It seems like the downward spiral of available housing inventory for the Las Vegas real estate market has finally stabilized, and it even increased slightly during the month of July. The number of actively listed single family homes went from 3785 at the end of June to 3953 at the end of July. (These figures do not reflect properties already under contract and in contingent or pending status.)
The market breakdown at the end of July looked like this:
- 527 homes priced under $100k - including 161 short sales and 74 foreclosures
- 1410 homes priced between $100k and $200k - including 418 short sales and 164 foreclosures
- 796 homes priced between $200k and $300k - including 194 short sales and 77 foreclosures
- 406 homes priced between $300 and $400k - including 68 short sales and 17 foreclosures
- 192 homes priced between $400k and $500k - including 20 short sales and 2 foreclosures
- 207 homes priced between $500k and $750k - including 25 short sales and 4 foreclosures
- 126 homes priced between $750k and $1M - including 14 short sales and 2 foreclosure
- 288 homes priced over 1M - including 14 short sales and 5 foreclosures
The number of distressed properties is still going down, however. Only 345 homes, or 8.72% of the market listings, are foreclosure listings, down from June's figures of 10.07%. The number of short sale listings also posted a decline. Only 914 homes on the market are short sale listings, 23.12%, down from 25.65% in June.
All the rest of the current active single family listings, 68.16%, are "traditional" sellers, an increase of over 4% from June's figures. Because average sales prices have increased almost 10% since the beginning January, "real" sellers are finally getting back into the market again and average prices are increasing.
REO . . . Ave Price – $148,975 – The average is now higher than short sales.
Short Sales . . . Ave Price – $140,890 – Declined again in July.
Classic Sales . . . Ave Price – $218,380 . . . An increase of more than 3% over June.
But even July's slight increase in inventory is not enough to even come close to balancing the market back again. (A "balanced" market in a city the size of Las Vegas should be between 9,000 and 10,000 homes actively on the market at any given time.) It is becoming common for buyers who need financing to offer more than list price to compete with cash buyers, and they are agreeing to pay the difference between the appraised value and the sales price in cash at closing.
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!"