The supply of single family homes for sale in Las Vegas keeps dwindling at an alarming pace and average home prices are inching upward again. As of June 4, 2012, only 3.923 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. At the end of April there were 4.594 homes actively listed, so this represents a 15% decrease in inventory and only gives the local market a 5 week supply of resale housing.
Properties selling for under $100k posted the biggest decrease in inventory as investors continue to purchase for cash as an investment. Available foreclosures in this price range dropped over 50% as Las Vegas foreclosure filings remain stymied by AB 284.
The current market breakdown looks like this:
564 homes priced under $100k - including 190 short sales and 113 foreclosures
1352 homes priced between $100k and $200k - including 503 short sales and 184 foreclosures
754 homes priced between $200k and $300k - including 215 short sales and 68 foreclosures
428 homes priced between $300 and $400k - including 74 short sales and 26 foreclosures
217 homes priced between $400k and $500k - including 28 short sales and 6 foreclosures
222 homes priced between $500k and $750k - including 36 short sales and 4 foreclosures
136 homes priced between $750k and $1M - including 16 short sales and 1 foreclosure
289 homes priced over 1M - including 14 short sales and 4 foreclosures
Only 406 homes, or 10.34% of the market listings, are foreclosures. This is down 4% from April’s statistics. Short sales, 1076 listings, now comprise 27.42% of available inventory, down 5% from April. All the rest, just over 62%, are "traditional" sellers.
So the bidding wars continue, and in today’s Las Vegas real estate market most properties are going over list price. Owner occupant buyers that need financing to purchase are finding themselves on the losing end of these bidding wars almost 80% of the time. Real estate agents are even door knocking in specified neighborhoods to try to find properties for their buyers that haven't yet hit the market to eliminate this competition and secure a home for their clients.
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
We'd like to formally introduce you to our brand new "team member" Mia Johnson, daughter of Las Vegas Realtor Brandon Johnson and his wife Alicia, who was born on March 27th at 10:02 pm weighing in at 8 pounds even. We believe in training our agents right from the cradle, so Mia will be able to show homes, write contra...
The Las Vegas High Roller, a 550 foot high observation wheel, is now officially open to the public! More than 100 feet taller than the Eye in London on the banks of the Thames River, the High Roller has 28 cars that can hold up to 40 people comfortably (including room to walk around) for a thrilling half hour ride and...
The Greater Las Vegas Association of Realtors (GLVAR) reported on Thursday that Southern Nevada home sales increased in August despite the local housing supply continued to remain tight, making for a strong "sellers market" with multiple offers on the same property, a common scenario frequently frustrating bu...
Catch the attention of other sellers for outstanding work with homes that move quickly. If you are working with homeowners who are considering selling their home this winter, you may want to help them identify the renovation areas where they’ll get the best return for their dollar. This way, you’ll...
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...