Southern Nevada - Las Vegas, Henderson, Summerlin - housing stats on the mend in October

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Services for Real Estate Pros

Grilled seabass, Las Vegas, NVLas Vegas real estate has recently been the punching bag of many industry observers and for a good reason. Mortgage foreclosure rate here is still reaching for the moon, housing inventory remains high and the economic picture is painted in dark colors. True, mortgage rates are enticing and home prices have plunged and have together provided some hope, but a lot more needs to happen for it to reach the "normal".

What's encouraging is that the vital signs are slowly improving, with emphasis on the word slowly.

As was reported by GLVAR, or Greater Las Vegas Association of Realtors, 3,535 single-family houses were closed in October, logging a nice 5.3% boost from September. This actually translates into a 30.1% jump from a year ago, a strong show of progress. As a note of caution is the fact that much of the demand still comes from first-time buyers and opportunistic investors. They are almost exclusively feasting on the lower end of the price scale.

Southern Nevada - including Mountains Edge, Anthem, Green Valley, North Las Vegas and Southern Highlands - median home values labored higher to $139,100, a $1,100 advantage over September. It's not much but Sin City gladly takes anything at this point. The price curve is in essence trying to establish some kind of a steady course upward, taking one small step at a time. On the sobering side, it is still down 26.8% from last year.

The housing inventory in Las Vegas continues to hover above the psychologically important barrier of 20,000. In October it in fact grew a little, to 20,998, amounting to an about 1% rise. As GLVAR states, a large share of this is pending a sale in some form, which is good, leaving only 8,000 or so listings without a contract. Nevertheless, this statistic has remained stubbornly high for months on end and needs to come down for a chance to spawn a sustainable recovery.

The word optimism is slowly returning to the vocabulary of many Southern Nevada real estate observers. Much more needs to be done but it's good get a taste of it anyway.

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Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

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Rainmaker
1,964,444
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Esko

It's great to see positive growth in any market, and your market it has to help well I would think. Is Las Vegas proned to seasonal buyers in Winter coming from the north?

Nov 10, 2009 09:48 AM #1
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Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

Esko: That's nice to hear. If any area got hit hard, it was yours! Good luck as we go forward!

Nov 10, 2009 10:03 AM #2
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Esko, glad to hear there is light at the end of the tunnel. I still think we are probably only half way through this downturn.

Nov 10, 2009 11:01 AM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Esko, slowly returning is a lot better then not returning at all.  Hope it keeps on going in a positive direction.

Nov 10, 2009 12:07 PM #4
Rainmaker
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Esko Kiuru
Bethesda, MD

Tom,

Winter buyers from northern states aren't that big of a factor. Wish they were, especially now.

Nov 11, 2009 03:09 PM #5
Rainmaker
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Esko Kiuru
Bethesda, MD

Paul,

Thanks for the support.

Nov 11, 2009 03:11 PM #6
Rainmaker
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Esko Kiuru
Bethesda, MD

Gary,

The light is still a small dot, but at least it's there.

Nov 11, 2009 03:12 PM #7
Rainmaker
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Esko Kiuru
Bethesda, MD

George,

Hopefully this forward momentum continues, even if it is slow is fine.

Nov 11, 2009 03:14 PM #8
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I think with the tax credit rushes and the amount of short sale escrows we may be immune to the big seasonal dip we usually see.  I am watching inventory creep up - 100 units in a week!  We still need about 15K units to make this thing balanced!

Nov 12, 2009 08:57 AM #9
Rainmaker
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Esko Kiuru
Bethesda, MD

Renee,

It would be nice to avoid that seasonal dip.

Nov 12, 2009 02:11 PM #10
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