Las Vegas Real Estate Market Synopsis December 2013

By
Services for Real Estate Pros with Savvy Home Pix B.1000860.LLC

Prices have flatlined after an 18 month period of steep appreciation.

In June 2012, Las Vegas short sale home closings outpaced Las Vegas REO (bank owned) home closings for the first time since the Las Vegas real estate demise started in 2006. Our absorption rate continues to be in seller’s market mode with around 2 months of inventory which indicates a strong seller’s market. Equity sales began to outpace REO & short sales in Las Vegas in February 2013.

The Las Vegas REO (foreclosures,( bank owned) sector remains a EXTREME seller’s market WITH LESS THAN 3 months of inventory & the Las Vegas Short Sale sector is also in an EXTREME seller’s market.

Las Vegas Home Sales were strong with 2593 units sold in November 2013.

Las Vegas Home  Pendings remain high due to short sales and the challenges it takes to close a Las Vegas Short Sale.

Cash sales still dominate the Las Vegas sold terms with over 44% of the homes selling with cash vs financed offers (VA/FHA/Conventional.)

The rest of my November  Las Vegas Market Reports for specific sectors of the Las Vegas Real Estate Market will be up within the next several days on these pages:

Las Vegas Area Market Activity shows general Las Vegas Market Activity, Trends & Absorption

Las Vegas Area REO or Bank Owned Homes Comprehensive Reports on Las Vegas Area REO including financing profiles by price point and absorption rate.

Las Vegas Area Short Sale Homes Comprehensive Reports Detailing Short Sale Listing, Contract & Sold Stats. Includes Absorption Rate.

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Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

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Comments (6)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Hmmm....interesting stats.  I appreciate hearing about regions such as yours, as they seem to foretell events in my secondary home/recreational region, by about 6 to 8 months.

Feb 09, 2014 02:34 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Renee, you have the best market reports and good to see those high equity sales numbers!  Even if Elvis was still playing on The Las Vegas Strip;  cash is KING!

Feb 09, 2014 02:51 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

The number of days on the market looks really good. Hopefully values will continue moving in a positive direction.

Feb 09, 2014 09:46 AM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Renee, Las Vegas continues to see a seller's market even if prices have flat lined. Anyone considering selling their Las Vegas home needs to contact you to discuss their options. You know the market and can get them top dollar with your expertise and marketing arsenal.

Feb 09, 2014 10:19 PM
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Renee

Interesting statistics. Like the way you laid the page out as well.

Feb 11, 2014 05:00 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

thank you all for stopping by!

Jul 10, 2014 10:14 AM