Las Vegas Real Estate Market Report - December 2008
Forrest Barbee, Corporate Broker

December 2008 closed sales units surpassed the number of units sold during the same period in 2005!   
 
The Las Vegas market also ended the year with resale closings eclipsing those of 2006 and building awesome momentum for the 2009 resale market.  In fact you will want to take a close look at the Greater Las Vegas area Single Family Closing for 2004 - 2008.  This current wave of buying is fueled by the most affordable homes that we have seen on the market since perhaps 2002 or earlier. Investors have certainly picked up on the many bargains that are available in our market and are purchasing with an eye towards generating a positive cash flow on their real estate investments.  So will 2009 be the year that the Las Vegas market begins to heat up again??

You just have to love the numbers and the current level of activity that is swirling around the valley. So, lets first download and take a look at: December 2008 Resale Market Snapshot.

Listing prices and closed sales prices dropped 30% during 2008; however, closed sales prices were up over 14% compared to November. The average Cumulative Days on Market increased slightly to 160 while the 30-day absorbtion rate jumpte to 15.5%; again, compare that to 5.2% in December 2007.

Bank owned REO sales remain at seventy-five percent (75%) of all residential closings. The number of available listings dipped slightly for single family residences. The current Greater Las Vegas stats related to financing - and they are a dramatic shift from just a few, short months ago - are:

    • Cash 22%     Average Sale Price = $173,182
    • Conv 33%     Average Sale Price = $238,951
    • FHA 38%      Average Sale Price = $180,459
    • VA 8%          Average Sale Price = $203,548
       
  • Remember that the FHA Guidelines for the Greater Las Vegas have changed effective January 1, 2009.  They are as follows:

New FHA Loan Limit for Nevada is $287,500

3.5% Down Payment required

6% Seller Concessions allowed

New FHA upfront Mortgage Insurance is 1.75%

New monthly Mortgage Insurance is .55%

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