Monday, September 01, 2014

GREATER LAS VEGAS REAL ESTATE REPORT

GREATER LAS VEGAS AREA
• Median home prices improved by 1.3% to
$202,578 from $200,000.
• The average home sales price rose by 0.2% to
$243,465 from $242,914.
• Home sales Down by 2.6% to 2,478 from 2,544.
• Total inventory* increased 1.3% to 16,439 from
16,225.
• Sales price vs. list price ratio dropped by 0.0% to
98.8% from 98.9%.
• The average days on market dropped by 0.9% to
58 from 58.
CONDOMINIUMS
Year-Over-Year
• Median condo prices increased by 18.0% yearover-
year to $108,000 from $91,500.
• The average condo sales price dropped by 13.7%
year-over-year to $136,693 from $158,466.
• Condo sales fell by 2.9% year-over-year to 640
from 659.
• Total inventory* rose 30.7% year-over-year to
4,507 from 3,449.
• Sales price vs. list price ratio fell by 2.9% yearover-
year to 97.5% from 100.4%.
• The average days on market rose by 42.5% yearover-
year to 66 from 46.
Compared To Last Month
Prices for single-family, re-sale homes went higher
again last month.
Pending sales and active listings were up sharply
again last month, year-over-year. Pending sales
rose 16.3%, while active listings jumped 17.3%.
Home sales continue to lag. Home sales have
been lower than the year before for the past ten
months and for 24 out of the past 26 months.
JULY MARKET STATISTICS
Year-Over-Year
• Median home prices increased by 12.5% year-overyear
to $202,578 from $180,000.
• The average home sales price rose by 9.3% yearover-
year to $243,465 from $222,672.
• Home sales fell by 11.4% year-over-year to 2,478
from 2,796.
• Total inventory* rose 20.2% year-over-year to
16,439 from 13,679.
• Sales price vs. list price ratio fell by 3% year-overyear
to 98.8% from 101.9%.
• The average days on market rose by 26.4% yearover-
year to 58 from 46.
Compared To Last Month Steve Harless| (702) 217-1680 | stevesellsvegas@gmail.com www.ViewLasVegasRealEstate.com
Vegas Market Continues to Improve

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Tuesday, August 26, 2014

US home price gains slow in June


COMMENTSStart the Discussion
WASHINGTON (AP) — U.S. home prices increased at a slower pace in June — a cooldown that could continue for several more months.
The Standard & Poor's/Case-Shiller 20-city home price index rose 8.1 percent in June from 12 months earlier, according to a Tuesday report. That's down from 9.4 percent a month earlier and the smallest annual gain since December 2012.
Yearly price growth weakened in all 20 cities. Home values in Cleveland nudged up just 0.8 percent. Las Vegas led with a 15.2 percent gain. But prices in Las Vegas, Phoenix, Miami and Tampa, Florida, are still at least 33 percent below their housing bubble peaks of almost a decade ago.
The deceleration should help ease some of the price pressures on would-be buyers. After slumping at the start of 2014, existing-home sales have picked up as price gains have slowed. But buying remains 4.3 percent below the July 2013 level, according to the National Realtors Association.
Price growth should continue to slow now that the recovery from the Great Recession has entered its sixth year. Many economists project that the Federal Reserve will begin to raise short-term interest rates in 2015 because the economy has strengthened, which could cause mortgage rates to rise from relative lows and make it more expensive to borrow.
"Rising mortgage rates won't send housing into a tailspin, but will further dampen price gains," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
Even hot markets such as San Francisco_where a two-bedroom condominium can cost more than $1 million_are finding that price growth has slowed. Prices in that city rose 12.9 percent in June, compared with an annual growth rate of 18.4 percent in April.
The sharp price gains of the past few years had been part of a natural snap back in response to the devastating housing bust, which triggered the recession at the end of 2007. Still, the fallout from that downturn continues to cast a shadow over the real estate market.
Nearly 35 percent of homeowners are "effectively underwater" on their mortgages, meaning that they either have less than 20 percent equity in their homes or could not sell their properties and have enough money left over for a down payment on another home, the online real estate firm Zillow said Tuesday.
The consequence of this is that fewer homeowners are willing to list their homes for sale. The impact is disproportionately been felt among Generation X. More than 42 percent of this generation — 35- to 49-year olds— owe more on their mortgages than their homes are worth. Nearly a third of baby boomers between the ages of 50 and 64 are in the same predicament.
That in turn makes it harder for the younger millennial generation to afford homes, said Zillow Chief Economist Stan Humphries.
"Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available," Humphries said. "And millennials likely don't have the resources to compete with cash offers or engage in bidding wars."
New construction is increasingly catering toward apartment rentals and high-end homes, pricing out many other would-be buyers.
The Commerce Department said Monday that new-home sales fell 2.4 percent in July to a seasonally adjusted annual rate of 412,000. New-home sales lost much of their upward trajectory toward the end of last year, hurt by modest wage growth and a bump in mortgage rates after the Fed initially signaled a shift in its policies.

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$ 189,990 - ABSOLUTELY STUNNING HOME!


 Call 702-217-1680 - ABSOLUTELY STUNNING home with NEW UPGRADES GALORE - NEW 20"x20" rectified tile; PLUSH new carpet, 2 tone paint; 4" baseboards. Gourmet kitchen w/GRANITE COUNTERS, TUMBLED stone backsplash, Stainless Steel appliances. 2 AC UNITS for energy saving. RECESS lights, Upgraded Hardware, CEILING fans, 2 inch FAUX wood blinds. Low maintenance yard. No neighbors in the back, backing to a wash. Mountain Views. Welcome home.





















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Gorgeous Henderson Pool Home

  


http://viewlasvegasrealestate.com/Listing.aspx?oid=1082240&ot=213

Call 702-217-1680 For Availability on this ABSOLUTELY STUNNING home with open floorplan and lots of windows. UPGRADES GALORE - New EXTERIOR 2 tone paint, NEW 20"x20" rectified tile; PLUSH new carpet, 2 tone paint; 4" baseboards. Gourmet kitchen w/Tier IV Granite, TUMBLED stone backsplash, top of the line SS appliances. Upgraded lighting and hardware. Paradise backyard  with COVERED patio, RECESS lights, POOL/SPA, plenty of palm trees. Welcome home

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Thursday, August 07, 2014

Las Vegas Monthly Real Estate Market Report for July 2014



There were a total of 3,139 Single Family, Condo’s and Townhouses closed in the month of July.

Resale 2,492– 79.4%       Short Sales  367 – 11.7%       REO  280 – 8.9%

1,084 Cash Purchases

1,081 Conventional Financing

675 FHA Financing

234 VA Financing

buying? Selling? call 702-217-1680
www.ViewLasVegasRealEstate.com

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Tuesday, August 05, 2014

Veterans - Looking For A Home In Las Vegas?


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More Veterans choose to work with Steve because of his real estate experience and contractual skills in assisting them to get what they want in an orderly fashion.
 

Hi, my name is Steve Harless and I want to thank you for visiting my Las Vegas real estate website. Having lived In Las Vegas since 1992, I am a direct, no-nonsense, experienced, seasoned buying /listing agent that works with motivated, pre-qualified buyers/sellers. I know the Las Vegas real estate market very well and can refer you to a dependable lender and find the right home that you want to buy.
Steve works exclusively for you, not the banks.......
     Call 702-217-1680 To Get Started!
www.ViewLasVegasrealestate.com

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Sunday, July 13, 2014

$300000 / 2302ft² - ★ Custom built home, highly upgraded, and one-of-a-kind (Boulder City)

 

 

 

 

 

 

Custom built home on a 27,878 SQFT LOT, highly upgraded, and one-of-a-kind. Panoramic views of the Eldorado Valley & Mountains. Granite counter tops, Wilsonart wood flooring throughout. Rolladen Shutters. Central Vacuum. 650 foot office space is detached with professional office and loft.


STEVE HARLESS - REALTOR
CROTEAU REAL ESTATE SERVICES
CALL OR TEXT 702-217-1680
www.ViewLasVegasRealEstate.com

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HUD HOME SOLD AS IS - TERRIFIC 2 STORY HOME WITH 4 BEDROOMS













 Call 702-217-1680 For this HUD HOME SOLD AS IS - TERRIFIC 2 STORY HOME WITH 4 BEDROOMS, 2.5 BATHS, & 2 CAR GARAGE. WOOD LAMINATE FLOORING THROUGHOUT MAIN LEVEL. BEDROOMS ARE CARPET. FAMILY ROOM OPEN TO KITCHEN, BACKYARD HAS A LARGE CONCRETE PAD. HVAC IS MISSING AND ADDITIONAL REPAIRS ARE NEEDED.

$155,000
Bedrooms: 4
North Las Vegas, NV, 89032
Clark County

Bed/Bath: 4/2.10
Total Rooms: 8
Square Feet: 1830
Year: 2000
Property Design:
Parking: Garage
HOA Fees: $56.00 Monthly...

listing courtesy of Jason Abrams - Luxury Homes of Las Vegas

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Sunday, June 15, 2014

Looking to transfer to Las Vegas for a new job?


www.ViewLasVegasRealEstate.com offers unique housing solutions and services to help you or your employees relocate to new homes and new jobs. We offer extended stay housing, rental finding, international and domestic settling in services while providing furnished homes pricing using your local vendors anywhere in Las Vegas and Henderson.
You have made the right choice for your temporary housing needs.www.ViewLasVegasRealEstate.com is your housing solution and has a dependable reputation for quickly finding the best-fit scenario, within 24 to 72 hours. 

Together, we can find what you are looking for, and in a short amount of time. 
If you're looking for a Las Vegas Foreclosure homes, our services are... 
* FREE To You, The Buyer * Simply Tell Us What You Are Looking For! 
* We Will Search Our MLS Database and Conveniently Email The Pictures To You! 
* No Need To Drive All Over Town. * Have The Pictures of Homes Sent To You! 
* It's Fast And Easy! * Makes Buying Quick And Easy. * Our Service Is...once again FREE.

Just Tell Us your Preferred Area, # of Bedrooms, and Price range and your Time Frame


to buy -- and we'll send you pictures FREE! 

Relocating to Las Vegas can be frustrating and stressful especially if you don't know anyone and have never been here except to vacation. If you are thinking of relocating to our wonderful city, and are looking to purchase a home, please feel free to contact me, Steve Harless at (702) 217-1680 and I will be glad to assist you with your relocation plans.
  
to get a head start on organizing your move and for helpful tips to relocate your family Las Vegas.

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Monday, June 09, 2014

Las Vegas Real Estate Market Recap for 2011 - 2014 Present

Las Vegas Real Estate Market Recap and Update - 

I was asked by a member to explain my thoughts on the market both where we have been and where we are currently. Below was my response and I decided to post it here for others to read as well as I thought it my be helpful for others trying to research the Las Vegas market. Most of the topics I have discussed on various threads but I thought it would be helpful to recap and summarized them into one thread. Please feel free to comment or discuss anything Las Vegas related. Thanks! 

You can also watch this video as Robert Adams walks you through the update and adds his own opinions and insights:
http://www.lvrealestatehelp.com/1/post/2014/05/robert-adams-las-vegas-real-estate-market-recap-and-update.html

"In regard to the Las Vegas market, we have stabilized over the past 6 months. To give you a quick recap of inventory here are some important milestones:

-Mid 2011- we had almost 15,000 available homes for sale and we were in a strong buyers market. Low balls were still being accepted and values were flat. We had reach home values of the early 1990's.

-Oct 2011- Nevada AB284 was passed in attempts to protect consumers from the fraudulent foreclosures associated with the "Robo-signing" fiasco. For many reasons this caused banks to stop foreclosing. We saw a 90% decrease in available REO's hitting the market each month. From 5,000 a month to 500 a month. As you can imaging this drastically affected the supply side of the market causing prices to begin to increase.

-Jan 2012- after AB284 causing prices to increase and supply to decrease hedge funds and mom and pop investors started coming out of the wood work and buying properties up like hot cakes. With this huge increase in demand combined with the drastic drop in inventory levels appreciation started to sky rocket, bidding wars were beginning to drive prices up and sell for above appraisal value.

-December 2012- people were expecting the annual holiday slowdown in the market but were surprised when December sales soared and continued to drive up prices.

-Q1 and Q2 of 2013- bidding wars were still in full swing (sometimes seeing 20-30 offers on a property.) Inventory levels were are insane lows of only about 3,000 available listings. Appreciation was still soaring around 25%-30%. We were still in a very strong seller's market. Homes selling on average of about 10%-15% above appraisal value. Cash investors were driving this demand and often times out bidding owner occupants that did not have the extra cash to be competitive.

-Summer of 2013- Inventory began to increase, bidding wars were still around but seemed to be not as intense or as frequent. I attribute the increase of inventory to the fact that investors had either already jumped back into the market and were now in the "hold" phase of their buy and hold strategy, as well as many hedge funds and investors had moved their focus of acquisition to other parts of the country where they could still get higher cap rates. The days of 10-12% cap rates of 2009-2011 were gone due to increase property values on rentals that maintained the same rental rate. So basically you are paying more for something but renting it for the same rate.

-Q3 and Q4 of 2013- Inventory was surging week after week and there was a lot of talk about the market switching from a seller's market to a buyer's market in Q1 of 2014. Since the inventory was already increasing (April 2013 to November the inventory almost tripled) we were expecting the Holiday season to really send a spike of inventory and throw us into a buyer's market Q1 2014. To our surprise December actually decreased in inventory. This prevented us from going into a buyer's market and killing the appreciation of recent years.

-Since December 2013 to present- we have maintained an over all inventory level only fluctuating by a few hundred homes up and down. This tell me that the homes are moving about he same pace they are hitting the market. We were not in a healthy market in 2011 with 15,000 homes for sale. We were not in a healthy market with 3,000 homes for sale. It is not healthy or sustainable to have 30% appreciation. No market can maintain that long term. Now that we have balanced out around 8,000 (This includes SFR, townhomes, and condos for all of the Vegas Valley as well as Boulder City which is just outside of Henderson) I am expecting to see a healthy 10-15% appreciation this year. I do not see us going into a buyer's market yet. Investors can still get 4-5% cap rates, flippers can still find good deals now that inventory has risen, and the owner occupant that was getting out bid all the time is now driving the demand side of the market. I would also like to mention that I am not expecting a huge crash like the bubble due to the fact so many of these investment properties were bought with cash rather than leveraging with financing like the in the bubble.

-Present- The good listings that are priced right still sell within a week and may have 2 or 3 offers. Homes are selling for appraisal value or slightly below. If you want 80% of FMV than you need to think outside the box to find deals. It will be very difficult to find 80% of FMV on the MLS right now.

I hope this is helpful and I look forward to doing business with you."
SEE THIS AND OTHER MARKET UPDATES ON OUR LAS VEGAS REAL ESTATE BLOG HERE: http://www.LVrealestateHELP.com
Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com

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