Market Statistics Ending July 2012

The Las Vegas Real Estate Market is a bit confusing these days.

Inventory had been dropping and causing prices to rise.

Now Inventory is starting to creep up.

Prices that were on the rise due to the dropping Inventory, 

have now been dropping.

So what has changed?

That's what is so confusing.

Interest Rates are lower than ever. 

The Job Market is supposed to be improving.

When we figure it out, we will let you know.

          

Zillow posted their 2013 prediction.

Keep in mind this is an opinion.

I am predicting a better than 2% rise in Las Vegas Home Values in 2013.
Time will tell.

Market Update July

The Las Vegas Real Estate Market is very active.

People feel this market has hit bottom, and is in recovery.

This combined with record low Interest rates,

is causing a buying frenzy.

We have seen a rise prices in the under $200,000 price range.

Our Listing Inventory has been moving from Foreclosures (REO) to Short Sales.

This is due to that fact that the Banks limit their liability when

Sellers voluntarily sign off on a Short Sales versus being Foreclosed on.

We can also see a strong trend of CASH buyers in the market.

Investors are making a great ROI in the LV Rental Market.

Interest Rates are Extremely Low.

In my opinion, This is being caused by pressure

from the Government to lower rates and spur the National Economy

These types of activities tend to occur during an Election Year.

Market Trends in May 2012

Below are May 2012 Listed and Sales Statistics.

Below that are Rental Listed vs Leased Statistics.

We are Listing Less Properties than we have in the past.

And we are Selling More than we have.

This is causing our Inventory to get Smaller.

Simple Supply and Demand says Prices will be Rising

We have been Renting more properties than are being Listed.

Again, this should cause Rents to Rise.

Statistics & Trends... April 2012

Supply is Down, Demand is Up.  Prices are Rising!

A Majority of Buyers are All Cash Buyers.

We are moving from a Foreclosure Market to a Short Sale Market.

The Banks have learned that Short Sales Cost Less and Reduce their Risk.

Why?  Call me and I will explain.

Jim Hansen  -  702-321-6296

Forecosures are trending downward... Inventory ?

Nevada AB 284, effective as of Oct. 1, 2011, has had a noticable affect on the number of foreclosures.

Instead of a mass number of foreclosures, banks seem to be foreclosing at a slower more steady pace.

They are not all coming on the market, and the shadow inventory seems to be slowly climbing.

Nevada is Improving... Compared to Last Year

Nearly 69,000 Completed Foreclosures Nationally in March

Largest Improvements in Foreclosure Rate from a Year Ago were in Nevada and Arizona

There were 69,000 completed foreclosures in March 2012 compared to 85,000 in March 2011 and 66,000* in February 2012. Through the first quarter of 2012, there were 198,000 completed foreclosures compared to 232,000 through the first quarter of 2011. Since the start of the financial crisis in September 2008, there have been approximately 3.5 million completed foreclosures.

Highlights as of March 2012

• The five states with the largest number of completed foreclosures for the 12 months ending in March 2012 were: California (150,000), Florida (92,000), Michigan (62,000), Arizona (58,000) and Texas (57,000). These five states account for 49.1 percent of all completed foreclosures nationally.
• The percent of homeowners nationally who were more than 90 days late on their mortgage payments, including homes in foreclosure and REO, was 7.0 percent for March 2012 compared to 7.5 percent for March 2011, and 7.0 percent in February 2012.
• The five states with the highest foreclosure rates were: Florida (12.1 percent), New Jersey (6.6 percent), Illinois (5.4 percent), Nevada (4.9 percent) and New York (4.9 percent).
• The five states with the lowest foreclosure rates were: Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent) and South Dakota (1.4 percent).
• Of the top 100 markets, measured by Core Based Statistical Areas (CBSAs) population, 35 are showing an increase in the year-over-year foreclosure rate in March 2012, two more than in February 2012 when 33 of the top CBSAs were showing an increase in the year-over-year foreclosure rate.

April 23... Las Vegas RE Market Trends

The Las Vegas Real Estate Market is starting to look like it is going to Recover.

Time will tell.