Diary of a Las Vegas Realtor - Day 41

Real Estate Agent with Keller Williams Realty Las Vegas

Total number of homes available in Las Vegas today is 10,162. This includes single family homes, condos, and townhomes. With 3,661 homes sold in the month of April, the $8,000 tax credit expired on 4/30, there are common questions now asked the curious. Will home prices start to fall? Will Banks release more homes on the market?  Will people continue to buy? No one has an exact answer. However we will know when the market starts to turn around when banks begin to help homeowners who have foreclosured and offer to help to repair their credit. Click on the link below and follow Golden1 Credit Union, a California based bank who started to help homeowners purchase their next home after recent foreclosure.   https://www.golden1.com/aboutus/mortgageassistance.aspx  

In the month of April 3,661 homes were sold. Based on the rate of aborption it will take 2.8 months for Las Vegas to consume all the available inventory.

  • 43.8% of sold homes are bank owned
  • 26.7% of sold homes are short sales
  • 29.5% of sold homes are not distressed
  • Medium single family home price is $142,000 an increase of 4.4% from March
  • Medium condo prices increased slightly to $67,400
  • Medium rental price remained at $1,100 at a 79% occupancy rate

To better predict what's happening in the future I'm also delving into notice of defaults (NODs) filed and number of foreclosed homes. This information is current which gives us all a better picture of what's to come. As of April month 17,122 NODs were filed; meaning 17,122 homes are behind on their payments for at least 90 days. Many homeowners are residing in the homes. As of yesterday 5/14/10, banks took back 299 homes due to foreclosure. The unknown is the pipeline of inventory from the NODs.   For further discussion or clarification feel free to email me.

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