September 25, 2009
Las Vegas real estate June 2009 residential market Statistics
(July 2009 Las Vegas real estate report)
Las Vegas real estate review for August 2009
Las Vegas home sales for June 2009 were up once again over May by a substantial increase of 16.3%. This is the largest increase in the number of Las Vegas homes sold in more than 2 years. Approximately 72% of these homes sales were foreclosures called banks (REO’s) which is a 7% decrease in the number of Las Vegas single family REO homes sold from the previous month. This is due in part to the lack on new REO’s being listed in the market place. The median price of a Las Vegas home held steady from May 2009. The total Las Vegas single family home listings for June fell -2.7% from May 2009. We believe that this slowing in inventory is only temporary as a result of the moratorium on foreclosure during the holiday season of 2008. According to Realtytrac we will be seeing increased inventory levels.
We are continuing to see a marked increase in buyers in the Las Vegas real estate market. Sales are up +16.3% over April but in comparison with one year ago they have increase +70.0%. In most cases we are seeing multiple offer bidding (as many as a dozen offers) on some of the best properties in price ranges under $250,000!
We should start to see foreclosures of loans from prime borrowers on “Alt. A” or cafeteria loans. This means we will see an increase in higher priced, larger Las Vegas homes, resulting in some great buys for buyers with large cash down payments in the purchasing range of $475,000 range and above as the mortgage market is more difficult to qualify for loans over $415,000 currently.
Las Vegas is experiencing increased unemployment of 11.3% in May. The unemployment rate has been growing which is resulting in additional Las Vegas real estate foreclosures.
With the increase sale activity and drop in new Las Vegas REO inventory it is becoming increasingly harder to find homes in excellent condition to purchase. Las Vegas homes still can be purchased below the median price but these homes are increasingly in need of repair and redecorating. I have seen countless homes for sale at below 50% of what they were selling for at the height of the market. Las Vegas homes are truly ON SALE! But it appears that the Las Vegas real estate market is stabalizing as inventories decrease, sales increase and the median price is now holding steady in June.
For more insight on the Las Vegas real estate market I invite you to visit my “Las Vegas real estate report” blog.
I would also like to invite you to contact me in person for specific opportunities in this exciting Buyers market.
Max Schmidt
702-334-2200
Contact Max and let him know what you are looking for here NOW!
Source: Greater Las Vegas Association of REALTORS®
| June 2009 Single Family Homes |
% change from last month | |
| Active listings | 20,613 | -2.7% |
| New listings this month | 4,779 | 14.0% |
| Las Vegas homes SOLD this month | 3,785 | +16.3% |
| Median purchase price this month | $140,000 | -0.0% |
| June 2009 Condos & Townhouses |
% change from last month | |
| Active listings | 5,416 | -2.8% |
| New listings this month | 1,218 | +10.8% |
| Las Vegas condos SOLD this month | 917 | +24.4% |
| Median condo purchase price this month | $66,000 | +1.5% |
Las Vegas Real Estate Market Charts
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Las Vegas listing history to June 2009
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Las Vegas homes SOLD history through June 2009
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Median home sales price history Las Vegas real estate through June 2009
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