I am a realtor in Las Vegas. With the raise of brief sales, foreclosures, oil costs, unemployment and the decreasing of the US dollar when will we start off to see a turn in this slumping economy?
New-residence sales in Las Vegas have been consistently low more than the past six months and seem to have possibly reached the bottom of this dreaded bear marketplace.
There were 922 recorded escrow closings for new properties in June, bringing the total for the initially half of the year to five,747, a 45.1 percent lower from a year ago.
Taking out 114 high-rise and mid-rise condos and 31 apartment conversions, sales of regular single-family detached homes totaled 777, the sixth straight month under 1,000. The high mark of three,233 came in June 2006.
Is this flat trend in new-house closing going to continue by means of 2009?
The median cost of all new-household merchandise sold in June was $269,900, a decline of $54,000, or 16.7 percent, from the identical month a year ago. ".
New-home permits elevated for the fourth straight month to 884 in June, but the year-to-date total is down 61 percent to five,653.
Resale activity is picking up, topping two,000 for the third consecutive month and growing for the sixth straight month to 2,731 in June. The 12,500 existing-residence sales via the initially six months is down 15.9 percent from a year ago.
About 65 percent of resale closings in June had been genuine estate-owned or bank-owned properties, according to data from the Numerous Listing Service.
About 26 percent of obtainable inventory in Las Vegas, or five,800 units, are listed as short sales. Short sales need to be approved by the bank they can take up to six months to close escrow. Sellers should prove economic hardship from unforeseen circumstances such as divorce, illness or loss of employment.
The median resale price in June was $218,000, a decline of $62,000, or 22.two percent, from a year ago.
With 15 stalled or canceled commercial projects littering the Vegas valley, this takes a lot of unnecessary inventory off the marketplace. Can this assist our slumping industry?
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