Las Vegas Housing Market Report July 2010

The Las Vegas housing market continues to show strength as over 4100 homes sold in June 2010. Short sale now dominate the inventory, but they are getting easier to close.

When the tax credit deadline hit on April 30th, many real estate professionals thought it would be a huge nose dive in sales. I have to say that I am still busy with buyers looking to capitalize on our incredible market because our prices are so reasonable compared to what they were 5 years ago. Here are some statistics for the housing market in Las Vegas from June 2010:

4,184 total properties sold (Single Family, Condo and Townhouses)
1,422 were short sale homes
1,600 were foreclosures
1,157 were traditional sellers

Our currently inventory has been increasing since April making it a little easier for buyers looking to get into a home. The past year, our housing inventory has dropped dramatically, to a low point of less than 8,000 houses on the market. With demand so high and inventory low, multiple offers were common place in our market. In fact, they are continuing to be common in this very competitive market. Here's what our current inventory looks like: July 8th, 2010 Las Vegas Housing Market Inventory:

9,812 Single Family Homes on the market
4,116 of those homes are short sales
1,857 of those homes are foreclosures
3,811 of those are traditional sales

More and more traditionally sellers are putting their houses on the market and trying to salvage any of the equity that they still have. Most importantly, for nine consecutive months, the median price of homes has remained stable varying slightly up and down. If there is any indication that we might have hit bottom that is a good sign. Some popular neighborhoods, are seeing increases in price as consumers gain more confidence in the economy. Many of the master planned communities like Summerlin, Anthem, Mountain's Edge, Aliante are continuing to experiencing multiple offers from buyers, even on short sale properties. Here is one good piece of news regarding short sale homes, they are getting faster and easier to do! The average short sale was taking about 120 days to close, and that number has shrunk to about 90 days. My team and I recently got a home owner a full release from the loan with Citibank in 7 weeks! Any time you are thinking of purchasing a short sale home, please make sure you do your due diligence with the listing agent. They can make or break a deal. Make sure you ask the listing agent if they have successfully closed short sales before. Every bank and every transaction is different, but knowing all the information up front can save you a lot of time and heart ache. Las Vegas Home Search is a free tool you can use to see available homes and this site is updated hourly, not like Realtor.com which tends to be very slow to update contingent properties. The market is full of great properties at amazing prices.