37 posts categorized "Las Vegas Real Estate Market" Feed

2009 Las Vegas Real Estate Market Report - Foreclosure and Short Sale Stats

The Las Vegas real estate market may be showing signs of recovery.  

The Greater Las Vegas Association of Realtors (GLVAR) released its local housing statistics  for December 2009 with some interesting findings for the year. 

According to GLVAR, sales of existing homes in Las Vegas were up 64% in 2009.  GLVAR reported 46,879 local housing sales in 2009. That represents a huge spike from 28,618 total sales in 2008 and trails only the 71,963 homes sold during the record year of 2004. The increasing sales continue to be driven by low prices.   GLVAR reports that the average single family home sold in the area in December 2008 was $204,000 in December 2008. By December of 2009, that number had fallen to $165,000.

To read the full report: PDF file Download 2009_12_Dec (released 1-8-10)

 LVUnitsSold2009

Single Family Residential closings for 2009 totaled 38,127 which is a 53% increase over 2008.  Additionally, townhomes and condos saw another 8752 closings which represent a 137% increase over 2008.

Las Vegas Foreclosure Report for 2009

From RealtyTrac's Year-End 2009 Foreclosure Market Report :

... a total of 3,957,643 foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 2,824,674 U.S. properties in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007

More than 10 percent of Nevada housing units received at least one foreclosure filing in 2009, giving it the nation’s highest state foreclosure rate for the third consecutive year. Nevada foreclosure activity in December increased 27 percent from the previous month but was still down 22 percent from December 2008. Fourth quarter foreclosure activity in Nevada was down 37 percent from the previous quarter thanks to substantial decreases in October and November.

LVForeclosureFilings2009

2009 foreclosure stats would have been worse but for initiatives to slowdown foreclosures from the Lenders as well as the by the Obama Administration - including HAMP (Home Affordable Modification Program) and alternatives to foreclosures like short sales.

GLVAR reported a total of 33,974 bank-owned residential properties for 2009.

 REOClosings2009

Las Vegas Short Sales for 2009

According to the National Association of Realtors, almost 500,000 transactions in 2009 were short sales, representing almost 10 percent of all home sales. 

In Las Vegas, a total of 5,422 residential properties sold and closed in 2009. 

LVShortSaleClosings2009

2009 Residential Closings Recap

The GLVAR 2009 report quotes a total of 46,879 local housing sales.  However, the 3 individual graphs of residential closing for 2009 totals 47,084 (a 205 discrepancy - I am not certain why).

REO/Bank-Owned sales = 33,974 (72.2%)

Traditional residential sales = 7,688 (16.3%)

Short Sale Closings = 5,422 (11.5%)

 

TraditionalSales2009 

Recommended Las Vegas Foreclosure sources:

Search Las Vegas Foreclosures available for sale

Las Vegas Foreclosure Connection

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


 


Las Vegas makes the cover of Time Magazine - Uncovering the truth and one more reason to become a CSP

I was in New York City, when this "sensationalized, let's write about the seedier side of life and Las Vegas because that's what sells"... cover story in TIME MAGAZINE hit the news stands.  I read it and have been meaning to comment on it and set the record straight. 

Las Vegas on cover of Time August 15, 2009 If you missed the article - here is a link to it on Time's website :

Less Vegas: The Casino Town Bets on a Comeback

Today, I read Paul Francis's blog and brilliant review of the story - so I highly recommend checking it out!

Las Vegas Real Estate Agent Creates Brouhaha with Time Magazine Article

 

I agree with Paul whole-hearted-ly.  He chronicles the fallout from the article with links to the various other newspaper articles. My initial reaction to the Time article was - wow, talk about painting a grim picture and making it appear that the examples the author used were the rule rather than the exception.  Suffice it to say, although there may be a small percentage of foreclosure homes in a "trashed-out" state and one can always find someone who attempts to take advantage of a situation - the reality in Las Vegas is we are moving inventory - from REOs to short sales to traditional resales. 

And the majority of the inventory is in good shape. And, the majority of "struggling" homeowners in Las Vegas are dealing with stress, crisis and serious decisions.  They are looking for real solutions and we, as an industry, can step up now to be part of the solution and not the problem.  Short sales can be a viable answer for homeowners who are doing their best to avoid foreclosure and have a legitimate hardship that is documentable. 

In August 2009, foreclosure (REO) properties accounted for about 70% of all single family residential (SFR) sales.  Another 12% of August sales were short sale transactions.  The average sales prices across the Las Vegas valley is currently about $125,000.   The prediction remains that shorts sales and REO properties will dominate our market for 2-3 years at a minimum.

So, as a Las Vegas real estate professional, what are you doing to focus on the business you want to attract? 

  • Have you made the investment is your time and education to learn everything you must know in the current market? 
  • Have you made the appropriate adjustment in your business plan to skillfully handle both foreclosure and short sale properties? 
  • Do you feel comfortable sitting down with a prospective purchaser or home seller and explain the market and possible options and solutions for their real estate needs?

If the answer is no or not quite - consider seriously attending the Certified Short-Sale Professional designation course that Steve Kitnick and I teach every month in Las Vegas.  Join almost 350 CSP graduates in leveraging the knowledge and power of the most-cutting edge training available for short sales.  This course is ever-evolving and loaded with "how-to" steps and techniques to help you embrace the reality of our short sale market. 

Visit my Training Schedule page for all upcoming training class dates.

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


What is a CLUE Report and How to Obtain One

The  Residential Purchase Agreement from the Greater Las Vegas Association of Realtors added the CLUE report as a due diligence option for buyers to request in 2009.  Here is some more information about the CLUE report and how to obtain one.

What is a CLUE report?

The C.L.U.E.® (Comprehensive Loss Underwriting Exchange) Report.  CLUE is a report of claims information generated by ChoicePoint, a consumer-reporting agency. Insurance companies report claim information to ChoicePoint, such as the type of claim and how much they paid on a claim. In exchange, insurance companies can access the claims history of a specific consumer or property. A CLUE report generally contains up to five years of personal auto or personal property claims history.

A CLUE report contains:

• Your name

• Date of birth

• Policy number

• Date of loss

• Type of loss

• Amount the insurance company paid

• Description of the covered property

• Property address (for homeowner coverage)

• Specific vehicle information (for auto coverage)

How insurance companies use CLUE reports

An insurance company may request a CLUE report when you apply for coverage or request a quote. The company uses your claims history, or the history of claims at a specific property, to determine if it will offer you coverage and how much you will pay. They believe past claims indicate that you’re more likely to file a claim in the future. 

Who maintains this database?

The major issuer of CLUE reports is ChoicePoint, a Georgia company that is one of the country's biggest compilers and sellers of personal consumer data. A property loss database is also maintained by Insurance Services Office (ISO) which calls its database the Automated Property Loss Underwriting System, or A-PLUS. The Fair Credit Reporting Act entitles you to a copy of your CLUE report.

TO ORDER A CLUE Reports: Visit  LexisNexis Personal Reports (formerly Choice Trust) or call (866) 312-8076 (automated voice line). NOTE: The homeowner must be the person ordering the report.  If you are a buyer, check with your insurance company, they may be able to obtain the CLUE report as a service to you.

PrivacyRights.org website (Fact Sheet 26 - CLUE Insurance Databases)

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


Recent Nevada Legislative Updates Affecting Real Estate

Attorney Darren Welsh of Prudential Americana Group, has posted a series of Nevada Legislative Updates on his blog.  Stay informed on all the latest leagal news and information affecting your Nevada real estate business by subscribing to his blog at: http://ameglegal.wordpress.com/

The Rules on BPO, Effective July 1, 2009

 

Changes to the Nevada CIC Resale Package

Nevada Domestic Partnerships / Civil Unions

Eviction of Tenants In the Event of Foreclosure

 

Discover the power of business coaching – Book a Free 30-minute consultation with Jan


Las Vegas Down Payment Assistance (DPA) & Neighborhood Stabilization Program (NSP) - Buyer Education Class. May 30th

For homebuyers interested in learning more about how the federal government’s Housing Recovery Act can help them, Prudential Americana Group and Housing For Nevada are providing a solution. The Nancy Storey Team of Prudential Americana has partnered with the statewide homeownership program to teach HUD-approved education courses. The courses, led by Housing for

Nevada

president John Smith, are a prerequisite for homebuyers to apply for HUD’s down-payment assistance programs.

“In May, the federal government will release nearly $19 million in Southern Nevadato launch the Neighborhood Stabilization Program,” said Mark Stark, CEO of Prudential Americana Group. “The grants will be given to municipalities which will use them to help control neighborhood abandonment and blight. Among the uses for this money is down-payment assistance for first-time and entry-level homebuyers.”

Co-sponsored by Prudential Americana Group’s Nancy Storey Team and Housing For Nevada, the HUD-approved course will be held from 9:30 a.m. to 3 p.m. on Saturday May 30th at Prudential’s corporate office. The office is located at 2140 E. Pebble Road, Suite 160. To RSVP, email nancys@americanagrp.com or call 702-812-2520 with your name, phone number and email address.

  • Homebuyers must complete HUD approved 8 hour First Time Homebuyer Education Program and receive one-on-one counseling
  • Buyers must meet income and minimum investment requirements
  • Must be foreclosed property in targeted area (Las Vegas, North Las Vegas and Henderson)
  • Money available in form of a grant can be used for mortgage buy down, down payment, closing costs and rehabilitation
  • Prospective home must be owner occupied
  • Prospective buyers can’t currently own house or property
  • Loan is forgiven if homebuyer stays in property for 15 years
  • Repayment requirements apply if home buyer moves or rents the property prior to the end of the 15 years

    In addition to its education courses, Housing For Nevada’s homebuyer program assists families with financial planning to purchase a home, inspections and appraisals of the properties and rehabilitation if needed.

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


Analysis of Market Changes - from Appraiser Debbie Huber

Debbie Huber of Huber Appraisaland Home Pride Insectionsin Las Vegas is today's featured guest blogger.  Debbie has been appraising residential homes in Las Vegas for over 20 years and holds the SRA designation (Senior Residential Appraiser).  She is also a Past President of the Appraisal Commission for the State of Nevada. 

Virtually any subdivision or extended market area can be studied using MLS to determine what changes (if any) have occurred in overall prices. To do this type of analysis in an abbreviated format, you can take the following steps:

Search the subdivision or area you wish to study, and enter the parameters such as subdivision name, map page, legal section, square footage range, etc.

Step 1: If you want to figure out changes in pricing over a 6 month period, enter status “S” for sold, any other parameters such subdivision name, square footage, etc., and for date of closing enter “past six months”. If you want to figure out changes in pricing over the past year, just enter status “S” for sold and it will automatically pull up the last twelve months of sales based all the other parameters you added to the search. Print out the results and indicate that you want the search criteria to print. This will give you the short report you will need to complete the analysis. Put this report aside.

Step 2: Enter the same parameters you had before as far as area, square footage, subdivision name, legal section, etc., but if you want a study of the past six months, change only the date of closing from “past six months” to “between”, and enter the two dates that will be the start and end dates of the closings during the previous six months. If you want a study of the past year vs. the prior year, change the status from “S” to “H” for history, and enter the closing dates to bracket the dates that would give you the closings during the previous twelve months. Print out this report as well, along with the search criteria.

Note: if you don’t have enough properties to result in enough data, (20+) broaden your search so it will include more properties. The less data you have to analyze, the more likely your study could be skewed or inaccurate.

Step 3: Compare either the median or average selling prices to each other on the two reports from the two different time frames. Subtract the median price that is the lowest from the two reports, from the median price that is the higher of the two reports. For example, the report from the past six months shows a $376,000 median selling price for what you were searching. The report from the previous six months indicates a $400,000 median selling price. Subtract the two figures to obtain the difference. Convert that to a percentage by dividing the difference by the median selling price from the “oldest” data.

In the example, that would be:

$400,000 - $376,000 = $24,000

$24,000 divided by $400,000 equals .06, or 6%

Since we did our two searches in 6 months increments, it shows there was a 6% decrease in predominant prices in the past 6 months, or 1% per month. If you did your two searches based one year apart, the resulting percentage will be the price decrease attributed to the past twelve months.

Remember, this is just a “quick” study to give you an idea of trends in pricing in the recent past. Also the more data you have, the more reliable your analysis will be.

This is an abbreviated way of studying price trends in order to better assist your clients.

To reach Debbie at Huber Appraisal, please call (702) 243-3256 or
email her at debbie@huberappraisal.com  

                      

To reach Home Pride Inspections, please call (702) 363-1681

m.harrison@homeprideinspections.com      .

 

 

Join the WBNL Coaching Wanderers Club - The online, virtual coaching and training platform for Real Estate and Business Professionals.

Your basic, FREE membership includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads

 

Las Vegas to Lead the Nation Out of Housing Crisis?

Kathryn Bovard wrote an excellent post yesterday on her Zen Real Estate blog, reporting on NAR's chief economist Dr. Lawrence Yun's prediction that Las Vegas would lead the country out of the housing crisis.

Dr. Yun cited to key reasons...
1.The Las Vegas home prices are under market and
2. The Stimulus Plan

Read Kathryn's full post for more..
Today Chief Economist Predicts Las Vegas Real Estate Market to Lead the Nation Out of Housing Crisis


Las Vegas, Nevada Real Estate & Foreclosure Report for January 2009

Nevada continues to have the highest number or foreclosure filings for all US states according to www.Realtytrac.com.   Realtytrac records and defines foreclosure filings as:

".... documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank)."

"Nevada foreclosure activity in January decreased 4 percent from the previous month, but the state continued to register the nation’s No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month. Foreclosure filings were reported on 14,444 Nevada properties in January, up 137 percent from January 2008."

Las Vegas ranked as the second highest metro foreclosure rate (#1 was Merced, CA) in January with one in every 63 housing units receiving a foreclosure filing.

Bank-owned (REO/Foreclosure) sales accounted for 81% of all residential closings for January 2009 in the Las Vegas Real Estate market.

The Greater Las Vegas Association of Realtors reported the following breakdown of closed residential transactions for January 2009:

  • Cash 25%     Average Sale Price = $149,267
  • Conv 31%      Average Sale Price = $221,460
  • FHA 36%      Average Sale Price = $168,760
  • VA 8%          Average Sale Price = $193,787

What is the good news?   There are tremendous purchasing opportunities for Las Vegas properties.  With interests rate low and prices even lower, there has truly never been a better time to buy then now.

If you want a referral to a top Las Vegas real Estate agent - give me a call at 702-858-9191, email me at jan@janobrien.com or start your search now for a Las Vegas home, condo, or bank-owned/foreclosure:

Click on the icon below for Free access to over 30,000 listings in the Las Vegas valley.

Las Vegas Home Search


Las Vegas Real Estate Market Condition Report for January 2009

January 2009 Las Vegas Real Estate Fast Facts

Courtesy of Larry Murphy, www.Salestraq.com 

SALES:  Existing home sales reached 2,737 - a 71.1% increase over last January.  Unfortunately, that was an 11.7% decline from December's totals.  New homes fared far worse.  The average number of sales per subdivision totaled 0.81 - the lowest in this century.   The total of 284 new home sales is a number not seen in decades in this market.  It is a 66% decline from last January and a drop of 55.1% from December.  There were only 10 closings in the vertical market (hi-rise/mid-rise).

PRICES:
  While the pricing picture is slightly brighter than sales, it is still dismal.  Overall new home prices slid to $233,000, down 15.3% from last January and 2.6% from last month.  When vertical product is factored out (new homes and condominiums only), the price drop is very similar: $230,000, which is 15.1% below last January and 2.9% under last month. 

Existing home prices (and sales) are very much affected by foreclosures.  The median price of an existing home in January was $150,000, down 37.1% from last January and 6.3% from last month.  Almost two thirds of existing home closings this month (64%) were bank-owned homes with a median price of $139,000.  The balance (36%) were non-bank owned homes with a median closing price of $170,000.

INVENTORY:  The number of homes found on the MLS was 20,673, the lowest total since September.  But, at current sales rates, that number still represents 8.6 months of inventory.  And, almost two thirds (65%) of those homes are vacant.  You will notice a new term this month regarding MLS listings “DOM” (Days On Market).  It has been replaced by  CDOM (Cumulative Days On Market).   The CDOM reflects the total time a listing is on the market, even it has been listed for multiple terms and even if listed with different brokers.  Thanks to Forrest Barbee of Prudential Americana for sharing this new methodology with us.

The number of new home subdivisions continued its 19 month slide to 350.  That's down 33.3% since last January and 4.9% from December.  The number of new home permits continued in the three digit range, coming in at 183, the second lowest total of the decade and a drop of 48.2% from last January.

Foreclosures increased to 2,356, a 37% jump from last January and 8.2% above December's figure. 
January2009REO


Las Vegas Real Estate Market Report: 02/11/09

Las Vegas Real Estate Market Report: 02/11/09

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of February 11, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 15,937 (-171 , Last Week 16,108)
Under Contract – 5,976 (+365 , Last Week 5,611)
Days of Supply – 80 (-6 , Last Week 86)
Short Sales – 7,349 (+117 , Last Week 7,232)

Condominiums and Town Homes (CONDO/TH)

Available – 4,537 (+2 , Last Week 4,535)
Under Contract – 1,092 (+45 , Last Week 1,047)
Days of Supply – 125 (-5 , Last Week 130)
Short Sales – 1,695 (+76 , Last Week 1,619)

Combined SFR + CONDO/TH
Available – 20,474 (-169 , Last Week 20,643)
Under Contract – 7,068 (+410 , Last Week 6,658)
Days of Supply – 87 (-6 , Last Week 93)
Short Sales – 9,044 (+193 , Last Week 8,851)