Las Vegas Housing Trends – February 2015

The Housing Trends newsletter for February 2015 is now up.  This month’s highlights in the national housing market are:

  • Nationally the median price for a home was $199,600.
  • Nationally new home sales were 4.81 million units.
  • Nationally all regions experienced declines in sales in January.  Low housing supply and an ongoing increase in home prices are blamed for the decline.

The Las Vegas market follows the national trend.  According to a Salestraq resale report for January 2015  the local market for single family homes experienced decreased sales (1,794 units sold versus 2,225 in Dec. 2014) and lower median prices ($200,000 versus $204,000 in Dec. 2014).

Also, foreclosure activity has increased.  Lenders are increasing their foreclosure starts and seizure of homes.  Still, foreclosure activity remains relatively low compared to past years.

Nationally, rental rates are increasing.  In Las Vegas, we are seeing some luxury apartments going up offering premium accommodations at high rental rates.  With several projects under construction or recently completed we will have to wait to see if the demand for high end rentals exists.

Other items of note regarding our local market.  Lawrence Yun, Chief Economist at the National Association of Realtors, has commented on our Las Vegas market:

We are in a recovery phase. Prices are up 25 percent nationwide from the bottom but still well below the bubble peak level. It’s a recovery phase, not an expansion phase, and there’s still more healing that needs to be done. 

My view from the trenches is that sellers are starting to realize the gains we have had over the past few years are not going to go up much more this year.  Sellers are becoming more realistic with their pricing and bringing it more in line with the current market in their neighborhood.

Does this mean we have a buyer’s market.  Not really.  It means there is now more room for negotiating. Sellers who are priced well and have nicely maintained homes are more patient and understand slightly longer days on market are now to be expected.   Unrealistic offers are not being taken seriously and can hurt a buyer (if not presented properly).

Have Las Vegas real estate questions?  Call me – 702-527-8864.

Cindy Abel, Broker/Owner – Southern Nevada Realty, LLC

 

January 2015 Las Vegas Housing Trends

The Housing Trends eNewsletter for January 2015 is up!

In this month’s newsletter you will find the latest Las Vegas and national information on the housing market.  Also included is information on mortgage, selling your home and other articles for buyers and sellers.

Please click on this link to view the Housing Trends January 2015 Newsletter http://southernnevadarealty.housingtrendsenewsletter.com

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://southernnevadarealty.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

 

Las Vegas Homes Market Update – Third Quarter 2014

The Southern Nevada Real Estate Report* for the 3rd quarter of 2014 came out a few weeks ago.  There was good news in the report:

  • Over 3,000 new jobs;
  • Average weekly earnings increased to over $700;
  • Traditional home sales make up over 80% of the market; and
  • Bank owned and short sales make up about 20% of the market (great change);

Our home prices continue to increase each quarter.  Good news for potential Las Vegas home sellers who have taken a beating for too long.  Buyer’s should not be discouraged by the higher prices.  The prices have been increasing at a steady pace and point towards a stable market.  Recently, sellers have been more realistic in their pricing due to buyer cautiousness.  Also, investor interest in Las Vegas has declined which is good news for home buyers who were discouraged by last year’s multiple bidding situations.

Financing continues to be an issue for some home buyers.  There is good news on that front as more lenders are rolling out loan programs to assist Las Vegas buyers with financing their new home.  Condo financing is available and people who had a bankruptcy or short sale in their past are not having to wait as long to get a loan.  Buyers should be aware that some of the new loan programs come with higher down payments, higher interest rates or higher fees.

If you need a lender referral feel free to call or text me at 702-527-8864.

Elsewhere in our real estate market there was also signs of recovery.  The commercial market saw some moderate gains despite a small increase in vacancy rates.  The rental real estate market stayed pretty stable with a small increase in vacancy rates for residential rentals and a slight decrease in vacancy rates for apartments.  The average rental rates for residential rentals is $0.73 per square foot.

It is always nice to have good news not only about our local real estate market but also our local employment and wages.  The hope is that each quarter continues to bring increased stability and prosperity to our area.

Happy Holidays!

Cindy Abel, Broker/Owner of Southern Nevada Realty, LLC

If you have any questions about Las Vegas (includes Henderson and North Las Vegas) real estate, the home buying process, our great neighborhoods or anything else please feel free to contact me at 702-527-8864.  

*The Southern Nevada Real Estate Report is a joint effort of the Greater Las Vegas Association of Realtors, the Commercial Alliance and the UNLV Lied Institute for Real Estate Studies.


 

Southern Nevada Realty, LLC is a Las Vegas real estate brokerage serving Las Vegas home sellers and buyers for over a decade.  Put that experience to work for YOU!  View Las Vegas real estate broker reviews here.

The Vegas Housing Market – October 2013

The UNLV Lied Institute for Real Estate Studies just released their October 2013 report.   Some interesting items from the report (if you want a copy email me  and I will send it to you).

  • 41% of homes in Southern Nevada hold negative equity (this is 32.4% lower then last year).
  • Foreclosure inventory is at approximately 12,000 homes (this is July 2008 levels).
  • The average price of a single family home is $191,980.

Otherwise, not much to report.  Overall, I found the report a big yawn.  Basically, our market is increasing in price, foreclosures are declining and prices are remaining steady.

After years of riding the real estate roller coaster ride, boring is a nice change.

Looking to buy or sell a home in Las Vegas?  Call Cindy Abel with Southern Nevada Realty, LLC – 702-527-8864.

Las Vegas Homes – Market Update

Need more information about Las Vegas real estate?

Contact Cindy Abel at 702-527-8864 (call/text) or click here.

Las Vegas, Nevada Housing Market Information – 2013

the lakes, las vegas nevada

Yes, this is in Las Vegas! The Lakes.

A recent Las Vegas, Nevada housing report from the  the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas and the State of Nevada Department of Business & Industry presents some interesting and positive information to share with you.

What is your Las Vegas home worth?  Click here.

Highlights:

  • As of March 2013, about 10.26 percent of all outstanding Nevada mortgages are 90 days or more delinquent.  According to the Mortgage Bankers Association’s Delinquency Survey (May, 2013) the equivalent nationwide percentage of mortgages  that are 90 days or more delinquent is at approx. 6.39%.
  • $150, 000 is the median price of a Nevada single family home.  This is an increase of 2.59 percent from the preceding month (April 2013).
  • In the Las Vegas metro area, approximately 83% of the homes sold in the first quarter of 2013 are considered affordable according the the Housing Opportunity Index which looks at home prices compared to median income.  This is 9.8% above the national average.
  • In Clark County, there was a 53.5 % decline in the foreclosure rate from last year. Remember, AB 284 was enacted in October 2011 so the decline in foreclosure rates started at that time.  At this time, AB 300 became effective June 1, 2013 and amends AB 284.  We will see in a few months the affect this has upon foreclosure rates.
  • The best news is traditional sales have risen to approx. 54% of all single family sales.

View the entire report.

Southern Nevada Realty, LLC is your Las Vegas real estate full service brokerage.  We help Las Vegas buyers and sellers.  Call us today: 702-527-8864. 

 Put our experience and customer service to work for you.