Move To The Balloon » Las Vegas Market Data

Steady Recovery for Vegas

TimKuptz — Wed, 22 Jan 2014 20:05:19 +0000

About 70 percent of used-home sales in Southern Nevada now are traditional deals between private buyers and sellers, according to the Greater Las Vegas Association of REALTORS. The shift to traditional deals from short sales and foreclosures, two hallmarks of the housing bust, reflects the valley’s ongoing economic recovery. Click on the link to see more information on what’s happening in our market.

Phantom Properties

TimKuptz — Tue, 10 Dec 2013 19:53:11 +0000

Eugenio Aleman from Wells Fargo stated at a recent conference that Las Vegas doesn’t have much shadow inventory and don’t expect to see it flood the market. Others disagree, saying we have many vacant homes here, constituting much shadow inventory. Resale inventory remains low despite shadow inventory. Another pending bubble? Who’s correct? For the full article please follow this link.

Inventory Disarray

TimKuptz — Fri, 06 Dec 2013 22:18:27 +0000

Distressed Inventory has continued to drop year after year. While distressed inventory is declining, the time estimated to clear these distressed homes from the market is rising, up five months from the second quarter of this year and 11 months from September 2012, according to Morningstar’s analysis. Judicial foreclosure states hold close to 7 years of distressed inventory, while non-judicial states hold about half of that. Although New York holds the lengthiest inventory timeline at approximately 230 months, Phoenix has the shortest at just 20 months. For the full article in DSNews.com follow this link.

Foreclosures Falling Down

TimKuptz — Tue, 30 Oct 2012 18:38:24 +0000

Nevada is no longer a leader in the number of foreclosures. Reports generated in the third quarter show Las Vegas may be past the worst of the housing market’s foreclosure problems. Foreclosures have dropped to 13 percent of total sales and banks are now approving more short sales. To find out where Las Vegas fell on the list click here and share your thoughts of where the housing market is moving.

Las Vegas Looking Up

TimKuptz — Wed, 22 Aug 2012 21:47:24 +0000

According to data, Las Vegas is no longer holding the top stop for the most foreclosures. We have dropped to sixth in foreclosure rates and for the sixth straight month prices rose throughout the valley. Local experts predict prices should stay at the same rates they are at now for at least the next year and a half. Due to the many homes still in default, based on the logjam of defaults due to Nevada’s law AB284 and other market manipulating factors. A strong buying opportunity may be here for some time to come. Good deals pop up daily throughout the valley. Is this good news for the market? What are your predictions for Las Vegas over the next year? Share your thoughts below and for the full article click here.

Negative Equity Falling, Prices Rising

TimKuptz — Fri, 20 Jul 2012 18:46:40 +0000

Las Vegas has definitely felt the brunt of the economic recession! This comes as both good and bad news, with more Las Vegas owners’ negative equity reducing as prices continue to rise. However, it be a slow process because Nevada has the highest negative equity in the nation at 61 percent.. Las Vegas is still one of the most undervalued markets in the country. To read the full article click here. What is your take on these statistics; share your comments with us!

Supply and Demand

TimKuptz — Wed, 11 Jul 2012 16:14:07 +0000

Las Vegas median price rose to $132,000 making it the fifth straight month that prices have increased and claiming the longest upward streak in eight years! Compared to last year prices have increased almost six percent and with the lack of inventory it isn’t certain which direction the market is heading. What does this mean to you? Share your thoughts and for more information follow this link.

Banks Getting it Together

TimKuptz — Wed, 20 Jun 2012 18:33:20 +0000

May was the first month since the housing crisis began that short sales outnumbered foreclosures. Banks are also providing incentives for completing short sales by giving some sellers between $2,000 to $30,000 for relocating. It seems that the new Robo-Signing Law is helping short sales become the most popular alternate to foreclosure. Do you think the new law is really setting our housing situation the right track?? Share your thoughts with us and for the full article follow this link.

Roller Coaster Market

TimKuptz — Mon, 11 Jun 2012 17:58:01 +0000

Whether you’re a home buyer, seller or real estate professional you better hold on tight for the roller coaster ride that is just around the next corner. Housing prices have increased for the majority of this year and bidding wars have emerged. On the other hand housing inventory is down 66.3% from the prior year to just 3,800 available without offers. In May a little over 3,400 homes were sold which is slightly under the current available inventory leading to unsure outcomes for our market. There has been a 7.2 % housing price increase from last month alone and almost 10% increase compared to a year ago. At this point the future of the housing market depends on foreclosures being filed and when they make it to the market. To find out more about this article follow this link and share with us your thoughts on what is in store for the remainder of 2012’s Las Vegas housing market.

Dominating Land Sales

TimKuptz — Thu, 07 Jun 2012 18:45:22 +0000

Nevada’s resale housing inventory is diminishing daily and new home sales are surging, so it comes as no surprise that land throughout Las Vegas has become a priority for builders. Based on a 38% increase in land sales from last year it is more than obvious big plans are in the works! Home builders are scurrying to snatch up large parcels for new projects and homes to keep up with the high demands of home buyers. It will still take many months before homes are built on these parcels. To find out who is leading the pack and where the land is located click here!