The Las Vegas Real Estate Market is Changing

Because of the rapid changes in the Las Vegas real estate market, I have done a detailed analysis of what the market looks like TODAY. The changes are occurring so rapidly that by tomorrow this might be old news, but the trend is clearly in the direction of improvement. If you want to buy or sell a home in the Las Vegas Valley, particularly the area of Henderson around Seven Hills and Green Valley Ranch where I specialize, call me today and if you can’t call me today, call me tomorrow. I keep generally apprised of the Las Vegas real estate market and update my knowledge of the market in my area of specialization almost every day.

Today there are 4,300 single family residences (2,939 equity sales, 383 bank-owned, and 978 short sales) listed on the Greater Las Vegas Association of Realtors MLS as actively on the market.  In the last 30 days, 2,893 single family residences sold.
 
Over that 30 days there has been a slight increase in inventory (a few less than 200 properties). The number of bank-owned and short sale properties has remained relatively stable, so most of that increase has been attributable to additional equity sale properties entering the market replacing properties that sold.
 
Recently, I have been seeing properties moving through the market more and more quickly. Many properties are now receiving multiple offers within a few days of listing.  This is apparent not only in the lower priced properties where the buyers are often investors but also in properties over $200,000 which are more likely being purchased as personal residences.  To statistically examine just how fast properties are moving, I looked through the MLS for properties currently in escrow that had been actively on the market for 2 days or less before getting into escrow.  There are 1,478 of those!  Of those, 214 are properties that were listed for more than $200,000.
 
In the last 60 days 351 single family residence listings closed within 30 days of the listing. Fifty-eight of those closed for more than $200,000.  One of those properties was a property that sold for $2,500,000, received the offer that was accepted 2 days after being listed, and closed 3 days later!
 
Sales are occurring so fast that while I was writing this note 43 more houses showed up as closed! So right this second, the data show that 2,936 sold in the last 30 days.
 
It appears that the Las Vegas real estate market is healing.  I have not done statistical analysis of prices across the entire market, but I have in regions of my focus area and they are beginning to move up. Of the entire number of homes listed on the Las Vegas MLS that sold within the last 30 days, 59% sold for list price or more, 7% sold for 10% or more above list, and 2.5% went for 20% or more above list!
 
Given the supply and demand characteristics of the market that I have outlined above, now might be a good time to move if you have been considering buying a home in the Las Vegas area.  For sellers, it might be a good time to sell because it is clearly a sellers market.  This is particularly true if you have an equity position in your home and plan on moving up to a larger home.  Although you might be able to get a little bit more for your home down the road, by that time there will also be a corresponding increase in the price of the home you want to buy.  For example, say you have a home that you can now sell for $200,000 and you want to buy a home that is now selling for $500,000.  Next year you are able to sell your current home for $220,000. Of course during that time, the $500,000 home likely will have risen by at least the same percentage so you are now looking at buying that $500,000 home for $550,000.  You got $20,000 more for your home, but had to pay $50,000 more for the new one so you lost $30,000 by waiting.  Another thing that you might take into consideration is that more expensive homes have been increasing in price more rapidly than other homes.
 
So now is the time to sell and now is the time to buy.  If you want to sell a current home or investment property or by a new home or investment property or know anyone who does, send me an email at joani.pemberton@gmail.com or give me a call on my cell at 702-235-2869. Calling the cell is better for me, and I am available now. I can make it happen.

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