Las Vegas Rental Homes: Quite Possibly on Track For Another Record Breaking Month! - Sep 22 12:58 PM
It appears that Las Vegas, NV valley is headed for another record breaking month on rental units leased in the MLS. Even if we don't break last month's record of 1735 units leased, the amount of units leased will be higher than the average 30% September decline from August.
So far in September 962 units have been leased with 494 units under contract. We are in the end of the month sprint so I wouldn't be surprised ...
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Another 100% Financing Program Available: The Community Accomodation Loan - Jul 27 04:36 PM
Because of many and many requests for 100% financing I have continued to search out the best 100% programs to offer our borrowers while still keeping them in a fixed rate loan to weather the current market correction. Bank of America is offering The Community Accommodation Loan for Low-to-moderate income borrowers at very competitive pricing. It is an 80/20 combo loan. The first is available with a 30 year or 40 year fixed rate. The second ...
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Foxy Woxy: Are We Beginning to See the Makings of a "Bubble Implosion"? - Dec 22 01:08 PM
Get a piece of chewing gum - no make that two or three pieces. I want to effectively demonstrate what a bubble implosion is. OK - chew, chew, chew. Blow the biggest bubble until it explodes. OK, good: that is what the media is describing in regards to "overheated, overvalued" markets - a bubble EXPLOSION.
Now don't spit out that chewing gum just yet...................
Blow a large bubble that doesn't pop, stick your finger in the middle of ...
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Las Vegas, NV Foreclosure Listings: Five Weeks Post Auction, Pendings are Still Rising!! - Jan 14 04:36 PM
Pendings are still rising 5 weeks post Las Vegas Foreclosure auctions! Five weeks post we are looking at rising closings (+10 Units/one week) and pendings rose at a nice rate when I expected them to start leveling off (+66 Units/one week)! Yes we are seeing listings rise (+51 units/one week). I am almost wondering if this market may swing into a seller's market for one or two months early in 2008. It is definitely the ...
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Reno Nevada real estate market 07 update - Dec 28 07:08 PM
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Las Vegas Valley Multi-Family Unit Permits up 2054% from July 2007; 110% from One Year Ago **NOT A TYPO!!** - Sep 23 08:28 PM
I don't normally include multi-family unit permits in my economic conditions reports but this is VERY interesting!
It is absolutely no surprise to me as I actively work the rental market as a referring Realtor(R), I do not have a property management permit. Inventory has been flying off the shelves like hotcakes. Other Realtors (R) who are actively working the rental market and were around for the resale boom in 2004 are comparing the rental market ...
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Are Out of Control Electricity Rates Squeezing Money Out of Las Vegas Valley Economy? - Sep 16 12:53 PM
Nevada Power raised electricity rates by 11.6% prior to the beginning of summer 2007.
I have had many phone calls for listings because people can no longer afford their home because their interest rate went up and their electrical bill went up too. I definitely feel their pain! I think those that may have the luxury of living in a modest 2000+ square foot home with dual air conditioners and pools are experiencing closer to a 25-50% ...
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Las Vegas Monthly Average Rental Rates SPIKE in May. Average Monthly Rental Rates Rise $667/Month! - Jun 07 11:12 AM
Average Monthly Rental Rates in the Las Vegas Valley have soared $667/month from April to May.
Average Monthly Rental Rates in April were $1537/month and average monthly rental rates in May were $2204/month.
Monthly rates are up a whopping $909/month since January. Average Monthly Rental Rates in January were $1295/month.
The median monthly rental rate remained stable at $1295.
I actively work the rental market and started watching the stats as I watched inventory decline and prices rise in ...
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August Median price for 1500sf home down! - Sep 05 12:41 AM
The overall market median for Las Vegas real estate has not moved as much as agents know it has. The active million plus market continues to prop the median for the market. I keep track of homes the average Joe buys. The median price for a 1500 square foot home in August fell 4.3% to $255,500 from July's $266,500. Moreover, the difference from August of 2006 is down 8.8%. From the peak of $295,000 in November of ...
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NV, LAS VEGAS: MARKET STATS - - Jan 08 10:22 PM
I've personally seen a little bit more activity the last few weeks. It will be interesting to see what happens in January...are people too wrapped up in the primary's and caucus'? Do they (you) miss all the negativity in the news about the housing market? Maybe by not hearing so much negativity will help drive the people out?
Inventory in Las Vegas is down just by almost 1,700+ over last month's figures. Closings during December are down by 41 over November. Stats include all of Clark ...
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Las Vegas Foreclosure Stats: One Week Past the Last Auction - Dec 16 12:50 PM
YES! We hit the magic 500 Las Vegas Foreclosure pending number that I predicted several weeks ago. There are exactly 500 REO listings under contract as of today. That is +64 units from last week, up 123 units from two weeks ago, and up 214 units from October 2007 (a mere two months ago!) We have almost doubled the amount of pendings in two months. Listings are down 55 units from last week but up 297 ...
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What Convention, New Resident and Gaming Statistics Really Have in Common With the Real Estate Market in Nevada - Aug 03 12:27 PM
This post was inspired by Arina Hanciulescu (and I am not picking on you, just answering your questions quite frankly!) and Rey Gallegos from my Economic Conditions Report.Arina posed questions in italics:"Can you please explain how gaming and tourism industry help the Real Estate Market? I don't see the relation there. Conventions, tourism, gaming, adult entertainment bring to Las Vegas transit population only. Are you saying: "It's the economy stupid?" Well!... Those industry bring up the ...
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Stated Income Loans In Nevada - Oct 22 12:04 PM
Many people have inquired about the ability to do Stated Income Loans in Nevada due to the recent Assembly Bill 440 that was passed and went into effect on October 1, 2007.
The answer is Yes I can still Stated Income Loans in Henderson, Las Vegas, and all of Nevada!
Just to clarify, Five Star Mortgage, a Henderson & Las Vegas, NV Mortgage Broker is still funding Stated Income Loans through several of our Mortgage Banks. We do have a ...
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Economic Conditions for the Las Vegas Valley August 2007 - Aug 25 07:42 PM
Housing Conditions: Foreclosure/Short Sale Listings (8/25/2007): Total Listings (8/25/3007) 27,217; Foreclosures Commenced: 972, 3.6% of all listings; Short Sales: 2316, 8.5% of all listings; Both Foreclosures Commenced AND Short Sales: 420, 1.5% of all listings. New Home Sales (July 2007, units sold): 1257 Year Change -48.1% (excl condo conversions, highrises) New Home Sales (July 2007, median price): $314,551 Year Change -6.2% (excl condo conversions, highrises) Existing Home Sales (July 2007, units sold): 2101 Year Change -40.2% ...
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Market Information - Sep 06 12:35 AM
Here are comments I submitted to a relo company today when asked to do a second opinion on a home on the market with a very competent agent at CB Premier. The subject is a very nice home; well maintained in side and out. Any buyer could move right into this unit. Positives are condition, "feel", location in community, and community itself. Negatives are living room is small and not very functional, backyard privacy is limited and backyard itself.The ...
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Time to Ski - Jan 16 05:52 PM
Best snow for a January in years......so come up and ski.Happy New Year......the real estate market at Lake Tahoe is still bucking the national trend,in that values are holding,and we have already seen an estate lot in Incline close at $32million for 4.5 acres with 200 feet of lake frontage at 1029 Lakeshore.To view the yearend statistics for both condos and single family homes around the Lake,go to www.tahoeinclinere.com. ...
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Las Vegas Real Estate News: Residential Rental Market Remains STRONG, No Signs of Slowing! - Aug 13 08:22 PM
The Las Vegas Valley Residential Rental Market Remains Strong after a large spike in May, small dip in June and now a small spike in July.
Long term residential rental landlords are winning in this market!
The median rental price is up $97/month since January. The average rental price is up $251/month since January. The current median price is $1297/month and the current average price is $1546/month. There is only 2.3 months total inventory (8/12/2007) in ...
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NV, Las Vegas: Market Stats - November 2007 - Dec 12 12:17 AM
Las Vegas Housing Inventory as of 12/1/2007 Inventory in Las Vegas is down just a bit from October's figures. Closings are down by 48 over November. Stats include all of Clark County NV.Call or e-mail me for all your Clark County NV real estate needs.These figures do not include new homes (not in the MLS) or For Sale By Owners, nor do they include those bank owned properties not in the MLS. All figures are per the GLVAR ...
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Top Three Real Estate Deals of the Week - Mar 14 04:17 PM
Joe's Top 3 Best Real Estate Deals in Las VegasWeek of March 14, 2008 These homes are updated weekly at http://www.summerlinrealestate.wordpress.com/ . If you would like to see the previous best valued homes or if you don't want to wait for the monthly email, just visit the site.The three the best valued homes I have found on the market this week are in Summerlin, in zip codes 89138 and 89135. Two of the properties are new never lived in homes ...
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It's crazy - Mar 26 10:49 PM
Well, I haven't been on AR in about a week. Things have been crazy here in Vegas. We are getting multiple multiple offers on bank owned properties and starting to get them on short sales. It's WILD! I have actively been marketing bank owned & short sale properties on my new web site: www.bankownedinlasvegas.com. Thre are lots of deals under $200,000. WOW It is really amazing the hits that I am getting. There are some great deals ...
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Minden Gardnerville NV Real Estate Market Snapshot - Feb 20 11:04 PM
Here is a quick udate for Minden and Gardnerville NV real estate market statistics as of February 1, 2008. The numbers I am reporting on here are actually for the entire Carson Valley which also includes Genoa and a small area referred to as Topaz Ranch Estates. (The Topaz Ranch Estates impact is neglible due to the fact that I am not tracking manufactured homes which make up 90% of this market; also, the town of ...
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Las Vegas Market Condition Report... - Jan 31 04:43 PM
In Jan. 2008 there has been a total of 19,777 Single family homes and 5,320 condos for Sale in the Greater Las Vegas area. From this only 20% of the Single family homes and 16% of the condos have been selling. Comparing to the same time last year there has been a drop of 39.5%. This has caused the number of foreclosure to increase in the Las Vegas Valley. The predictions would be that the Las ...
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Real Estate Information For Reno & Sparks, NV January 18, 2008 - Jan 18 12:33 PM
Well...We are into a new year and I thought you would like to see current home sales information for Reno and Sparks, NV and all Washoe County (excluding Incline Village). So often what you see or hear in the news media about home sales is doom and gloom. Sometimes it appears the news reporters think they are news forecasters. The worse they report and the worse things get, the better and the more accurate they think ...
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United States National Housing Market: 2005,2006 & 2007 - Jan 02 05:05 PM
About: United States Existing Home Sales An opinionated, wonderful lady gave me a gracious comment me a week ago when I gave out a report on the state of the national housing market : "I have found through the years that generalities don't work especially when talking about real estate markets. All areas beat to a different drummer." And while I agree with her statement 80% of the time. I do see some positive things that stem ...
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3 Predictions for the Las Vegas Luxury High-Rise Market, 2008 - Dec 31 05:26 PM
The Las Vegas Luxury high-rise market is still in its infancy. A few short years ago no-one could have imagined people actually living in the resort corridor of the Strip. This would be defined as the area between Mandalay Bay on the South and Sahara Blvd on the north. As of this final day of 2007 there are several luxury Condominiums on or near the resort corridor, but just one completed condo tower located directly on the ...
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SOME LENDERS UNABLE TO HANDLE THE ONSLAUGHT OF LOSS MITIGATION DEMANDS - Dec 13 06:47 PM
It's interesting to me how many lenders are still completely unable to handle the concept of 'loss mitigation' with regard to loan modifications and/or short sales today---over a full year since the onslaught of defaults that have been the result of so many 'adjusting' ARMS. Certain lenders have pulled staff out of their collections divisions to handle the job. Still others are hiring outside consulting firms, which creates a real conflict of interest. Chris Scott of ...
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Carson City Real Estate Update - December 2007 - Dec 10 08:31 PM
Carson City home buyers and sellers - Want to get the latest on the Carson City real estate market? I just posted up a new version of The Greater Reno-Tahoe Real Estate Report (you can subscribe from the next link) and some summary statistics for the Carson City real estate market trendson my blog. Check it out to see what's going on in the Carson City housing market. The report is pretty - the numbers are not. Cheers ...
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Rhodes Ranch Area Active Listings/Sold/Rental Real Estate Market Reports Generated December 8, 2007 - Dec 08 06:10 PM
This Rhodes Ranch Area market report was generated on December 8, 2007 (graph on bottom): Active Listings: 478 Under Contract: 76Sold 10/25-11/25/2007: 19 Months Inventory: 25.1Low: $129,900; High: $3,490,000; Median: 275,000 (listing prices only) Rental Market Report generated on December 8, 2007 (graph on top):Active Listings: 107Under Contract: 7 Leased 10/25-11/25/2007: 36Months Inventory: 3.0Median List Price for an area rental: $1295/month, Low: $750, High: $2950 Information from GLVAR is deemed reliable but not guaranteed. Last Market ...
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Afordable Home! Quite a Buy! Pinview Estates! - Dec 06 10:10 PM
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Las Vegas October 2007 Rental Home Report - Nov 14 05:27 PM
October 2007 saw a healthy jump in Las Vegas Rental Home units leased from September 2007 and up from one year ago also. Average rents have decreased from one month, median rents stable as we saw inventory rise yet absorption remained healthy.Units Leased:October 2007: 1501September 2007: 1387October 2007: 1102Average Monthly Rental Rates:October 2007: $1511September 2007: $1603January 2007: $1295October 2006: $1811 (irrational jump for one month) Median Monthly Rental Rates:October 2007: $1295September 2007: $1295October 2006: $1200Absorption Rate is ...
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Nov-07: Minden - Gardnerville Real Estate and Housing Market Trends Update - Nov 13 09:19 PM
Greetings - If you have any interest in Minden - Gardnerville Real Estate and Housing Market Trends, you'll want to take a look at a recent summary on my blog as well as the much improved version of The Greater Reno-Tahoe Real Estate Report that I publish monthly on my site.The new report includes annually comparisons for median home price, % sold-list price, and transaction volume. If you take a look, you'll see that the median ...
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Douglas County Update - Oct 30 03:31 PM
DOUGLAS COUNTY MARKET INFORMATION
This topic is important to you whether you are buying or selling in teh Carson Valley area. If you are buying, it is helpful to know what the average time on the market is and whether or not it is still abuyer's market, to help with your negotiation standpoint. If you are a seller, knowing about market time and average prices helps you understand what to expect out of your real estate agent ...
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Mortgage Rates Increase Because of Good News - Oct 13 04:48 PM
Mortgage Rates Increase Because of Good
News
las vegas mortgages - las vegas investors
We had an increase of
110,000 jobs in September figures released by the Labor Department. There was
a big surprise when the August figures were readjusted to reflect an increase
of 98,000 jobs vs. a decrease of 4,000 jobs. this good news has raised
interest rates. To the buyers sitting out there it is very important to ...
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Minden NV Real Estate Market Update (Carson Valley) - Oct 12 05:43 PM
Greetings - If you track the Carson Valley Nevada real estate market, this post may be of interest to you. If you are not familiar with the Carson Valley, it encompasses the towns of Minden, Gardnerville, and Genoa which makes up most of Douglas County - not counting Lake Tahoe or the Topaz areas. For purposes of this post, I will not break out each market separately but will provide some insights into the real estate ...
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Reno-Tahoe Real Estate Market Trends - October 2007 Update - Oct 03 10:39 PM
Reno-Tahoe Real Estate Market Trends - Oct. 2007 UpdateIf this is your first time to this Blog, Welcome!I plan to post information here to point out key market changes and "between the lines" insight behind my monthly Reno-Tahoe Real Estate Market Trends report. I hope you find this useful. You may want to visit the Reno-Tahoe Real Estate Market Trends report page to view or print the report while reading this blog entry.October UpdateWinners and LosersIn ...
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Real Estate Market in Incline Village Lake Tahoe - Sep 27 04:36 PM
The Incline Village (at Lake Tahoe) real estate market is out-performing the national trends we often hear or read about in the national media. Certainly our market is off compared to other years, yet property values remain steady and sales activity in various price ranges is excellent. What we have not experienced in Incline Village, in my twenty-eight years of marketing real estate, is any significant number of foreclosures and I know of no properties going into ...
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Economic Conditions for the Las Vegas Valley September 2007 - Sep 23 06:23 PM
Economic Conditions for the Las Vegas Valley August 2007 Housing Conditions: Foreclosure/Short Sale Listings (9/23/2007): Total Listings 27,404; Foreclosures Commenced: 1093, 4% of all listings; Short Sales: 2710, 10% of all listings; Both Foreclosures Commenced AND Short Sales: 504, 1.8% of all listings. New Home Sales (August 2007, units sold): 1376 Year Change -49.7% (excl condo conversions, highrises) New Home Sales (August 2007, median price): $308,161 Year Change -10.1% (excl condo conversions, highrises) Existing Home Sales ...
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Has Las Vegas Real Estate Hit Bottom? - Sep 19 05:12 PM
I was just reading Richard Lee's latest article that says less than 30 units separate total sales figures for the last four months. This usually signifies the bottom of the market, however he also noted that until we see the upward swing, foreclosures are going to be the reality.To go along with that, today's news of the fed lowering interest rates by 1/2 % is good news for all in Las Vegas wondering what is going to ...
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The “Where” of Real Estate Values - Sep 19 03:54 PM
The media and statisics in today’s real estate markets have been a challenge to report accurately due to specific “sub markets”. Incline Village, Reno and Las Vegas markets are a perfect example. These markets are all located in Nevada, but the bulk of foreclosers are happening in Clark County (Las Vegas). Incline Village and Reno are both located in northern Nevada’s most populous county, Washoe, but even these real estate markets are quite different. New home developers in Reno have cut prices sharply ...
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2007 1st Half Tahoe Home Sales Report - Sep 19 02:29 PM
Tahoe home sale prices dropped 5% on average in the first half of 2007, yet Incline Village was the only area to see an increase in both median and average prices for the 2nd quarter and 1st half of 2007. The average price of a single famly home in Incline Village, Nevada, jumped 21% to $1,569,000 in the second quarter of 2007 over the same period last year. The median price was up 11% to $1,200,000. ...
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Mesquite's Market - Aug 27 11:09 PM
Mesquite is currently in a long needed adjustment phase for real estate pricing. Sellers are currently making the needed downward adjustments in pricing to adapt to the lag in the overall buyer demand. With Del Webb currently making large price drops on their offered product - those in the resale market are truly having to reassess values and come closer in line with what the new home developments are offering. The new home developments have tried ...
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Las Vegas North Strip - Yet More Development on the Horizon! - Jun 01 04:59 PM
SKY LAS VEGAS is THE ONLY residential high rise condominium located directly on the Las Vegas strip. And it is located in the fastest developing part of the strip. SKY's woners will be able to walk to all the great new high rise hotels that are planned for the North end.Australia's richest man, James Packer, is bringing his gaming company to Las Vegas. Publishing and Broadcasting Ltd., announced it has entered an agreement with Christopher Milam ...
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What does this Buyer's Market really mean to me? - Jan 30 12:45 PM
If you are one of the many pent-up Buyers just waiting for the perfect moment to buy a home, you should really look at the current Buyer's Market and its many benefits that can have a very positive impact on a home purchase now. What does this Buyer's Market really mean to you? Well let me explain all the benefits that this Buyer's Market has waiting for you if you decide to buy a home right ...
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Reno, NV : : MyREALTY®.com, home of the Global Listing Service® serving Brokers and Agents in Nevada - Jan 29 10:01 AM
PRESS RELEASE - For release Thursday, January 24, 2008
MyREALTY®.com, home of the Global Listing Service®, is now open for business in Reno, Nevada. What does this mean to residents and real estate agents of Nevada? Maximum real property exposure to a broader audience and easy access to enhanced marketing tools.
Already, more than 30 of the largest Northern Nevada real estate brokers, representing more than 600 real estate agents, have posted more than 3,300 property ...
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Las Vegas Real Estate Market Rebound - Jan 21 04:05 PM
This is my prediction of what the Las Vegas and Summerlin Real Estate markets are going to go through over the next 12 to 24 months that make this the absolute best time to buy an owner occupied residence. The real estate market will strengthen, demand will increase, inventory will be reduced and prices will rise. These changes will happen quickly and may last for only about one year before new challenges, such as rising interest rates, will impact ...
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First Time Buyer Agent Angst - Dec 09 01:23 PM
Boy, what a few weeks I have had with my buyers! Don’t get me wrong, the buyers are great. Young families struggling to scratch out their first piece of the American dream who have worked for years to repair and build credit and save for closing costs—and they are getting the tar beaten out of them like it was 2002.
All of the sellers that I talk to have the same complaint—there aren’t any buyers out ...
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Skyland Update - Stateline, NV area of South Lake Tahoe. - Nov 10 05:33 AM
(LAKE TAHOE REAL ESTATE BLOG) We’ve just updated Skyland, one of the Stateline, NV neighborhoods in our South Lake Tahoe real estate market. Please click the link “Skyland, NV” found in the left sidebar of our Lake Tahoe Real Estate Blog. Also included in our left sidebar are all other South Lake Tahoe and Stateline, NV neighborhoods, plus complete reports on the entire South Lake Tahoe real estate market and Statenline, NV real estate market. ...
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Northern Nevada (Reno Tahoe Area) Homes Sold - October, 2007 - Nov 06 12:21 AM
Greetings,For any of you out there who are interested in the prices for homes sold in communities within the Reno Tahoe area, I have just updated blog posts on my site which will allow you to see properties sold as well as the amount the Seller had the property listed at prior to going into contract. I will be publishing this once each month as a companion to my market reports (which draw on this information to ...
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Reno-Northwest & Northwest Suburbs Home Sale Information, October 2007 - Nov 04 12:49 AM
Here is interestings real estate sales information for the Northwest and Northwest Suburbs on Reno, NV. This is information about homes and townhomes/condos in Reno-Northwest, Reno-Northwest Suburbs and Reno-Somersett for the month of October, 2007 and October 2006.There are currently 496 homes and townhomes currently on the market in Reno-Northwes, Reno-Northwest Suburbs and Reno-Somersett. The average list price for the 496 homes is $418,177. The median price is $341,925. The average days on market is 122.There are currently ...
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Las Vegas Real Estate Market Data Snapshot 9.3.2007 - Sep 05 12:22 AM
End of month brings reprieve to inventory growth. But it is only temporary due to the end of month on a weekend as well as a holiday weekend. The market though remains a concern. Even with a decrease of 170 total listings, the months to absorb inventory (supply) grew to more than a whopping 21 months, 1 week! August showed a continuing weakness in the market with the lowest number of closings in more than 5 ...
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Median Price Tracking for 1500sf Home - Aug 29 01:11 AM
Listen to media and read the papers and one would think the prices of homes in the Las Vegas Valley were holding fairly firm. The million dollar plus market remains fairly active in the market place. Due to this activity, the median price of a home in Las Vegas has been artificially propped up. So what is happening in the REAL real estate market, the one for the averge Joe? The graph outlines the monthly median ...
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Las Vegas Real Estate Market Report: 1/16/08 - Jan 16 08:24 PM
This is the latest Las Vegas Real Estate Market Report from http://www.narreia.com/ (National Association of Residential Real Estate Investment Advisors). For the week of January 16, 2008, data is obtained from the Greater Las Vegas Association of Realtors MLS. Single Family Residence (SFR) Available - 19,170 (+94 , Last Week 19,076)Under Contract - 2,147 (+147 , Last Week 2,000)Days of Supply - 268 (-19 , Last Week 287)Short Sales - 4,150 (+158 , Last Week 3,992)Condominiums and ...
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Real estate outlook 2008 - Jan 05 12:56 AM
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Subprime solutions 2. - Apr 04 03:31 PM
What can a homeowner who is in imminent mortgage trouble do? The most important step is to contact the lender right away and tell them about the situation. Swallow all the pride he may harbor and just do it. This should be done before any payments are missed. And put it in writing. Send out a hardship letter that gives details about the cause with a time frame. Banks will listen sympathetically if the hardship is related to a divorce, death in the family, ...
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Subprime bailout? - Apr 03 12:54 PM
All government levels are hesitant at this point to get involved in any meaningful way. Perhaps that's the correct call. In case there was a bailout, how would that shape up?In a full bailout of affected borrowers, the banks would also be rescued. Including those that could be labeled the biggest culprits in this mess. Those who recklessly loosened their underwriting guidelines to keep meeting their target numbers. I wouldn't like to see my tax dollar go ...
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Las Vegas area high-rise and lofts - Apr 25 12:16 AM
The vertical living lifestyle is one crowded pool to be swimming. On 4.24.2007 there are 699 available listings. 35 are in pending and 17 closed in the last 30 days. divide the 17 into the 699 and there is a 41 month supply of vertical living units for sale. WOW! It will be interesting to see if the units in pending close soon and change the supply numbers. ...
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Las Vegas Weekly Market Real Estate Data Snapshot 4.24.2007 - Apr 25 12:01 AM
Created by RE/MAX Advantage for RE/MAX Advantage.HeadlineDid the sub-prime market have a bigger play in our local market than originally thought? Pending index this week is the second lowest to date for 2007. New to the snapshot is the high-rise and loft sub-market. The high-rise sold numbers are closed within the last 30 days - producing an incredible 41 months supply.The last 7 days of the Las Vegas valley marketplaceTotal Listings SFR 18590 Condo/TH 5408 Total 24083 ...
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Subprime solutions. - Apr 01 04:54 PM
I've recently focused on figuring out how did this subprime mess happen and who is to blame. There's always someone who drops the ball. Or someones. Enough of that. Let's see if we can find a workable solution for it. Prominent politicians are strongly vouching for the notion that the government, federal and state, should step in to stave off the expected homeowner foreclosure increase. According to their calculations it's the right thing to say to garner voter support. Many consumer ...
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Reno-Sparks Home Sales by Zip Code - Aug 20 08:15 PM
When I post median sales data, be it Asking price, Pending price or Sold price, I usually break out the data by MLS area. Lately, I've received emails asking about breaking out the numbers by zip code. Below are the median sold prices and units sold for the month of July 2007 for zip codes surrounding Reno Sparks. The numbers represent all residential sales (including condos and manufactured homes) as reported to our MLS. (see the numbers) ...
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42 Million Dollar Las Vegas Homes Close Escrow in February of '07 - Mar 06 11:33 PM
Normally I don't really keep track of statistical information concerning the amount of homes that close, average prices, etc.. for the Las Vegas market as a whole. There are plenty of people that do this and often times you can read about this in the media about what already happened. I tend to be more concerned in certain segments of the market and finding value for my clients and tracking current trends for my sellers. Personally, comparing today to what ...
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Resale market turnaround? - Feb 13 10:24 AM
Market activity is picking up. Last week was the the most active since the first of the year in new pending sales. With a significant increase in listing inventory (new listings to the market) our pending index still moved to more positive territory.From a home builders perspective. Through the grapevine I am aware that a large home builder in Las Vegas expects the resale market to make a rebound in the summer and continue through the ...
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Las Vegas Weekly Snapshot - Feb 12 11:22 PM
Weekly Snapshot 2/12/2007Created by RE/MAX Advantage for RE/MAX Advantage.The last 7 days of the Las Vegas valley marketplaceTotal Listings SFR 15865 (+257/week) Condo 4652 (+111/week) Total 20149 (+368/week) (up 1756 (9.4%) since 1/1)Vacant units SFR 42% Condo 53% Total 44% Total Pendings SFR 2586 (+113/week) CONDO 510 (+14/week Total 3096 (+127/week)Pending Index 151 (147 last week // 153 on 1/5/2007)Supply(months) 12.16January Solds 1657 (more than December and November)Monday's 30yr fixed 6.25% 1pt origination Unchanged from last weekInteresting points for the week• New ...
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Las Vegas: Here we Grow Again - oh wait! We never stopped! - Dec 30 04:07 PM
Out with the old - in with the new! The state bird is the crane and not the feathered variety!
The Las Vegas Valley is running out of land so there is a new trend for housing (besides patio and apartment to condo conversions)
We are trending towards Vertical Living or "Manhattanization".
We are saying our bittersweet goodbyes to many "vintage properties" to be replaced by mega mega resorts. Not to be confused with mega resorts because those ...
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Sparks NV Homes Sold - September, 2007 - Oct 25 04:28 PM
Announcement!If you have an interest in Sparks Nevada home sale prices, I have just posted a detailed list of Sparks home sales for September, 2007.If you have any questions, please feel free to email or call me.Mitch ...
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Las Vegas NV, MLS Stats as of 10-25-06 - Oct 25 08:29 PM
UNCHANGED, is the word for the week! With a net of only 4 new listings this week we are up to 21,646 active listings in the GLVAR's MLS system. We are still at all time highs! This past weekend I was in Phoenix and was told they have over 45,000 active listings and about half of them are vacant! The buyers market continues, let's hope Vegas doesn't catch up with it's neighbors to the South. The good ...
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Economic Conditions for Clark County, Nevada (Las Vegas Valley) - Jan 21 04:18 PM
Housing Conditions:Foreclosure/Short Sale Listings (1/21/2007): Total Listings (1/21/2007) 19,904; Foreclosures Commenced (listings 1/21/2007) 492, 2.5% of all listings; Short Sales (listings 1/21/2007) 874, 4.4% of all listings; Both Foreclosures Commenced AND Short Sales (listings 1/21/2007) 200, 1.0% of all listings.New Home Sales (November 2006, units sold): 2,176 Year Change -31.1% (excl condo conversions, highrises)New Home Sales (November 2006, median price): $329,655 Year Change -4.5% (excl condo conversions, highrises)Existing Home Sales (November 2006, units sold): 2,753 Year Change -35%Existing ...
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Market News: Las Vegas Residential Building Permits Down 26% - Jan 02 07:23 PM
The downward trend continues! Only 885 Residential Building Permits were pulled for the month of November. New sales were 2829 units in November, up slightly from October's 2606 units. The median new home price rose 11.3% for the same 12 month period but 366 high end high rise condo units closed in November also - Platinum and Turnberry.The low amount of permits being pulled is splendid news for the inventory soaked resale market in 2007. All ...
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Inventory Shrinkage of Entry Level New Homes in the Las Vegas New Construction Market! - Jan 11 08:33 PM
I am happy to report that there has been a distinct change, in the last three weeks. There is almost ZERO available standing inventory in the SFR entry level market (under $275K) in the South, Henderson (south) and Southwest portions of the Las Vegas Valley (Clark County). A couple of them falling out of escrow here and there but very slim pickings! Most are dirt lots looking at a 6-8 month build. Incentives are still being ...
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October/November 2006 Clark County (Las Vegas Valley, NV) Economic Conditions - Jan 09 09:31 AM
Indicator - Reporting Period - Statistic - Monthly Change - Annual ChangeNew Residents - November/2006 - 6076 - -5.5% - +5.2%Total Employment - November/2006 - 944,300 - +.4% - +4.9%Unemployment Rate - November/2006 - +4% - 0% - +8.1%New Home Sales - October/2006 - 2,167 - -14.9% - -20.9%New Home Permits - October/2006 - 864 - -4.4% - -31.4%Median Price/New Home - October/2006 - $344,990 - +3.7% - +2.5% (excl condo conversion & hi rises)Median Price/Existing ...
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The Disparity Between Renting & Buying in Las Vegas - Dec 20 08:26 AM
There is a huge disparity between renting and a mortgage payment in Las Vegas. Las Vegas did not have this disparity until our 2004 "boom". Let me give a couple of examples on what is happening in our rental market. When we moved into our present home in 2002 fair market rent hovered around $1200/month. Now, with a pool, fair market rent tops $2000. More than enough to pay our mortgage. My mother in law rents ...
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Las Vegas Listing Inventory: Only Serious Sellers Need Apply! - Apr 04 10:39 AM
I cannot begin to tell you how many non-motivated sellers have listings on the Las Vegas Real Estate market. First off let me define a non-motivated seller. It is a seller who has their home on the market just because they "can"! They don't have to sell. They are just trying to see if they can get their price, are afraid the market is crashing and panic selling or just because.So far, I believe it is ...
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