JUN 2015 Las Vegas Real Estate | Local Market Report

The sale of homes have been reported by GLVAR to have increased by double-digits from one year ago

LAS VEGAS REAL ESTATE MARKET – The Greater Las Vegas Association of REALTORS^® (GLVAR) reported that southern nevada home sales and prices increased double-digit in June compared to one year ago, according to a report released early this month.

The Las Vegas median home price was said to be $220,000 in June 2015, up 10.1 percent from $199,900 a year ago. The median price of local condominiums and townhomes (including high-rise condos) sold in June was $115,000 an increase of 5.5% from a year ago.

“We are seeing our Las Vegas homeowners feeling more secure since prices are appreciating at a steady pace also we are seeing no shortage in new homes being built to meet the demand,” said Local Realtor, Danny Phee, who started selling real estate on the Las Vegas strip in 2008. “It's no secret we still have obstacles to deal with. We’ve been experiencing a less-than-three month supply of homes on the Las Vegas market for more than three months. We usually like to see at least a 6 month supply for a balanced market; i.e it is a seller's market. We have somewhat of an abandoned home issue here in Southern Nevada, but I've been seeing banks become more active in resolving this issue as of late.”

According to GLVAR, in June 3,693 was the total number of existing local homes, condominiums and townhomes sold, an increase from 3,274 a year ago.

Since 2013, A trend of fewer distressed sales and more traditional home sales with lenders that are not controlling the transaction has been observed. Of all Southern Nevada sales in June, short sales accounted for 6.7% of them. A short sale occurs when lenders allow borrowers to sell a home for less than what they owe for the principle balance on the mortgage. In June 2015, both short sales and bank owned sales were down around 10% from a year ago.

If Congress votes to again extend the Mortgage Forgiveness Debt Relief Act of 2007 we may see another increase in short sales here in Las Vegas says Mr. Phee. In December 2014, Congress voted to retroactively extend the tax break it had allowed to expire at the end of 2013 to help distressed homeowners who sold properties in 2014. Any amount of cash a bank agrees to forgive in agreeing to sell a Las Vegas or Henderson home as part of a short sale this year could become taxable when sellers file their upcoming income taxes unless Congress extends this act through 2015.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in June was 13,740, down 0.7 percent from one year ago. GLVAR tracked a total of 3,474 condos, high-rise condos and townhomes listed for sale on its MLS in June, down 6.5 percent from one year ago.

Home Prices Are Steadily Rising!

Homes are selling quickly in Las Vegas, and that has caused prices to go up compared to this time last yer. Home values are up from this time last year. That's a DECENT increase! It's an excellent time to sell your home. If you've been thinking about selling your home, now's the time to get it listed before the busy summer real estate market hits. CLICK HERE to find out how much your Las Vegas home is worth and when you get a call from Danny Phee be sure to ask about our Listing specials this month.

These numbers cover all of Las Vegas, NV and the surrounding areas, including Summerlin, Mountain Edge, The Lakes, Southern Highlands, Enterprise, Coronado Ranch, Rhodes Ranch, Summerlin South, Desert Shores, Peccole Ranch, Panorama Towers (1&2), Veer, Turnberry Towers, Turnberry Place, MGM Signature, Anthem, Henderson, Spanish Hills, Providence, Lake Las Vegas, MacDonald Ranch, The Ridges, Red Rock Country Club, and Spanish Trails areas.
If you have any specific questions about the market or if you need help buying and/or selling real estate in the Las Vegas area, let us know; we would love to hear from you.

This information was put together by Danny Phee, a Las Vegas Realtor who works out of the Keller Williams Realty Las Vegas office located at 9420 W Sahara #100, Las Vegas, NV 89117. Mr. Phee started selling real estate on the Las Vegas strip in 2008 and is considered a valuable asset to any Las Vegas home buyer or seller. To get started email Danny Phee by clicking here or call him at 702-354-1355 to discuss your Las Vegas home buying or selling plan today!