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Tagged : housing

Found 5 blog entries tagged as "housing".

Latest released statistics show that the Las Vegas real estate market is still 24% BELOW where it should be based on total economic indicators. These economic indicators take into account average local income vs housing costs and rent ratios, Experts believe that even with a 31% appreciation rate over the past year, property prices will continue to increase steadily until Vegas reaches its true market value in another year or so. Resale prices are considerably below the costs of new home construction and demand is far outstripping supply.

Below is a chart showing the top ten most undervalued real estate markets across the United States. All the other areas are centered in the midwest and Florida, making Las Vegas by far the best housing value on the

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Here is the March 2013 real estate update for the Las Vegas market by the corporate broker of Prudential Americana Group Realtors, Forrest Barbee. In this video, Forrest explains why short sales are declining and traditional sales are increasing, and what to expect for the near future for Las Vegas housing.

Bank owned foreclosures have pretty much leveled off, but short sales are beginning to plummet in earnest.Single family short sale closing prices were the only ones to lose ground from February. But the closing price of a traditional single family residence is up 10.5% from the previous month. In fact the average sales price per square foot for the traditional sale was $102 per Sq.Ft. in March.

 

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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 -
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If you are wondering why there doesn't seem to be much for sale in Las Vegas anymore: as of June 29, 2012, only 3,785 single family homes listed in the Las Vegas MLS remain as active (not under contract) in Clark County.

The current market breakdown looks like this:

  • 492 homes priced under $100k - including 180 short sales and 88 foreclosures
  • 1332 homes priced between $100k and $200k - including 447 short sales and 180 foreclosures
  • 766 homes priced between $200k and $300k - including 190 short sales and 71 foreclosures
  • 401 homes priced between $300 and $400k - including 69 short sales and 28 foreclosures
  • 186 homes priced between $400k and $500k - including 25 short sales and 7 foreclosures
  • 200 homes priced between $500k and $750k -
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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:

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