Tuesday, 30 May 2017

Las Vegas Homes Sales Moving Higher

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    Las Vegas Homes Sales Numbers

    Recently, there has been a rise in Las Vegas homes for sale and judging by the data provided by The Greater Las Vegas Association of Realtors, it is more than just a onetime uptick. According to the data, there has been a considerable increase in sales in the month of March, but even more so for April. Even though it is hard to say if this sudden rise of sales is indeed a trend based on two months only, it cannot be considered as a onetime occurrence either.

    According to the latest Las Vegas homes sales report, there were a total of 3,379 homes, condominiums, and town homes sold in April, in contrast to 3,358 sales in March. In terms of the ratio of homes versus condos and town homes, the increase of sales equated to a 1.7% increase for homes and a 3.8% decrease for town homes and condos. It also shows that the average sale value for homes sold through the Multiple Listing Service was $212,568 – up to 3.7% from $205,000 in March and 10.7% from a year ago. Condos and town homes, meanwhile, were $115,000 – unchanged from March, but up to 15% more from twelve months ago.

    Homes Sales Numbers - Bank Controlled and Short Sales

    Moving on, GLVAR’s report showed that short sales and bank-controlled sales continue to decrease each month. In April, 7.2% of local sales were short sales, which represents a 1.1% fall from 8.3% last month. 8.3% of sales in April were owned by banks, which in turn is down one point from 9.3% the previous month. GLVAR also reported that 30.4% of transactions were cash, which is down from 32.4% from last month and down from 41.4% from last year, showing that investors are still a major factor in the marketplace, but not nearly as much as they used to be during the peak period of February 2013 when 60% of all real estate transactions in southern Nevada were cash buys.

    At the end of April this year, 7,296 listed homes had no offer, which is up ½ a point from last month and 13.6% from last April. In case of condos and townhomes, the 2,437 properties without an offer at the end of April represent a 0.3% decrease from a year ago and a 7.6% increase from previous April.
    Judging by all these results, short sales could increase in 2015 should Congress vote to extend the Mortgage Debt Forgiveness Relief Act of 2007. If the Congress does not extend the act, however, the money a bank writes off as part of an agreement to sell a home as a short sale may be taxable when sellers file personal income tax.

    These numbers are definitely a good sign as they reveal a healthy economy, lower rates of interest and more importantly a market where buyers and sellers are starting to make smarter choices. While the Las Vegas real estate market is undergoing such a transformation, it is highly recommended that buyers search for homes and make offers before prices continue to rise. Sellers also need to price the homes properly in order to avoid homes sitting for over 60 days. Keeping these in mind, there is a brighter future in store for both buyers and sellers in the market.

    Las Vegas Homes By Leslie
    8010 W Sahara Ave #150, Las Vegas, NV 89117
    (702) 321-1763

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