment due to price declines. Million dollar closings though are off 366% compared to last year in the same time frame. 2009 continues the momentum established in the … (1 comments)
las vegas statistics: Knowledge is Power
- 12/12/07 02:51 AM
Distressed Homes Continue to Grow Marketshare 1 to 2 in 10 listings in the MLS are bank repos. The assault of reposessed homes continues to flood the market and make the resale market tough for traditional owner/sellers. Short sale offerings now account for 1 in 5 mls listings. Bank repos and shortsales combined account for more than 30% of the market offerings. More are coming. More than 500 reposessed homes were auctioned in the past 2 weeks. No numbers on the total homes sold, but many of these homes will return to the market to compete. They will undoubtedly re-enter the market … (0 comments)
las vegas statistics: November Sinks the Market to a New Low
- 12/04/07 05:09 AM
1087 detached homes and condo/townhomes closed in November - a new low for the mls this decade. The winter season is historically the low point of our market rhythm. December and January typically chalk the lowest percentage of our annual closings. Good news? Listing inventory continues to decline-this past 7 days by 568 listings! This marks 6 consecutive weeks of declining inventory and a total reduction of 1434 mls listings. 30 year fixed nterest rates today fell to 5.625%. The lowest in a very long time. Bad news? One bank repo auction down, one more this weekend. In total, more than … (2 comments)
las vegas statistics: Las Vegas November Median Prices
- 12/04/07 05:05 AM
The Average Joe Index. The greater Las Vegas area real estate values continue to trend down as high inventory, a slower sales season, and bank repos continue to pressure home prices. Here are this month's numbers; Home Size Median vs Nov 06 vs Peak (mo/yr)1500sf $236,500 -14.9% -20.1% (11/05)2000sf $297,450 -11.4% -17.8% (8/06)2500sf $338,995 -20.7% -29.8% (9/06) The Average Joe Median Index measures the values of homes in the sweet spot of the market - where the average Joe can buy. This index removes the million dollar homes from the fray to reveal what the market is doing for the average homeowner.
Is there really good news in the market? Possibly. Listings on the market continued to decline for the 3rd straight week. Inventory of homes are down 2.5% in the last 3 weeks. At the same time new pending sales contract have increased each week for the past 5 weeks. - increasing 10 percent in this time. More pending sales and fewer available listings lead to lower supply. Currently there is a 25 month supply of homes. There are still some challenges for owners who are occupying the homes they are trying to sell. One, there is fewer of them. … (3 comments)
las vegas statistics: Las Vegas Real Estate Data Market Snapshot 9.17.07
- 09/18/07 04:23 PM
It's a bad news, good news day. First the bad news. This week's rolling 30 day solds (homes sold in the last 30 days) represents the lowest number of sales (1206) in a 30 day period this year. It might be the lowest this decade. Use the 30 day sold number (most recent activity) and divide that into the current inventory and we get the highest supply of the year - 22.58 months. This is the greatest supply of homes I have seen in my 15 years serving the Las Vegas market. Last, REPO homes continue to grow at quite a … (2 comments)
las vegas statistics: Market Information
- 09/05/07 05:35 PM
Here are comments I submitted to a relo company today when asked to do a second opinion on a home on the market with a very competent agent at CB Premier. The subject is a very nice home; well maintained in side and out. Any buyer could move right into this unit. Positives are condition, "feel", location in community, and community itself. Negatives are living room is small and not very functional, backyard privacy is limited and backyard itself. The financial market has become a train wreck and half the buyers became renters at the end of July. The rental market had the best 30 … (4 comments)
las vegas statistics: Las Vegas area high-rise and lofts
- 04/24/07 05:16 PM
The vertical living lifestyle is one crowded pool to be swimming. On 4.24.2007 there are 699 available listings. 35 are in pending and 17 closed in the last 30 days. divide the 17 into the 699 and there is a 41 month supply of vertical living units for sale. WOW! It will be interesting to see if the units in pending close soon and change the supply numbers. … (1 comments)
las vegas statistics: Las Vegas Weekly Market Real Estate Data Snapshot 4.24.2007
- 04/24/07 05:01 PM
Created by RE/MAX Advantage for RE/MAX Advantage. HeadlineDid the sub-prime market have a bigger play in our local market than originally thought? Pending index this week is the second lowest to date for 2007. New to the snapshot is the high-rise and loft sub-market. The high-rise sold numbers are closed within the last 30 days - producing an incredible 41 months supply. The last 7 days of the Las Vegas valley marketplace Total Listings SFR 18590 Condo/TH 5408 Total 24083 (up 4165 (28.3%) since 1/1)Vacant units SFR 41% (unchanged) Condo/TH 52% (unchanged) Total 43% (unchanged) Total Pendings FR 2652 (+35/week) Condo/TH 581 (-2/week) Total 3233 (+33/week)Pending Index 134 (-1 from … (0 comments)
las vegas statistics: January 2007 Monthly Median Report
- 02/12/07 04:10 PM
Monthly Median/Inventory ReportPrepared by RE/MAX Advantage. Exclusive to RE/MAX Advantage. January 2007 Marketwide MLS Median Price$302,000 3 typical homes vs 2006 1500sfMedian price $264,900 ($287500 ~ 2006) down 7.9%Avg DOM 74 (50 ~ 2006) up 48% 2000sfMedian price $340,000 ($356,000 ~ 2006) down 4.5%Avg DOM 81 (71 ~ 2006) up 12.5% 2500sfMedian price $430,000 ($450,000 ~ 2006) down 4.7%Avg DOM 127 (64 ~ 2006) up 98.4% Copyright 2007. All data is prepared by Tim Kuptz for use by RE/MAX Advantage and its agents. Median price determined +/- 25sf of subject. MLS areas 101-606. SFR homes only. … (0 comments)
las vegas statistics: Las Vegas Weekly Snapshot
- 02/12/07 03:22 PM
Weekly Snapshot 2/12/2007 Created by RE/MAX Advantage for RE/MAX Advantage.The last 7 days of the Las Vegas valley marketplace Total Listings SFR 15865 (+257/week) Condo 4652 (+111/week) Total 20149 (+368/week) (up 1756 (9.4%) since 1/1) Vacant units SFR 42% Condo 53% Total 44% Total Pendings SFR 2586 (+113/week) CONDO 510 (+14/week Total 3096 (+127/week) Pending Index 151 (147 last week // 153 on 1/5/2007) Supply(months) 12.16 January Solds 1657 (more than December and November) Monday's 30yr fixed 6.25% 1pt origination Unchanged from last week Interesting points for the week • New listings in the last 7 days are the second highest number since the first of the year. • Pending index while lower than the beginning … (0 comments)
The Las Vegas Housing Market Remains Active! While listing inventory continues to creep up ever so slightly, the Las Vegas real estate market supply continues to remain stable at 8.9 months. This is good news as prices continue to slip - now averaging close to 50% less than the market peak in 2006. Inventory absorption is critical to a recovering market. The million dollar market is dead. Fewer homes qualify for the market segment due to price declines. Million dollar closings though are off 366% compared to last year in the same time frame. 2009 continues the momentum established in the … (1 comments)
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