Las Vegas real estate report mixed for November

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Services for Real Estate Pros

Southern Nevada - with communities like Mountains Edge, Rhodes Ranch, Summerlin, Henderson, North Las Vegas, Anthem and Green Valley - housing market has now assumed kind of a wait and see attitude. Las Vegas mortgage borrowers are still enjoying low interest rates that keep them at least tuned in while waiting for the right property to come along. Considering that normally the winter months are a little slower the vital statistics weren't too bad. Let's get right to them, then.

There were 3,117 existing single-family home sales in November, amounting to an almost 12% drop from October, reports GLVAR, or Greater Las Vegas Association of Realtors. The pace is obviously slowing down some. But if compared to November of 2008 the closings are up some 43%, a significant difference. Now, 61% of the sales were bank REOs, a clear signal as to how disjointed the Southern Nevada's real estate market still is. 41% of them were cash purchases, indicating that investors are heavily involved in shaping at least the near-term housing picture here.

The news are better for the Las Vegas single-family home prices, as the median inched up marginally to $140,000, a 0.6% improvement. It's not that much but the main thing is that they seem to be settling down now. On the other hand, they still are about 25% lower from a year ago, so there is quite a bit of catching up to do.

The inventory of homes for sale is down 151 units, to 20,847. Small decrease, but one anyway. From November of 2008 it's an over 8% drop, a positive development in small steps. As has been the case for months already this number remains steadily high and it'll predictably do so for several more months with more foreclosure properties entering the marketplace.

Las Vegas real estate market continues to be dominated by first-time home buyers who are often taking advantage of the tax credit program and investors who come in to fatten their portfolios with great deals. Although the heart of the winter is here and typically signals a slower period the recently expanded tax credit plan for move-up buyers could spur some extra activity. Southern Nevada housing can use all the help it can get. 

 

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Provided by: 

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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Topic:
Real Estate Market Trends
Location:
Nevada Clark County Henderson Anthem
Groups:
Realtors®
Mortgages
Investors
Las Vegas, NV Area Real Estate Professionals
Tags:
las vegas
henderson
housing
borrower
summerlin
rhodes ranch
real estate
mortgage
glvar
mountains edge

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Esko, being in a small State 20,847 units on the market and 3,117 existing single-family home sold are huge numbers to me. 

The way I look at it is that would be lot of loans for me to have an opportunity do :) :) :)

Dec 10, 2009 09:00 AM #1
Rainmaker
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Esko Kiuru
Bethesda, MD

George,

The problem with those solds is that most of them are investor purchases with cash. One of these days normalcy returns.

Dec 10, 2009 11:39 AM #2
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

LOL @ your comment Esko, I never thought of it that way, you guys are getting left out a little due to the high number of cash purchases!  Well sold units were down slightly in Nov but we are on pace to beat Nov's numbers in Dec!  How crazy is that?  I think people were breathing a little easy since the tax credit was extended.

Dec 10, 2009 11:43 AM #3
Rainmaker
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Esko Kiuru
Bethesda, MD

Renee,

Got to like the pace picking up again. I'm all for it.

Dec 11, 2009 12:52 PM #4
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