The end of 2012 is almost here, and for the Las Vegas real estate market it's been mostly good news - FINALLY! The housing inventory is way down, and prices have risen steadily since the first of the year. A "balanced" market in Vegas should be be about 10,000 homes for sale. But as of today's date, there are only 3,892 single family homes actively on the market.
Here's a breakdown of the current single family homes currently for sale by price range in December vs. July. You will note that the lower end housing under $100k has dwindled significantly by almost 20%, while inventory in the rest of the price ranges has remained almost identical.
Of the homes currently on the market in December, 752 (19.32%) are short sales and only 364 (9.35%) are bank owned foreclosures. That means that over 71% of the current market inventory is comprised of “real” sellers who are taking advantage of the lack of distressed properties to move their homes. The “shadow” inventory everyone has talked about for more than two years has not appeared, and properties under $300k are receiving multiple offers. In addition, most are selling anywhere from 5% to 15% above list price.
We do expect to see more bank foreclosure inventory come to the market in mid to late spring as a result of the latest court rulings on AB 284 which finally allow them to complete the foreclosure process once more. But don’t look for a flood of new listings – they still have to comply with very stringent regulations, and it will take time to work through the back log of files.
And keep in mind that offsetting any new foreclosure inventory from the banks, there will also be more qualified buyers looking for homes by this spring. Many of those homeowners who lost their homes in 2008 and 2009 at the beginning of the foreclosure/short sale cycle have passed their time requirements and can qualify for a new mortgage again.
So looking ahead to the first half of 2013, we expect to see a stable market continue with very gradual price increases. New home builders must think so as well, because new developments are opening once again and incentives to buyers have decreased. They are banking on the fact that primary homeowners in competition with cash investors have gotten so frustrated that they are willing to spend more for a home just to be able to get into one!
Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052
With over 30 years of experience helping families call Las Vegas "home!"
Related Blog Posts
Selling a home is a business -- take the personal out of it Key Takeaways: Sellers should keep the home in a ready-to-show state, which means toning down decor, cranking the air conditioning and turning up the lights. The sellers have decluttered, painted, made repairs and spiffed up the lands...
The pricing on Las Vegas new homes has been drastically reduced over the past few years (along with the rest of the inventory in the Las Vegas real estate market), and it is amazing how affordable some of the luxury new home developments have become. Dunhill Homes has two gorgeous neighborhoods in lush guard gated golf...
There is no denying that when you're house hunting, the allure of new construction in Las Vegas is undeniable. The Las Vegas Valley currently boasts dozens of builders with over 1079 floor plans to choose from. While the average price range runs in the mid $300Ks there are Las Vegas New Construction houses available...
I was doing an open house and a first-time home buyer came in. We developed a rapport at the open house as we discussed what she was looking for in a home. We later met at my office to discuss her options. When the time was right to move forward, we looked at a few homes and quickly found the perfect one. I knew at the...
Score in the Super Bowl of Las Vegas real estate with seller financing on two great homes for sale in the 89074 zip code in the Green Valley area! 2514 Via Di Autostrada Quaint and cozy three bedroom 2 bath 2 car garage home in a storybook Green Valley Ranch community with small park. Light and airy, vaulted ceilings,...