Las Vegas Real Estate Monthly Market Report for January 2015

Las Vegas Real Estate Monthly Market Report for January 2015

There were a total of 2,167 Single Family, Condo’s and Townhouses closed in the month of January.

Resale 1,747– 80.6%       
Short Sales  216 – 10%
REO  204 – 9.4%

761 Cash Purchases
757 Conventional Financing
414 FHA Financing
172 VA Financing

Las Vegas and Henderson have seen its share of ups and downs as it relates to real estate over the years. Previously ranked as one of the hardest hit foreclosure markets in the country, there were plenty of Las Vegas and Henderson home owns who found themselves underwater. We have since seen an upswing in the market since those gloomy days and Las Vegas now ranks much differently on that same scale. With just a small percentage of homes on the market listed as short sales or foreclosures, we are seeing that most homes currently for sale in Las Vegas are considered equity sales. That is great news for the average home owner and for owners looking to sell their Las Vegas area homes. There is still more good news! Vegas is in what we call a seller’s market (A seller’s market is when there is less than a 6 month supply of available homes for sale on the market.) Vegas currently sits at about a 4.5-5 month supply of inventory. 

What does this mean for the home buyer? It means negotiations still often favor on the side of sellers, with some competition between buyers and well priced homes don’t stay on the available market for long. Buyers need to be able to make an offer quickly when they find something they like because it may not be available if they wait. Just short of a month or so of inventory to be considered a balanced market, it’s a great time to purchase a home as interest rates remain low, and are only anticipated to increase slightly in 2015, and with the FHA recently lowering the mortgage insurance premium, it makes it easier for buyers to qualify for a higher purchase price or keep their payments low. Las Vegas has various low to zero down mortgage and closing cost programs and grants available for qualified home buyers, some with what are considered “easy qualifying guidelines” it’s a great time to buy a home.

Below is a map of the greater Las Vegas, North Las Vegas, and Henderson area showing home appreciation and depreciation rates as it compares year over year 2013 to 2014 for the month of December. You will notice areas of town vary from zip code to zip code and appreciation/ depreciation range from 0-40%

We believe in keeping you up to date with the latest real estate statistics and are your local resource for Las Vegas home sales, North Las Vegas property values, and Henderson Home Values. Let us know how we can be of service for all of your home ownership needs. 

Give us a call at 702-483-9620 or log on to our real estate website at www.LasVegasAreaHomeSearch.com to request more in-depth explanations or for specific statistics on your home. Remember, each home and neighborhood varies and a custom on-site evaluation is best when valuating your homes market value. 

Search the entire MLS for available homes and make Las Vegas or Henderson, your home today.

Written by Nickel Lowman

The Bush Team

Keller Williams Realty Southwest Las Vegas

Call us today 702-483-9620 www.LasVegasAreaHomeSearch.com