Las Vegas Housing Report April 2010

Here is the Clark County Market Analysis which covers the greater Las Vegas area. For more detailed informaiton regarding any real estate, please contact Felipe Crook from Prudential 1-866-589-1646.

MARKET REPORT AND ANALYSIS (April 2010)

SFR Sales Volumes:

April's SFR sold volume of 2,951 'Sold' is 224 units fewer than March 2010 and 247 fewer than April 2009. (Roughly a 7% drop against both periods.) YTD SFR total Sold Volume thru April 2010 is 11,124 units. This is a 4% increase over the same period of 2009 and more than a 100% increase over 2007 and 2008. At this point, 2010 is shaping up to be the highest volume year since 2005 when I first started tracking this information.

SFR Sales Prices:

April's Average Sales Price for SFR settled at $173,170. This was a 3.1% gain over March 2010 and a 4.2 % increase over April 2009. As you can see on the attached monthly price tracking chart, the average sales price has 'bounced' along a very narrow range since March of 2009, but, on the positive side, it is the first year to year month that shows an increase. (As noted in my previous reports, one month does not create "a trend", but it is a step forward.)

Total Home Sales Dollar Value
The total dollar value for units sold this period was $511,024,686. This was a -4.2% change from last month and a -3.9% change from April 2009.

Inventory Status

As of May 10th, 'Active' inventory For SFR, Condo and Townhomes stood at 10,309 units. This is 35.9% fewer available properties than April of 2009 and relatively flat compared to April 12th's Available units of 10,303.

The active properties reflect: 16.7% as Bank Owned, 41.1% as Short Sale and 42.2% as 'non-distressed' properties.

3,116 properties are 'Pending' and an astounding 13,406 are in 'Contingent' Status. (81.1% of the Contingent properties (10,872 units) show as 'short sales' awaiting bank approval.) This is the highest number of 'contingent' properties ever shown in Clark County and reflects over a 70% increase from the same period last year.

Looking Forward:

Historically over the past six years, the month of May has always had higher closings than the month of April. This should hold true for 2010 as the last 10 days of April did see an increase in the number of properties that changed from Active to Pending status. This is partly seasonal and, combined with several Auctions and the expiration of the first time buyer tax credit on April 30th, history should repeat and have an increase in volume once more. Additionally, several banks have streamlined their short sale processes, and short sales, as a percentage of total closings each month, have steadily risen from under 10% of the total closings in May 2009 to approximately 25% of the total closings for May 2010.

Looking for properties in Las Vegas? Look no further! Start your home search below!

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

1-866-589-1646

http://www.lasvegasluxurypropertieslink.com/00ABEE