Inventory Low but Market Stable for Real Estate in Las Vegas

Written by Posted On Thursday, 12 May 2016 07:20

Inventory Low but Market Stable for Real Estate in Las Vegas

Las Vegas Market List to Close RationsThe Las Vegas real estate market remains stable even with the inventory of houses for sale remaining low. Prices continue to increase for homes in the Las Vegas Valley and surrounding areas, including those homes sold through short sales.
According to a report released May 5th by the Greater Las Vegas Association of REALTORS® (GLVAR), median price of Las Vegas houses listed during April through its Multiple Listing Service (MLS) was $220,600, an increase of 3.8 percent from last year’s $212,568. Median price of condominiums and townhouses sold in April increased an impressive 4.3 percent, at $119,900, in contrast to April of last year’s $115,000.

Though the supply of houses remains tight for the Las Vegas area, there is continued stability when it comes to the price of houses. This may very well be one of the longest running periods of such stability in quite some time.

Las Vegas Housing Market April 2016According to the report, the total number of residential properties sold in April was 3,518, compared to April of last year when 3,379 homes, condominiums, and townhouses sold. While 2.4 percent more homes sold, 0.7 percent fewer condos and townhouses sold this year compared to last.

The market continues to show signs of improvement as we move into summer, with marked increases since the years prior to 2014. The real estate market is considered balanced with a six-month supply of inventory. However, the current Las Vegas inventory consists of less than a three-month supply of houses for sale.

GLVAR, through its MLS in April, recorded 13,799 single-family homes for sale, an increase of 0.4 percent from April of 2015. There were 3,581 condos, high-rise condos, and townhouses listed for sale in GLVAR’s MLS in April, a decrease of 1.2 percent from last year.

By month’s end, GLVAR’s reports indicated 7,357 single-family homes remained for sale without receiving offers, up 0.8 percent from April of last year. Condos and townhouses also experienced an 8.5 percent decrease from last year with 2,231 properties listed for sale without receiving offers.

Days on Average to Sell 2016On the up side, fewer homeowners listed their houses for sale due to distress, with an increase in traditional home sales versus short sales wherein lenders control the transaction, allowing the owner to sell the house for less than they owe. In April, 4.5 percent of local sales were short sales, down 7.2 percent from last year. They note that 7.1 percent of sales were bank-owned, a decrease from 8.3 percent from April of 2015.

There is good news for those who may choose the short sale option in 2016 because Congress extended the Mortgage Forgiveness Relief Act of 2007. This means thatdistressed homeowners receive a tax break when selling through a short sale. Otherwise, the amount a lender wrote off would be considered taxable for the seller. Add the extended tax relief to the fact that the price of a single-family home sold as part of a short sale averaged $185,000 in April, which was up from $172,250 last year, and this may be a favorable time for short sales.

Cash purchases are down from 30.4 percent in April of last year to 28.1 percent this year in Southern Nevada. This change indicates that investorsare still stimulating the market, but their influence maintains a steady decline.

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img src="" srcset=" 768w, /Lori Ballen is a licensed agent with a real estate team licensed with Keller Williams Realty Las Vegas. When you choose Lori Ballen Team, you get skilled Real estate agents who specialize in particular niches, and geographic locations. Always in the top 1% of Las Vegas production, Lori prides herself on the continuing education and high level training she and the team members receive.

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You’ll find Lori Ballen Team real estate agents in Las Vegas, Henderson, North Las Vegas, Boulder City, Pahrump, and even in Reno. She’s recently begun working in other markets across the nation helping sellers get their homes sold for the most amount of money possible in the least amount of time possible and with the least amount of inconvenience. The buyer agents who work with Lori love being out and about previewing the latest inventory. They work with you to find a resale or a new home. That’s right. If you are considering new construction, reach out to us first. You can have your own representation and most of the time the builder pays the buyer agent commission so you have no more expense.

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The listing specialists working with Lori know how to sell a property. They will bring all of the necessary data to help you determine what your house might sell for in the current market. No punches are pulled. It’s all in the numbers and then in the marketing for top exposure. That’s what Lori’s team does best.

When you work with Lori Ballen Team at Keller Williams Realty, you won’t feel lost in the shuffle. It’s a team and everyone cares that you reach your goal. Nobody wins if you don’t win, so you are first.

Give us a chance to show you why Lori Ballen Team is the right choice for your real estate needs.

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