Things are Looking Up for Las Vegas Homes
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Positive real estate news is few and far between these days, especially in the Las Vegas real estate market. But I’m happy to report some good news.
The first fact: The median price of a single-family Las Vegas home is up .8%, from $125,000 in April to $126,000 in May, Hubble Smith of the Las Vegas Review Journal reports.
The second fact: The number of homes sold in Las Vegas increased: From May of last year, single-family homes increased 7.9% and condos and townhomes increased 14.4%, Smith reports.
Either fact alone would be a good sign; together, they’re a great sign. Indeed, Realtor’s Association president, Paul Bell, notes that “This was the first time so far this year that both of these key indicators increased in the same month for both single-family homes and for condos and townhomes.”
On top of this, the traditional home buyer is coming to the fore in the Las Vegas market. In the past, banks and investors were the main players, outbidding the traditional home buyer. And at least for the lower price ranges, the housing market is seeing some welcomed stability, says Rob Jenson of ReMax Central.
Residential Resources reports that 1,322 bank-owned sales, 985 regular sales, and 758 short sales. Frank Nason, president of Residential Resources, estimates that these numbers, together with the assumption that payments have ceased for short-sale listings, adds up to $5.54 million financial shot in the arm for the Valley.
Well that’s a lot of numbers, but what are we to make of it? For one, we shouldn’t oversell the good news—there’s nothing that deserves the word “trend” quite yet. It looks as though more homes are being sold, the price is slightly increasing, and people, not institutions, are buying more homes. And portions of the market are beginning to sail into calmer waters. This is what the scant data seems to suggest. Let’s just hope that it’s a microcosm.
Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process. If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.
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