Excerpt from "The Las Vegas Market Letter" dated September 22, 2014

Here is a quick snippet from a market update letter for the Las Vegas area.  Statistics are just that, however, there is some very good information in this excerpt for both buyers and sellers!  To access the whole letter, there is a fee but it can be found at www.HomeBuildersResearch.com under the reports tab. 

The median price of the resale closings in August was $174,000, a year to year INCREASE of $9,000

 

or 5.4 percent. If we segment the August resale transactions by product type, the median price of the

single family homes was $188,850, and the median price of the condo/townhomes was $91,000.

 

On September 16th, there were 12,663 total SFR listings in the metropolitan area. There were 7,783

available without an accepted offer. There were only 295 REO and 1,027 short sales listings available

without an accepted offer.

 

Brokers have told us there are plenty of people LOOKING at homes, but many won’t sign a purchase

contract. This suggests that there is a healthy dose of price resistance taking place. We also recently

talked to a broker we have known for 25 years, who stated she felt that many sellers in her target submarket

in Henderson were overpriced. Consumers have become very discretionary in their buying, and

will not pay for overpriced homes. We were also told that a broker for one of the largest real estate

 

companies instructed his agents that the market has changed, and it has become a “buyers’ market”, and

it would be prudent if many of his agents should start re-evaluating their business plan and make

adjustments. 

Fall is a great time to List and Sell your home!

As Fall approaches and our desert cools off a feeling of excitement fills the air.  Buyers are more willing to trek around the Valley looking at homes to settle into before the holiday season hits.  If you have been considering selling your home, now is a great time to contact me and request a complimentary market analysis of your home's value.  Across the Las Vegas Valley, we have seen many zip codes have double digit increases in the past 12 months.  Many homeowners who were once under water are experiencing equity they didn't think possible. 

Give me a call today and let's take a look at what your home may be worth and if now is the right time for you to sell.