About Clark County, NV

Southern Nevada - including Summerlin, Rhodes Ranch, Anthem, Southern Highlands, Mountains Edge and Spanish Trail - housing market has shown some stability over the last several months, essentially all through last fall and in December. The important numbers cautiously moved in the right direction, or at least didn't get much worse. Appealing mortgage rates continue to excite buyers, as do enticing prices especially in the lower half of the Las Vegas real estate spectrum. The new year started a little bit on an iffy note, though.

There were 2,608 existing single-family homes sold in January, 864 less than in December, adding up to an almost 25% drop, so reports GLVAR, or Greater Las Vegas Association of Realtors. That has got the attention of everyone who follows the housing market here. It could be just an odd departure from the generally positive direction of late. Hopefully so. On the other hand, these resales were a respectable 17.3% higher from the same month a year ago.

The single-family median price gave ground to the tune of 0.8% from December, settling in at $134,925. Nothing major here. It has actually been bouncing for months between a narrow range, and is obviously trying to set the true bottom, which might be within sight. However, this does signify a 15.7% decrease from January of 2009.

Las Vegas single-family home inventory eased up by a few listings, stopping at 19,742. Percentage-wise there was no month-to-month change. On a positive note, this represents a 10% drop from last year this time.

In January a staggering 45.5% of Southern Nevada home sales were cash purchases. That means that real estate investors are super-actively picking up affordable property for their portfolios to mostly rent out. They are definitely giving the Las Vegas housing market a large dose of demand, which it sorely needs. But, cash offers generally crowd out mortgage financed offers, leaving first-time and other buyers fuming and calling for somebody - anybody - to intervene on their behalf.

Southern Nevada housing appears to have taken a small step backward in January in its valiant quest to turn things around. Often that's how markets work. As long as it is one step backward and then two or three forward, everyone ought to be content.

North Las Vegas Homes For Sale: Listings by Price Range

Here's a summary of the single-family homes for sale in North Las Vegas. Short sales are responsible for 55.0% of the inventory, while bank owned properties (REOs) equal 17.2%.

To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)

East Las Vegas Homes For Sale: Listings by Price Range

Here's a breakdown of the single-family homes for sale in east Las Vegas. Short sales comprise 53.8% of the market, while bank owned properties (REOs) represent 21.7%.

To find out more about buying or selling real estate in east Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 201-204.)

Central Las Vegas Homes for Sale: Listings by Price Range

Here's a quick snapshot of the single-family homes for sale in central Las Vegas. Short sales make up 47.1% of the market, while bank owned properties (REOs) account for 19.9%.

To find out more about buying or selling real estate in central Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 301-303.)

The real estate market in Las Vegas is gearing up for some additional inventory. Bank of America recently announced that it expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, averaging around 500 a month.

This is part of the so-called "phantom inventory" of foreclosed homes being held by banks that we all know are out there, but have not yet hit the market. They are being added in as the banks work out loan modifications and negotiate short sales, two of the most desirable alternatives to foreclosure.

Because the banks were working to meet the requirements of the Making Home Affordable mortgage plan program and state legislation requiring mediation, the system became "clogged" by a voluntary moratorium on foreclosures. Some homes are also being held back from closing escrow because of Bank of America's fiduciary relationship with investors.

There is a phenomenon happening right now that is leaving some with concerns of a "double-dip recession," although data shows an economic recovery. The problem is that people are getting frustrated in their efforts to buy a home because cash buyers are underbidding those with loans, who are often offering full price. Sellers (often banks with foreclosed properties) are not willing to risk losing a sure deal if a buyer with financing doesn't come through. But, when sellers are willing to take the highest and best offer, people will bid too high and the home ends up returning to the market.

Right now, Bank of America is getting 40,000 new offers a month on short sales, or homes for sale at a price that is less than the mortgage balance. This is a complicated process because the bank doesn't have the title to the home in a short sale. On average, it is taking between four and six months to complete short sales, but they are anticipating decreasing that to 90 days this year.

With a low inventory in the market right now, adding these foreclosed properties will hopefully make buying a home a bit easier for those in the market. Are you thinking of buying a home in Las Vegas or Henderson? If so, give Yonas Woldu a call. I'm your real estate expert in the Las Vegas Valley! Also visit my Vegas Real Property website and the new AskYonas website.