Update on Las Vegas Real Estate
Posted by New Home Resource on December 4, 2012 in
Happy Holidays! There has been quite a bit going on in our marketplace today, from even further constraint in available housing, to increased NOD filings, to even higher sales prices in recent months.
A little bit of history…… In August 2009, Clark County saw a whopping peak of 11,482 filings of Notices of Default. The filing figures remained steady around 4,000+/- per month, from 2010 through September 2011. The October 2011 effective date of AB284 then caused filings to fall to less than 1,000 a month.
To clarify, the “need” to foreclose on a property did not change – what DID change was the bank’s ability to foreclose, due to the requirements of AB284. You can read my blog post from earlier this year regarding AB284 to learn more. According to the Board of Realtors®, foreclosures have fallen from nearly 50 percent of Las Vegas home sales to about 15 percent in October (we believe to be a direct result of AB284), and short sales now account for roughly 45 percent of the market.
As a result of AB284, default filings fell by as much as 80% through September, though the numbers have been growing over the past several months. There were almost 2,100 Notices of Default filed in August 2012. Additionally, as banks resolve past issues with MERS, we anticipate increased foreclosure activity – and may even see some lower prices as a result of the increased supply in available listings.
At this time, our current MLS inventory shows only 3,800+/- single family homes available, an unbelievable 10-day supply of housing! This decreased inventory has caused asking prices for Las Vegas homes to increase 13.7% over a year ago, as reported by online site Trulia.com this morning, December 4th. And according to Las Vegas-based SalesTraq, the median existing home price in Las Vegas has climbed from $100,000 in January to $124,000 in October.
We do try to report the most accurate, up-to-date information to our clients, but there could be a margin of error in our reporting. Please understand that some of our comments may also be opinions and not absolute fact.
If you’re a home buyer or a home seller in today’s frenzied Las Vegas market, you need professional help. Call Heather Brockhurst, Denise Moreno or Joanna Piette at 702-365-1000 and be a part of the right team! HAPPY HOLIDAYS FROM NEW HOME RESOURCE!