The Las Vegas Valley
August editionÂ
REAL ESTATE REPORT
August ended with nearly 9,200 single family homes and 2,700 condominiums/townhomes on the market (EA, ER). Continued strong sales in recent months, the withdrawal of above market priced listings and the significant amount of homes currently under contract have resulted in noteworthy decreases in active inventory. Short sales continue to work through the market at a slower pace than REO (bank owned homes), which made up 70% of August sales. The proportion of short sales sold was higher than the past two months, with 12.5% of the sales. Short sales are both a greater component of active inventory and are also being managed better as institutions and agents simplify the process of dealing with short sales. While sales did not match the prior months strong sales, this may not be a function of demand, in general, but is related to the available supply of homes. We are confident that when more REO homes are released from the banks into the market, we will be able to match them with buyers. Single Family Aug
M-M Change
Condo/TH
July
Y-O-Y Change
Aug
M-M Change
July
Y-O-Y Change
Listings Available Average price Median Price
9,172 $305,390 $160,000
-2.6% 40.7% -5.9%
9,418 $217,122 $169,990
-45.6% -19.5% -30.4%
2,715 $188,772 $80,900
-3.9% 18.6% -25.7%
2,825 $159,173 $108,900
-39.6% -33.8% -47.8%
5,208 $213,168 $144,900
0.4% 1.7% -2.8%
5,186 $209,697 $149,000
-1.8% -30.0% -31.0%
1,301 $122,104 $73,500
-4.5% -10.4% -1.9%
1,362 $136,285 $74,900
16.1% -41.2% -43.2%
1,845 $162,905 $127,000
-7.1% 10.0% 0.1%
1,986 $148,112 $126,900
-67.0% -23.2% -29.1%
549
-7.7% 1.0% -2.0%
595
$98,912 $73,500
$97,975 $75,000
-57.4% -24.1% -32.6%
3,233 $164,684 $135,308
-13.5% 0.7% -2.7%
3,738 $163,504 $139,000
27.0% -34.1% -35.6%
814 $95,821 $66,500
-5.8% 9.8% -0.7%
864 $87,256 $67,000
111.4% -41.9% -48.6%
57.1 24.0
-7.9% -25.0%
62.0 32.0
-6.9% -29.4%
55.0 21.0
-14.3% -34.4%
64.2 32.0
-23.4% -53.3%
New Listings Listings Average Price Median Price
Bank Owned Listings* Listings Average Price Median Price
Units Sold Units Sold Average Price Median Price DOM Average Median
Available and Closed Inventory - Single Family
Available and Closed Inventory - Condominium/Townhome 7,000
25,000 22,500
6,000 20,000
5,000 Available/Closed
Available/Closed
17,500 15,000 12,500 10,000 7,500
4,000
3,000
2,000
5,000
1,000 2,500
Ma y-0 4 Au g-0 4 No v-0 4 Fe b-0 5 Ma y-0 5 Au g-0 5 No v-0 5 Fe b-0 6 Ma y-0 6 Au g-0 6 No v-0 6 Fe b-0 7 Ma y-0 7 Au g-0 7 No v-0 7 Fe b-0 8 Ma y-0 8 Au g-0 8 No v-0 8 Fe b-0 9 Ma y-0 9 Au g-0 9
v-0 4 Fe b-0 5 Ma y- 0 5 Au g- 0 5 No v-0 5 Fe b-0 6 Ma y- 0 6 Au g- 0 6 No v-0 6 Fe b-0 7 Ma y- 0 7 Au g- 0 7 No v-0 7 Fe b-0 8 Ma y- 0 8 Au g- 0 8 No v-0 8 Fe b-0 9 Ma y- 0 9 Au g- 0 9
g- 0 4
No
Au
Ma y- 0 4
-
Available
Available
Closed
Average Days on Market
Closed
Average Sale Price - Single Family & Condominium/TH
110
$450,000
100
$400,000
90 $350,000 $300,000
70
Sale Price
Days on Market
80
60 50
$250,000 $200,000
40 $150,000
30 $100,000
20
$50,000
10 0
Single Fam ily
Condom inium /Tow nhom e
Note: 3-month moving average.
Source: Mlxchange, Coldwell Banker Premier Realty. *Bank owned listings not under contract.
Ma y-0 4 Jul0 Sep 4 -0 No 4 v-0 4 Jan -0 Ma 5 r -05 Ma y-0 5 Jul0 Sep 5 -05 No v-0 Jan 5 -0 Ma 6 r -0 Ma 6 y-0 6 Jul0 Sep 6 -06 No v-0 Jan 6 -0 Ma 7 r -07 Ma y-0 7 Jul0 Sep 7 -07 No v-0 7 Jan -0 Ma 8 r -08 Ma y-0 8 Jul0 Sep 8 -08 No v-0 Jan 8 -0 Ma 9 r -09 Ma y-0 9 Jul09
Ma y- 0 Ju 4 l- 0 Se 4 pNo 04 v-0 Ja 4 nMa 05 r -0 Ma 5 y- 0 Ju 5 l- 0 Se 5 p- 0 No 5 v-0 Ja 5 nMa 06 r -0 Ma 6 y- 0 Ju 6 l- 0 Se 6 p- 0 No 6 v-0 Ja 6 n-0 Ma 7 rMa 07 y- 0 Ju 7 l- 0 Se 7 p0 No 7 v-0 Ja 7 n-0 Ma 8 rMa 08 y- 0 Ju 8 lSe 08 p- 0 No 8 v-0 Ja 8 nMa 09 r -0 Ma 9 y- 0 Ju 9 l- 0 9
$-
Single Fam ily
Condom inium /TH