Sunday, July 5, 2015

Las Vegas Homes Sales on the Rise

Las Vegas Real Estate Agent Leslie Hoke Reported Via her popular blog Homes By Leslie there has been an increase in Homes Sales in Las Vegas.

Las Vegas Homes Sales 

 Now, I believe that this is likely to be more than just a one time thing. Why? Well, according to the Greater Las Vegas Association of Realtors, many homes have been sold in March and even more so in April. Two months may not be enough to make a trend, but I have a feeling, dear readers, that this just might be the new trend.

 The latest accounts show that the average price for homes sold through the Multiple Listing Service was $212,568 – up 3.7% from $205,000 in March and 10.7% from around a year ago. On the other hand, condos and town homes were $115,000. This value has not changed from March but it did rise 15% from just last year.  The data also shows that there were a total of 3,379 homes, condominiums, and town homes sold in April, compared to 3,358 sales back in March. If we consider the ratio of homes versus condos and town homes, the increase of sales are equal to a 1.7% increase for Las Vegas homes Sales and a 3.8% decrease for town homes and condos.

 By the end of April, 7,296 listed homes still had no offer, which is up ½ a point from March and 13.6% from around the same time last year. When it comes to condos and town homes, the 2,437 properties without an offer at the end of April represent a 0.3% decrease from  the year of 2014 and a 7.6% increase from last April.

In other similar cases, GLVAR’s report has also showed that short sales and bank-controlled sales are decreasing each month. In April, 7.2% of the  local sales were short sales, representing a 1.1% decrease from 8.3% last month. Moreover, 8.3% of the sales in April were bank-owned, which is down one point from 9.3% the previous month. The GLVAR also reported that 30.4% of the transactions were in cash, which is down from 32.4% from last month and down from 41.4% from last year. While this shows that investors are still an influence in the market place, their influence is not as strong as during the peak period of February 2013 when 60% of all real estate transactions in southern Nevada were bought in cash.

Considering all this information, there is likely to be an increase in short sales in 2015. But only if the Congress votes to extend the Mortgage Debt Forgiveness Relief Act of 2007. If the Congress does not do so, then the money a bank writes off as part of an agreement in order to sell a house as a short sale may be taxable when sellers file personal income tax.

The Vegas Homes Sales numbers don't lie. They are a positive sign as they reflect a much better economy, lower interest rates, and smarter buyers and sellers. I would highly recommend buyers to keep looking for homes and make offers before prices continue to rise. And those of you who intend to sell, just be sure to price your home appropriately to avoid your home sitting on the market without an offer. Keep these factors in mind and you’re good to go!

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8010 W Sahara Ave #150, Las Vegas, NV 89117
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