Las Vegas Short Sale and Real Estate Market Report for May 2010
ByResidential Short Sale blog presents the Las Vegas Real Estate Market Condition Report for April 2010-May 2010 , courtesy of Nevada Title Company with chart breakdowns of all Las Vegas Home closings by type and Las Vegas short sale statistics.
Note from the Las Vegas Real Estate Market History table above that May 2010 demand is significantly less than May 2009 demand. Median price, which had been holding in the mid $130’s, has now begun to increase with three positive outcomes in a row. When the last four months are averaged (Feb-May), the outcome is a very strong +$2,437. The decline in supply (listed) has come to halt and increased 546 units over last month, while demand (closed month) moved up 195 units.
In Escrow properties (pending/contingent) fell for the first time in several months signaling increased movement of Las Vegas Short Sales out of escrow. The overall tight supply/demand situation should continue to place upward pressure on the price schedule. However, Standard prices (31% of demand) are weak at closing. The upper price ranges, while showing some activity, continue to suffer from lack of demand, especially those above $1 million.
Las Vegas Short Sale supply declined slightly from last month but demand moved up a significant (222 units). Market Speed is moderate but increasing. Percent Selling remains somewhat depressed but is moving up. Escrow inventory remains at high levels but appears to have peaked. In May of 2009, the percentage of Las Vegas Short Sale closings was 8%. In May of 2010, it climbed to 30%. The closing process remains inefficient and challenging, but improving. Prices are stable.
The final Las Vegas Real Estate market chart for this month depicts the sharp declining trend in median Las Vegas home prices since January 2008.
Do you have a trusted adviser and Las Vegas Short Sale Realtor to handle your short sale transaction? Contact us today for a confidential, no obligation foreclosure alternatives consultation to discuss your options. Call Kathryn, at 702-348-7191.
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I like to know what Your Forcast is for Las Vegas ,I am buying a Property on Garbor for 95,000 3/2 Home in good Condition and like to know if this is a good Buy? I am in Ca. and do not know Your Market very well.Thank You <Ruth Roeder
Hi Ruth: Thanks for visiting our Las Vegas real estate and short sale blog. Overall, now is an excellent time to buy in Las Vegas – due to average home prices being undervalued generally and low interest rates. As far as your specific home purchase, your real estate agent can provide you with the specific competitive market analysis and other data for the neighborhood the property is located. Best wishes, Kathryn