The Current Las Vegas Market
Single family residential (SFR) closings for May were up nearly 7% from April and up more than 9% from May 2011. Overall inventory declined another 7.6% during May. That means most areas in Greater Las Vegas have only about a one month’s supply of inventory or less.
What About Available REO Properties?
What a difference a month makes! REO sales made up 47% of the closings in December, 38% of last month’s closing, but only 33% of the May closings. I would expect this trend to continue throughout the remainder of the year. However, I caution those who would attempt to link this trend to AB-284. This is simply banks doing what is in their best financial interest at all times.
Market and Price Changes
Both the median and average prices increased again this past month with the median closed price of an SFR increasing to $128,500 for a 7% increase year-to-date and the average price at $160,150 for a 8.6% increase year-to-date.
Single family (SFR) closed sales price increases for the past month were as follows:
- REO . . . Ave Price – $132,635 - 9.5% increase year-to-date
- Short Sales . . . Ave Price – $138,085 – 6.6% decrease year-to-date
- Classic Sales . . . Ave Price – $205,672 – 7.7% increase year-to-date
Expect this trend to continue as well for the remainder of 2012. Of course the summer heat and lack of inventory are causing enormous frustration for buyers and agents alike. Please treat each other with great respect and have a prosperous and productive month of June!
Courtesy of Forrest Barbee – Prudential Americana Group Realtors