Here is a short snapshot of June’s Las Vegas Market statistics – we believe the market is close to or at bottom and these statistics support this analysis. Here’s why:
Resale activity is increasing, with over 2,000 resales for the third month in a row and increasing for the sixth straight month to 2,730 (approx) in June.
The median price of all new-home products sold in June was $270,000., a decline of $54,000, or just under 20 percent, from the same month a year ago. We currently have homes listed for sale at $80-115. per square foot – builder’s can’t afford to build houses at this price point in many cases. This statistic is very telling and underscores how attractively priced homes are in the greater Las Vegas Market.
Approximately 25% of all available Las Vegas homes (around 6K units) are listed as Las Vegas Short Sales. We believe this inventory of homes is putting some economic pressure on banks that they must deal with sooner than later.
The National Media keeps talking about how banks are slow to react and to a certain extent this is true! But, banks are bottom line driven and we think this large amount of inventory being carried on their books is starting to get more attention in the Board Room – meaning, the executive management team is pushing mid level management to be more responsive to the market and make decisions faster.
And, even though their systems are clogged with Las Vegas Foreclosures and REO Homes their internal processes (handling contracts) are starting to improve based on our every day experience of working closely with a large number of top tier banks around the country.
So, our Las Vegas Market is doing better than many think – we believe again that our market has or is bottoming out. Call us or clickthrough to our site for a great deal on a Las Vegas Foreclosure.
