Chief Economist Predicts Las Vegas Real Estate Market to Lead the Nation Out of Housing Crisis.
by W Sahara Broker-Manager, KathrynBovard's blog
Las Vegas Real Estate Market Report - January 2009
By Forrest Barbee, Corporate Broker
by W Sahara Broker-Manager, KathrynBovard's blog
Las Vegas Real Estate Market Report - January 2009
By Forrest Barbee, Corporate Broker
January closings reflect a seasonal dip in numbers, but the current level of activity remains very high.
So, let's first download and take a look at: January 2009 Resale Market Snapshot.
Closed sales prices continue to fall faster than listing prices leaving the Greater Las Vegas market either 21% over priced or perhaps 21% undervalued! The one month absorbtion rate dropped slightly to 14.3%; but compare that to 6.3% just one year ago.
Bank owned REO sales shot up to eighty-one percent (81%) of all residential closings despite the fact that they account for only thirty-five percent (35%) of all available listings. The number of available listings for single family residences held steady. The current Greater Las Vegas stats related to financing - and they are a dramatic shift from just a few, short months ago - are:
So, let's first download and take a look at: January 2009 Resale Market Snapshot.
Closed sales prices continue to fall faster than listing prices leaving the Greater Las Vegas market either 21% over priced or perhaps 21% undervalued! The one month absorbtion rate dropped slightly to 14.3%; but compare that to 6.3% just one year ago.
Bank owned REO sales shot up to eighty-one percent (81%) of all residential closings despite the fact that they account for only thirty-five percent (35%) of all available listings. The number of available listings for single family residences held steady. The current Greater Las Vegas stats related to financing - and they are a dramatic shift from just a few, short months ago - are:
- Cash 25% Average Sale Price = $149,267
- Conv 31% Average Sale Price = $221,460
- FHA 36% Average Sale Price = $168,760
- VA 8% Average Sale Price = $193,787
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