Las Vegas July 2008 Sales Report

Certainly some surprises when it came to looking over the July 2008 sales report for Las Vegas, Henderson and North Las Vegas. No surprise when it comes to the fact that once again, Las Vegas Bank Owned Homes once again dominate the sales with 2,030 Las Vegas Bank Owned Homes out of the total 3,001 sales. (All properties including condominiums and townhomes in Las Vegas, Henderson and North Las Vegas for areas 101-606 on the Las Vegas MLS.)

Las Vegas Bank Owned Homes comprised 67.6% of Total Sales for July of 2008!

What does that tell you? Banks are pricing their Las Vegas properties to sell. (It’s certainly not the marketing abilities!) Gloom and Doom media reports for the rest of the country are well… for the rest of the country. Las Vegas real estate has already gone through a major price correction and now that real estate values have been reduced, buyers are buying Las Vegas real estate again. I don’t know about you, but I think if given the choice, Las Vegas real estate buyers and their Las Vegas Realtors® would certainly rather buy a non bank owned home… but it’s the price that matters and it’s always the price that matters to get a Las Vegas Home sold.

We see it everyday. Las Vegas home sellers that are not realistic about their selling prices are sitting at yesterday’s prices while the banks have had to make the hard decision to take a loss and move the inventory. If Las Vegas home sellers paid attention, they would price accordingly. If that means having to do a Las Vegas short sale, do it if you have to move. We can’t give you an exact percentage of how many homes on the Las Vegas MLS are overpriced, but it’s pretty high so you can’t really put too much faith into inventory reports or absorption rates.

Here are some further breakdowns for July Sales:

• 3001 Total Sales
• 2030 of these sales were Bank Owned Homes (An increase from 1,688 Las Vegas Bank Owned Homes that sold in my June Las Vegas Bank Owned Homes Report.)
• 250 of these sales were classified as Las Vegas Short Sales

Types of Las Vegas area Properties that Sold:

• 2631 Single Family Homes
• 239 Condominiums
• 123 Townhomes
• 8 Manufactured Homes

27 Las Vegas Properties with asking prices of $1,000,000 or more Sold in July!

This was a big surprise for Las Vegas real estate. 27 Las Vegas Homes that sold were properties with asking prices of a million dollars or more and sold (closed escrow) in July. This ranged from a Million Dollar home in Seven Hills (Henderson Nv Real Estate) to an asking price of $2,999,900 for a waterfront estate in The Lakes. (Near Summerlin.)

References of the Credit crunch, tightening of lending standards, etc.. make it sound like nobody can get a loan. While it is certainly much harder to get a loan compared to the easy money days, it’s still possible.

Price Ranges of Las Vegas Properties that sold in July

Of course, it’s very important to know what asking price ranges are selling to get an idea of what is moving. Here is a breakdown:

• Under $100,000 = 131
• $100,000 to $200,000 price range = 1,293
• $200,000 to $300,000 price range = 962
• $300,000 to $400,000 price range = 345
• $400,000 to $500,000 price range = 138
• $500,000 to $600,000 price range = 63
• $600,000 to $700,000 price range = 21
• $700,000 to $800,000 price range = 7
• $800,000 to $900,000 price range = 10
• $900,000 to $1,000,000 price range = 4
• $1,000,000 + Price Range = 27

For more information on Las Vegas Real Estate or specific sales information for a particular community, please use the contact information below. If you need to sell your Las Vegas real estate, you need to sell with somebody who knows the trends that are taking place!

Have A Great 8/8/8 day!

Paul Francis, CRS
Las Vegas Real Estate
www.LasVegasRealEstate4u.com
702.592.3058