Las Vegas Homes Sales Continue to Heat Up

In my last blog "Las Vegas Housing Market Surges Forward", I discussed the huge sales increase in the local market and how I hoped it was the start of a trend, rather than a one-time occurrence. The newly released data from the Greater Las Vegas Association of Realtors show that despite the major increase in March, even more homes were sold in April. While two months does not a trend make, it looks like the increase we saw in March wasn’t just a one-time outlier.

Las Vegas Homes Sales

The latest Las Vegas homes sales numbers show the average sale price for homes sold through the Multiple Listing Service was $212,568 – up 3.7% from $205,000 in March and 10.7% from twelve months ago. Condos and townhomes were $115,000 – unchanged from March, but up 15% from twelve months ago.

 According to the report, there were a total of 3,379 homes, condominiums, and townhomes sold in April, compared to 3,358 sales in March. When divided into homes versus condos and townhomes, the sales increase equated to a 1.7% increase for homes in Las Vegas and a 3.8% decrease for townhomes in Las Vegas and condos in Las Vegas.

 I’m definitely encouraged by these numbers. They are reflective of a market that is continuing to be driven by a healthier economy, low interest rates, and buyers and sellers that are making smart decisions.

In other great news, GLVAR’s report showed that Las Vegas short sales and bank controlled homes continue to decline each month. In April, 7.2% of local sales were short sales, which occur when a lender allows a buyer to sell a home for less than what is owned. The 7.2% represents a 1.1% decrease from 8.3% in March. 8.3% of sales in April were bank-owned, which is down one point from 9.3% the previous month.

 Short sales could see a possible increase in 2015 should Congress vote to extend the Mortgage Debt Forgiveness Relief Act of 2007. If Congress does not extend the act, money a bank writes off as part of an agreement to sell a home as a short sale may be taxable when sellers file personal income tax. Any news I hear about this important decision will be reported on the blog and my social media channels, so be sure to follow me to get updates about this important decision.

 At the end of April, 7,296 listed homes for sale in Las Vegas had no offer, which is up ½ a point from last month and 13.6% from this same time last year. In terms of condos and townhomes, the 2,437 properties without an offer at the end of April represent a 0.3% decrease from a year ago and a 7.6% increase from last April.

 The GLVAR also reported 30.4% of transactions were cash, which is down from 32.4% from last month and down from 41.4% from twelve months ago. That means investors are still a factor in the marketplace, but not nearly as much as they were during the peak period of February 2013 when 60% of all real estate transactions in southern Nevada were cash buys.

Las Vegas Homes Sales PODCAST:

So it looks like the good news is still pouring in for Las Vegas homes sales. For buyers, I am recommending people aggressively search for homes and put down offers before prices continue to rise. For sellers, be sure to price your home correctly to avoid your home sitting on the market without an offer. And as always, please contact me with any questions. Have a great summer!