Posted by Paul Francis on Wednesday, January 8th, 2014 at 11:24am.
Traditional Las Vegas Home Sales Nearly Double
Las Vegas Housing ends 2013 the way it started – LVRJ by Jennifer Robison 01/08/2014
The Greater Las Vegas Association of Realtors reported Tuesday that single-family resale homes cost a median of $185,000 in December, up 24.2 percent from $149,000 in December 2012. The median among existing condos and townhomes was $96,000, up 26.3 percent from $76,000 a year earlier.
Really no surprise as inventory available for sale remained low and the predictions from some Las Vegas Real Estate Agents warning about a flood of bank owned inventory hitting the market and lowering prices never materialized. Las Vegas Bank Owned Homes up for sale has remained at low levels for several months now, lower then at any time since I started tracking them back in 2007.
With the current demand for Las Vegas Homes and low sellable inventory, don’t expect prices to be dropping anytime soon or you’ll be left on the sidelines like all of the other buyers who decided to wait last year and missed out on double digit appreciation rates.
It takes a lot of patience to purchase a Las Vegas Home worth buying right now but it’s possible. Something else to point out from the stats released:
Of the 40,242 existing homes association members sold last year, 62 percent were traditional sales, nearly double the 37 percent of 2012’s 44,902 sales.
From my experience working with buyers in 2013, there were more traditional sales to choose from and most of my buyers wanted little to nothing to do with short sales or the bank owned homes. Surprisingly, it also seemed that many of the bank owned homes (especially Fannie Mae / Homepath) were severely overpriced. That flies in the face of the traditional mantra that buyers will get a great deal if they purchase a bank owned home.
With current market conditions and more buyers then sellable homes in Las Vegas, don’t expect anything to be changing anytime soon. You can always call me at 702.592.3058 if you want more in depth information on this. For Las Vegas Homeowners thinking of selling, I have multiple buyers looking for Las Vegas Homes and all they really want is a fair price.
All you have to do is contact me for a complimentary analysis of what your home is worth in today’s market to get started.
Prudential Americana Group, Realtors®
Las Vegas Real Estate