Las Vegas real estate closings in the MLS for the month of January showed resistence to the every growing portion of institutional sellers. Bank repos, shortsales, and home builders for the first time in 4 months actually lost a little ground to in share of Las Vegas real estate closings. In January, 976 detached housing units closed in the immediate Las Vegas valley. Here is the breakdown of sold homes.
- Bank Repos 39.7% 37.1% last month
- Shortsales 5.3% 5.2% last month
- New Homes 5.9% 11.3% last month
- Owners 49.1% 46.4% last month
While Bank repos share of closings increased, new homes saw a significant decline and shortsales lost nominal ground. The winner here are owner occupant/investors who saw their share of sales increased as well. January median prices in my Average Joe Index possibly reflect this increase of Owner sales. The median price held or actually increased compared to December numbers. Reviewing the numbers in my most recent weekly Market Snapshot, the market may in fact be recovering in the lower end at1500 and 2000sf homes. We’ll see.
February 19, 2008 at 12:15 am
[...] a tough deal; even though roughly 20% of our listings are short sales, only about 5% of our actual sold homes last month were short sales! The frustrations involved in short sales are [...]