I am a realtor in Las Vegas. With the improve of short sales, foreclosures, oil prices, unemployment and the decreasing of the US dollar when will we begin to see a turn in this slumping economy?
New-home sales in Las Vegas have been consistently low over the past six months and seem to have possibly reached the bottom of this dreaded bear marketplace.
There had been 922 recorded escrow closings for new houses in June, bringing the total for the initial half of the year to 5,747, a 45.1 percent lower from a year ago.
Taking out 114 high-rise and mid-rise condos and 31 apartment conversions, sales of conventional single-family members detached homes totaled 777, the sixth straight month under 1,000. The high mark of 3,233 came in June 2006.
Is this flat trend in new-property closing going to continue via 2009?
The median price of all new-dwelling merchandise sold in June was $269,900, a decline of $54,000, or 16.7 percent, from the identical month a year ago. ".
New-property permits increased 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 two,731 in June. The 12,500 existing-dwelling sales via the initial six months is down 15.9 percent from a year ago.
About 65 percent of resale closings in June had been real estate-owned or bank-owned properties, according to data from the Multiple Listing Service.
About 26 percent of accessible inventory in Las Vegas, or five,800 units, are listed as brief sales. Short sales need to be approved by the bank they can take up to six months to close escrow. Sellers should prove monetary hardship from unforeseen circumstances such as divorce, illness or loss of employment.
The median resale cost 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 market place. Can this help our slumping industry?
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