Las Vegas Real Estate May Numbers
A vital and thriving market has returned to Las Vegas. Prices have flattened and in many communities started back up. Foreclosures are fading into the background as banks find better and more cost-efficient ways to handle these liabilities. Short-Sales rise 2 and 3 times last year’s volumes and deals are getting done.
The numbers are encouraging. By many indicators Las Vegas real estate hit bottom late last year and now seems to be headed back up.
Here is the link for the Home Buyer Tax Credit 2010.
As the deadline approaches, we are getting more and more interest in this tax credit. Don’t miss out on this one! The link above leads to the IRS website so you can read what they have to say about it. If you have additional questions, feel free to contact us. There is a lot of misinformation out there so be careful. That is why I linked directly to the source; The IRS
If you would like another source of information, I suggest Brad Malkin of Prospect Mortgage. Brad is extremely knowledgeable on all the ins-and-outs of this credit.
Las Vegas Real Estate Market
With great pleasure I once again present Fast Facts courtesy of Larry Murphy and Steve Bottfeld of SalesTraq. Larry and Steve always do a fantastic job analyzing the Market and all of us have reaped great benefit from the insight they have provided. You can visit their Nevada website here; CrystalBallSeminars
So now I present;
December’s Fast Facts
The gradual stabilization of the Las Vegas real estate market was the theme of December’s Fast Facts data.
1. Sales continued to gain strength;
2. Inventory continued to decline; and
3. Prices remained relatively stable.
Perhaps the most striking December statistic was that the number of foreclosures was less than most were expecting.
Here are the details:
SALES:
—>Resales are up BIG!
—>New Home sales are trending upward
The number of existing homes sold in 2009 was 48,075, a 57% increase over 2008 and the third highest total in history. The 4,502 sales in December’s made it the second highest month of the year.
The number of new homes sold in 2009 was 5,184, a drop of 48% from last year. However, new home sales in December totaled 517, the second highest month of the year. In fact, new home sales in the 4th quarter accounted for nearly 31% of the annual total. While the numbers are still small, the trend direction for new homes sales appears to be up.
INVENTORY:
—>All inventory elements continue to decline.
The number of foreclosures in inventory (the so-called “invisible inventory”) slid to 11,248 in December. That’s the lowest total since March 2008. The reason that inventory is declining is simple:
In six of the last eight months, the number of foreclosures sold was larger than the number of foreclosures created.
The 10,262 homes in resale inventory in December represents just 2.6 months of supply. December’s resale inventory is the second lowest total since March, 2005.
New home permits totaled just 3,766 for the year, down 32% from 2008. December’s total of 349 was a little above average.
The number of active new home subdivisions increased by two to reach a total of 230 in December. The December increase in new home subdivisions is the first since July 2007.
PRICES
—>New Home Prices are up.
—>Resale prices declined in December
The median price of a new home jumped nearly $12,000 from November to December (+5.8%). The month’s median price of $210,000 was very close to the median closing price for the year of $212,883.
Resale prices remained in their narrow range, dropping from $125,000 last month to $120,000 in December. Existing home prices have bounced between those two numbers since April.
A little more than half (51%) of existing home closings in December were bank-owned homes with a median closing price of $115,500. The other 49% of existing home closings boasted a median closing price of $125,000.
WHAT DOES IT MEAN?
December’s data offers three tantalizing questions:
1. Is Las Vegas real estate beginning to “recover?”
2. If so, how long before the impact of the recovery is felt on pricing?
3. What numbers from 2009 will change the way we look at 2010?
—>These three questions are among the many we will answer at Thursday morning’s Crystal Ball Seminar to be held at the Suncoast Hotel (note the new location). Among the featured speakers will be Rita Brandon, Senior Vice President with Newland Communities who will present an in-depth look at Symphony Park.
To register, please go to www.crystalballseminars.com.
We look forward to seeing you there!
Mostly Cloudy 
