Las Vegas Housing Market
Las Vegas Housing Market Update – Last 30 Days
Henderson NV Real Estate Market Update
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Whether you are a first time home buyer, seller, or investor knowing the current Las Vegas housing market statistics will help you with your real estate transaction. Prices have bounced back since our market bottomed out at a median sales price of $118,000 in 2012 however they are still well below the height of the market in 2006 of $315,000. The Las Vegas Valley is no longer in a distressed property driven market. Since we have experienced a few years of appreciation, homes that were once under water are now able to sell without it being a short sale transaction. (Short sale is when the homeowner owes the bank more than the market value. The homeowner with the help of a real estate agent negotiates with the bank to take what the market value is as a full payoff.) Don’t get me wrong we still have foreclosures, short sales and auction properties that is just not the majority of our market at this time.
Price Appreciation per Zip Code
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Henderson Zip Code 89012
Henderson Zip Code 89052
Get Market Insider Information Henderson NV Zip Codes and Las Vegas NV Zip Codes
For the last few years the Las Vegas Valley housing market has been rebounding. In 2014 the median price for a single family home price rose 10% from $224,596 in January 2014 to $244,902 in January 2015. This increase is less than 2012 and 2013 where we had 24% increase per year. Currently we have over 10,000 homes in active status in the Las Vegas Valley, which is about a 4 month supply. Typically a steady market is considered a 6 month supply.
36,550 total properties sold in 2014. This is the lowest number of properties sold in the Las Vegas Valley in the last 6 years.
- 2013 – 41,477
- 2012 – 45,698
- 2011 – 48,798
- 2010 – 44,045
- 2009 – 47,685
Market numbers for the last 30 days;
- median home prices fell 1.9% from $206,000 to $202,000
- The average sale price fell 2.3% from $250,791 to $244,902
- Homes sales are down 17.3% from 2,062 to 1,705. Total inventory, which includes active and pending listings, increased 4.6% from 16,689 to 17,465
- Sales price Vs. list price ratio dropped by .2% to 98.1% from 98.3%
- The average days on market increased 4.6% from 64 days to 67 days on market.
Market numbers for the last year;
- median home prices increased by 9.2% from $185,000 to $202,000
- The average sale price rose 9% from $224,596 to $244,902$
- Homes sales fell 11.3% from 1,923 to 1,705Our total inventory, which includes active and pending listings, rose 22.9% from 14,209 to 17,465
- Sales price Vs. list price fell by 1% from 99.1% to 98.1%.
- The average days on market rose 12% from 60 days to 67 days on market.
Distressed Property Statistics
The Las Vegas Valley housing market is still experiencing short sales, REO’s and auction sales. They have an impact on the market however not as much as in years past. A Notice of Default is the first step to the foreclosure process. The Notice of Sale is what sets the date for the bank auction and the homeowners final notice of the foreclosure. After the filing of the Notice of Sale there are certain circumstances that they can be cancelled. Either there was a successful loan modification or short sale, a filing error or a legal requirement to re-file the notice.
Year over Year Statistics:
- Notice of Default filings were up 38.4%
- Notice of Sale filings were up 41.8%
- Cancellation of Notice of Sale went down 26.6%
- Properties going back to the bank went down 18.2%
- Total number of properties owned by the bank went down 12.9%
The Las Vegas market has natural up and down cycles. As with most markets our market slows down in the winter months from November to January. Once the holidays are over we see a natural jump in listings. Our high selling cycle is from April to August. During this time we experience families relocating or moving up during summer break, snowbirds selling while they are not in the properties, and other sellers just taking advantage of the market.
What impact does the current market have on buyers and sellers? With more inventory buyers have more homes to choose from and more time to make a decision. Gone are the days of the multiple offers by investors. With our market being a stable market homes are not selling for over list price however as the statistics show homes are selling at an average rate of 98.1% of the list price. Please keep in mind there are always exceptions to these statistics. In certain zip codes that are more sought after or for a home in great condition we see the market moving faster. For sellers the current market equates to more attention to the details. If you want to sell your house for top dollar and fast knowing the current market to price it right is key. With the steady appreciation the Las Vegas housing market has experienced the last 3 years the sellers market hasn’t completely gone away. However because buyers have lots of options, staging your property and making small repairs to make it standout is necessary.
With the interest rates still low and many buyers re-entering the market after a short sale or foreclosure the 2015 selling cycle is just getting started.
All CURRENT Available Homes in Henderson NV Zip Code 89002
All CURRENT Available Homes in Henderson NV Zip Code 89011
All CURRENT Available Homes in Henderson NV Zip Code 89012
All CURRENT Available Homes in Henderson NV Zip Code 89014
All CURRENT Available Homes in Henderson NV Zip Code 89015
All CURRENT Available Homes in Henderson NV Zip Code 89044
All CURRENT Available Homes in Henderson NV Zip Code 89052
All CURRENT Available Homes in Henderson NV Zip Code 89074
The Gonzales Team will be able to go over the current market statistics to help you be on the cutting edge of your real estate transaction. We have put together a comprehensive consultation program to ensure that you are not frustrated and wasting your time. Our high tech world wide marketing will put your property in front of millions of buyers from around the world and our online search system will streamline your home search process. In the consultation we will dig deeper into the market statistics of the area and zip code we are concentrating on. If you are thinking of buying or selling and would like more information contact us at [email protected] or at 702-291-8126 immediately.
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Information was gathered from the GLVAR, NAR and Fidelity Title