Las Vegas Real Estate Report
8/2008
Ok.. I know.. It’s been due for well over a couple of weeks but I’ve been pretty busy with Las Vegas short sales and out of state investors. Three tanks of gas in the past week checking out potential good deals in Summerlin, Rhodes Ranch and some great (Ok–Stellar) deals up in North Las Vegas near Aliante.
And geez… keeping track of all the news with the financials is a full time job just trying to get a grasp on everything that is going on and how this is going to effect the Las Vegas real estate market.
While out looking at some Las Vegas Homes today, I got to watch some Repo guys taking back a Hummer, another moving truck moving some more homeowners out and piles of junk sitting out on the curb in front of two homes that look like they have been abandoned – all on the same street and that reminded me… let’s check the August Sales numbers to see what happened. Hopefully it’s getting better so these things will soon pass away and just be a bad memory.
So… here are the long awaited numbers. First though.. a little disclosure. These are numbers from the Las Vegas MLS, areas 101 through 606 which includes Henderson and North Las Vegas with the time periods from 8/01/2008 through 8/31/2008 and includes Single Family Homes, Townhomes, Condominiums and Manufactured Homes. Information is deemed reliable but not guaranteed and does not include new Las Vegas home sales or For Sale by Owners.
Las Vegas Foreclosure Homes lead the way in Sales Again
No surprise there – they have their Las Vegas Homes priced to sell to begin with so the banks can work their way through getting rid of their non-performing assets and hopefully go out and make some loans.
Tough to compete against them but they are pricing Las Vegas homes to sell for the most part.
Total Sales for Las Vegas Properties = 2893. Down from 3,001 Las Vegas Sales in July.
- 2508 Single Family Homes in Las Vegas
- 249 Las Vegas Condominiums
- 131 Las Vegas Townhomes
- 5 Manufactured Homes
1986 of these Properties were Bank Owned Homes or 68.6% of all sales. 273 were classified as Short Sales or another 9% of Banks involved in real estate and really slowing things down. I’m going to reiterate something here — People are not buying the Bank Owned Homes because they love banks. They are buying them because they are priced where buyers will buy. Given a choice… I think any buyer (and their Las Vegas Real Estate Agents) would MUCH rather deal with real live people.
For Real relief, let’s speed up the process of Banks responding to real estate agents helping homeowners that have to do a Short Sale and we can avoid the foreclosures to begin with.
Las Vegas Short Sales as a Percentage of Total Sales did increase again. I like that because I’m a firm believer that NO Las Vegas Home should go to foreclosure in the first place. If you are a Las Vegas Homeowner thinking about just walking away from your Las Vegas Home and letting it go to foreclosure… think again. New lending guidelines could give you more then twice the penalty then if you do a short sale. Contact me for further details on this.
Ok… below gives you the price ranges of Las Vegas Homes that sold during August.
- Under $99,999 = 188
- $100,000 to $199,999 = 1,313
- $200,000 to $299,999 = 852
- $300,000 to $399,999 = 291
- $400,000 to $499,999 = 122
- $500,000 to $599,999 = 52
- $600,000 to $699,000 = 22
- $700,000 to $799,000 = 12
- $800,000 to $899,000 = 9
- $900,000 to $999,999 = 9
- 1 Million + = 23
So.. there you go. By the way.. the number of Bank Owned Homes available for sale in Las Vegas with the same criteria above (Areas 101 through 606) increased again to a total of 5,529 — up from 5,086 from the last Las Vegas Bank Owned Homes Report back on 8/17/2008.
For Las Vegas Real Estate Buyers
Numbers do not lie when used properly and this is the true secret of trying to time the bottom of the market. You don’t need to spend thousands of dollars on seminars from “real estate gurus” looking to sell you the flavor of the times — it’s just some really simple calculations I learned back in 2002.
For Las Vegas Real Estate Sellers
Don’t just walk away and let your Las Vegas home go to foreclosure. If you have a hardship and need to sell with today’s market conditions, Look into doing a Pre-Foreclosure Sale (AKA a Short Sale) and we may be able to help you. Just give us a call and with a couple of quick questions, I’ll put you in touch with our Las Vegas Short Sales specialist that works with banks and can get you started up on this process.
As always… you can contact me directly with the information below.
October 28, 2008 at 12:47 pm
[...] rebound after the price corrections took place and if you’ve followed this blog and read the August 2008 Report for Las Vegas Real Estate you’ll have a pretty good idea of what fueled this increase. Hint.. keep an eye on the number [...]