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