Market Conditions for Aliante in Las Vegas, Nevada
Reported by Patrick Reno, ABR, GRI, RRG
Updated March 19, 2010.
Current Market Rating: 4
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Current Price Trend: 2
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Aliante - What we are seeing here is that there are a lot of homes on the market, but they are mostly short sales. There is very little bank inventory on the market right now and we are not seeing a lot of it come onto the market right now. There are also a lot of homes in contract, but you will notice from the statistics that those accepted contracts are mostly on short sale listings. This is an unreliable statistic because there are a lot of buyers in multiple escrows on multiple homes hoping one of the short sales they are in escrow on will work out. Couple that with the fact that your average short sale escrow lasts over 4 months, and you can see there is going to be a lot of fallouts. Some banks will allow the listing agent to slip in a new buyer at the approved short sale price, and some make the listing agent start from scratch again. No real defined rules here. There is a small but growing percentage of normal listings on the market. Those tend to be flipped homes that were previously bank owned homes. They are usually remodeled at least a little bit and resold. They tend to cost a little more than the average home due to the speed which they can respond to offers and the fact that you are walking into a move in ready home. Statistically speaking, we are in a seller's market. The homes that are priced realistically and don't require a full remodel are moving very quickly. They are still getting multiple offers. The rest will get one or two offers and maybe take a month or two to go into escrow.
# of homes for sale with and without contracts (EA, ER, AU, C, P): 402 % bank owned: 12.037% % short sales: 73.134% % normal listings: 14.829%
# of listings w/o contracts (EA, ER, AU): 149 % Bank Owned: 10.596% % Short Sale: 66.887% % Normal Listing: 22.517% Average Price: $178,891 Average DOM: 124 Average LP/SF: $84
# of contingent / pending listings (C,P): 252 % Bank Owned: 14.286% % Short Sale: 76.587% % Normal Listings: 9.127% Average Price: $167,912 Average DOM: 120 Average LP/SF: $73
# of sales in February (S): 46 Average List Price: $189,064 Average Sale Price: $187,361 Average DOM: 48 Average Sales Price vs. List Price: 99.6% % bank owned: 50.000% % short sales: 21.739% % cash: 34.783% % conv: 23.913% % FHA: 26.087% % VA: 15.217%
*Current homes with and without contracts are current as of March 19, 2010. ** Sold homes are for the month of February only.
Company: Sellstate NRES
Phone: 702-723-8050
Email: PR at VegasHousingUpdate dot com
