Single Family Residences (SFRs) Under $1 Million:
- Number of Listings on Market: 19,209 (+1.2%, 233 unit increase from July)
- Quantity Sold: 3,055 (-7.4%, 245 unit drop from July)
- Average Sales Price: $160,449 (+1.3%, $2,057 increase from July)
(Down $82,563 from July, ‘08)
- Number of Foreclosures on Market 1st of July: 6,053 (-7.4%, 483 unit drop from July)
- Number of Foreclosures Closed: 2,120 (-12.4%, down 300 units from July’s record)
- Number of Short Sales on Market 1st of Month: 9,697 (4.8% increase from month prior)
- Number of Short Sales Closed: 385 (+5.3%, 51 unit jump from July)
Luxury SFRs Over $1 Million:
- Number of Listings on Market: 672 (+.4% slight increase from month prior)
- Quantity Sold: 8 (-43%, 6 unit slump from month prior)
- Number of Listings over $3 Million on Market: 145 (+1%, July’s 144 was lowest in a year)
- Number of Closings over $3 Million: 2 (12 units since October, 2008)
- Number of Foreclosures on Market: 1st of Month 19 (+58%, biggest number since January)
- Number of Foreclosures Closed: 1 (14 units closed in 2009)
- Number of Short Sales on Market 1st of Month: 48 (2 unit increase from month prior)
- Number of Short Sales Closed: 1 (Only 5 1M+ Short Sale Closings in 2009)
Condominiums Over $1 Million:
- Number of Listings on Market: 130 (-7.8%, 9 unit decrease from month prior)
- Quantity Sold: 3 (1 unit uptick from last month, 8 units closed in 2009)
Miscellaneous:
- Total Number of SFRs Sold: 3,063 (-8%, 251 unit slide from July)
- Total Number of Foreclosures Closed: 2,121 (-12%, 301 unit drop from July)
- Total Number of Short Sales Closed: 386 (+15.2%, 51 unit increase from July)
Key Findings:
- SFR’s <1M Average Sales Price is peaked 1 year ago, and regressed as much as $84,620. Augusts’ 1.3% climb erased the loss from the last 2 months. It is only the second time in a year the average price for SFR homes less than 1M has increased.
- Mixed results this month, Inventory and Average Sales Price were up, but Sales are down.
- SFR Sales (3,063 units) slid for the 2nd month in a row, 337 units off June’s peak of 3400.
- Distress sales dropped 1% to their lowest % of all sales since October, at 82%.
- Inventory of SFR homes <1M increased for only the 2nd time this year.
- There are twice the # of short sale than REO listings, but REO’s outsell short sales 5 to 1.
- Lower interest rates and a drop in the average sales price under $160,500 for homes <$1M is attracting more bargain hunting foreclosure and short sale buyers to the Las Vegas market. That has brought the inventory of homes down to a 6.5 month supply.
- If you don’t include homes under contract the monthly supply drops to 2.8 months!
*Data as of July 1st, 2009; Does not include new home builder sales unreported in MLS.
Robert Jenson is the CEO of The Jenson Group, Luxury Real Estate. Voice - 702-521-8832
