Nevada

An interesting article was posted today on the Las Vegas Sun with the most recent statistics for Las Vegas home sales by The Greater Las Vegas Association of Realtors. The Median Sales price for January 2010 was $134,925. 2,608 homes sold in January, 57.4% were REO and 21.1% of all homes sold were Short-Sale listings. The Greater Las Vegas Association of Realtors also reported 45.5% of homes sold in January were purchased all cash, this is the highest percentage ever tracked by GLVAR. To read the full article on The Las Vegas Sun website Click Here If you would like more information about the Las Vegas Real Estate Market call me direct (702) 542-1883 or visit www.MakeaTurner.com

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.