Home prices have increased in some zip codes in Las Vegas. This is definitely a sign of home prices starting to stabilize says Stuart Shienfeld, Las Vegas real estate agent. 15 zip codes showed double digit increases while only 7 zip codes showed double digit declines.
Existing Las Vegas home sales slid 16.9% from
last month to 4,128. That's also 19% below last year's level.
The median price for an existing home sold in July was $120,000. That price
is below both June (-2.4%) and the previous July (-1.6%). But, it is
consistent with data over the last 16 months.
But, more importantly, the median price per square foot of an existing home
sold in this market has been above 2009 levels for the last four months.
The current median price per square foot of an existing home sold in July was
$79.78.
The 1,907 foreclosures in July were somewhat higher than June figures (+28%). Yet,
that number was 19% below last July. In fact, five of the seven months in
this year have seen lower foreclosure levels than corresponding months in
2009.
The 13% rise of available listings in July to 12,772 is the first time this
year that any month has been higher than its corresponding month in 2009.
Yet, even at this figure, this inventory represents just 3.1 months of supply
at current sales rates.
Rates on 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week.
Comparing the information for Median List Price vs. Median Sales Price for Traditional, Bank Owned and Short Sales we see that the traditional listings are selling at a very high percentage (78%) of the average list price and the average list price is much higher ($224,900) than either REO or Short Sale properties.
The REO and Short Sale average List Price are almost the same, but the average Sale Price for REO properties is lower. It is interesting that the Short Sales properties' Median List Price is the same as the Median Sale Price.
Short sale closings continue to rise due to more cooperation by the banks holding the paper. With increasing unemployment rates, short sales will continue to dominate the Las Vegas housing market says, Stuart Shienfeld.
Showing posts with label stuart shienfeld. Show all posts
Showing posts with label stuart shienfeld. Show all posts
Saturday, September 18, 2010
Sunday, August 8, 2010
A Few Bright Spots In The Las Vegas Housing Market
The time has finally come when we realtors can question and possibly correct a low appraisal says, realtor Stuart Sheinfeld. The July 21st passage of Obama’s Consumer Protection legislation included a host of RE-Related topics, but none was more important to our immediate needs than the language regarding appraisals. It allows realtors, mortgage bankers/brokers, consumers, and “any other person with an interest” to ask an appraiser to consider additional information such as comps, details, substantiation, and/or explanations to support an appraisal. In other words – you’re allowed to offer evidence and have it considered by an appraiser.
The number of new home sales nearly doubled month over month, jumping from 515 to 983. That 983 total, incidentally, was more than double the same month one year ago (105%). It was also the highest total of any month since September 2008. The part of the market that is pushing the new home figure upward are Hi-Rise sales led by City Centre’s Vdara and Veer condos.
Las Vegas now boasts the lowest number of subdivisions in this decade at 223. Reflecting new home sales totals, new home permits hit 423, a small increase over last month but a 23% year over year increase. At the same time, MLS inventory increased slightly, from 10,126 in May to 11,234 in June. It seems like the first wave of foreclosures has passed now we wait for the second wave says realtor Stuart Sheinfeld.
The number of new home sales nearly doubled month over month, jumping from 515 to 983. That 983 total, incidentally, was more than double the same month one year ago (105%). It was also the highest total of any month since September 2008. The part of the market that is pushing the new home figure upward are Hi-Rise sales led by City Centre’s Vdara and Veer condos.
Las Vegas now boasts the lowest number of subdivisions in this decade at 223. Reflecting new home sales totals, new home permits hit 423, a small increase over last month but a 23% year over year increase. At the same time, MLS inventory increased slightly, from 10,126 in May to 11,234 in June. It seems like the first wave of foreclosures has passed now we wait for the second wave says realtor Stuart Sheinfeld.
Saturday, February 20, 2010
Las Vegas The Short Sale Capital
Las Vegas and the state may be changing from the nation’s foreclosure capital to the nations short sale capital say realtor Stuart Sheinfeld
Short sales averaged about 8% of total existing-home closings last year, but averaged 25% of the market by the end of the year and in early January
Short sales are becoming the trend as banks try to find ways to avoid letting homes go into foreclosure.
The most undervalued market is Las Vegas where homes sell for 41.4% below fair market.
The Ritz-Carlton Lake Las Vegas in Henderson will close its doors May 2.
Casino Monte Lago at Lake Las Vegas will close at midnight March 14.
SALES:
--->Resales are up BIG!
The number of existing homes sold in 2009 was 48,075, a 57% increase over 2008 and the third highest total in history. The 4,502 sales in December's made it the 3rd highest month of the year.
INVENTORY:
--->All inventory elements continue to decline.
The number of foreclosures in inventory slid to 11,248 in December. That's the lowest total since March 2008. The reason that inventory is declining is simple:
In six of the last eight months, the number of foreclosures sold was larger than the number of foreclosures created.
The 10,262 homes in resale inventory in December represents just 2.6 months of supply. December's resale inventory is the second lowest total since March, 2005.
PRICES:
--->Resale prices declined in December
Resale prices remained in their narrow range, dropping from $125,000 last month to $120,000 in December. Existing home prices have bounced between those two numbers since April.
High-rise condo stats
• Allure — 190 of 427 units unsold; 40 in default; 10 bank owned.
• Juhl — 309 of 344 unsold.
• Newport Lofts — 23 of 168 unsold; 51 in default, 12 bank owned.
• One Queensridge Place — 85 of 219 unsold; 8 in default.
• Panorama Tower 3 — 334 of 372 unsold.
• Sky Las Vegas — 79 of 405 unsold; 50 in default; 5 bank owned.
• Streamline Tower — 248 of 275 unsold.
• Turnberry Towers West — 255 of 318 unsold.
• MGM Signature 3 — 84 of 576 unsold; 105 in default; 17 bank owned.
• Palms Place — 204 of 599 unsold.
• Trump International — 977 of 1,282 unsold.
Realtor Stuart Sheinfeld has been using his new Apple IPAD to show more listings while out with clients.
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Short sales averaged about 8% of total existing-home closings last year, but averaged 25% of the market by the end of the year and in early January
Short sales are becoming the trend as banks try to find ways to avoid letting homes go into foreclosure.
The most undervalued market is Las Vegas where homes sell for 41.4% below fair market.
The Ritz-Carlton Lake Las Vegas in Henderson will close its doors May 2.
Casino Monte Lago at Lake Las Vegas will close at midnight March 14.
SALES:
--->Resales are up BIG!
The number of existing homes sold in 2009 was 48,075, a 57% increase over 2008 and the third highest total in history. The 4,502 sales in December's made it the 3rd highest month of the year.
INVENTORY:
--->All inventory elements continue to decline.
The number of foreclosures in inventory slid to 11,248 in December. That's the lowest total since March 2008. The reason that inventory is declining is simple:
In six of the last eight months, the number of foreclosures sold was larger than the number of foreclosures created.
The 10,262 homes in resale inventory in December represents just 2.6 months of supply. December's resale inventory is the second lowest total since March, 2005.
PRICES:
--->Resale prices declined in December
Resale prices remained in their narrow range, dropping from $125,000 last month to $120,000 in December. Existing home prices have bounced between those two numbers since April.
High-rise condo stats
• Allure — 190 of 427 units unsold; 40 in default; 10 bank owned.
• Juhl — 309 of 344 unsold.
• Newport Lofts — 23 of 168 unsold; 51 in default, 12 bank owned.
• One Queensridge Place — 85 of 219 unsold; 8 in default.
• Panorama Tower 3 — 334 of 372 unsold.
• Sky Las Vegas — 79 of 405 unsold; 50 in default; 5 bank owned.
• Streamline Tower — 248 of 275 unsold.
• Turnberry Towers West — 255 of 318 unsold.
• MGM Signature 3 — 84 of 576 unsold; 105 in default; 17 bank owned.
• Palms Place — 204 of 599 unsold.
• Trump International — 977 of 1,282 unsold.
Realtor Stuart Sheinfeld has been using his new Apple IPAD to show more listings while out with clients.
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Sunday, July 5, 2009
Las Vegas Home Buying Frenzy
May Las Vegas housing data suggests that we possibly reached the bottom of the residential recession in the 2nd quarter of this year. I haven’t seen a home buying frenzy like this since 2004, says Las Vegas real estate agent Stuart Shienfeld.
Foreclosures have dominated the housing market with more than 60 percent of the sales each month being bank-owned properties.
With sales at their highest level since June 2006 the first-time homebuyers and investors snatching up Las Vegas inventory, say realtor Stuart Shienfeld.
There were 5,276 bank-owned single-family homes listed for sale in the valley and of those 2,623 had contingent offers, Smith says. That leaves an inventory of 2,653. About half of those homes don’t have offers.
The downturn in the stock market combined with the growing affordability of purchasing a home has prompted increased interest in using IRAs and 401K’s to help fund the purchase.
The number of resale homes on the market as listed by real estate agents continues to decline. During the past year, the number has dipped 36.7 percent or 8,109 units, lowering the inventory to less than 19,000 homes. The inventory has dropped for 13 consecutive weeks with 6,700 fewer properties listed during that time. The number of vacant homes is just under 7,500, a drop of 49 percent.
The number of foreclosures in May was 1,769, a 26% decrease from last year. This was the third month that foreclosure purchases surpassed the number of new foreclosures coming on the market.
New listings are down 18.1% from April 2009 and the number of units sold, are up 1.8% from last month. The average days on the market for homes are hovering for less than 60 days. That is an average of almost 65%.
There are very few REO homes that are currently available without offers to buy. You really need to move quickly to get your offer in. When you do you should offer you’re highest & best offer, says Stuart Sheinfeld. Some banks will do a multiple offer sheet and some don’t, so I wouldn’t take the chance of losing the property.
Foreclosures have dominated the housing market with more than 60 percent of the sales each month being bank-owned properties.
With sales at their highest level since June 2006 the first-time homebuyers and investors snatching up Las Vegas inventory, say realtor Stuart Shienfeld.
There were 5,276 bank-owned single-family homes listed for sale in the valley and of those 2,623 had contingent offers, Smith says. That leaves an inventory of 2,653. About half of those homes don’t have offers.
The downturn in the stock market combined with the growing affordability of purchasing a home has prompted increased interest in using IRAs and 401K’s to help fund the purchase.
The number of resale homes on the market as listed by real estate agents continues to decline. During the past year, the number has dipped 36.7 percent or 8,109 units, lowering the inventory to less than 19,000 homes. The inventory has dropped for 13 consecutive weeks with 6,700 fewer properties listed during that time. The number of vacant homes is just under 7,500, a drop of 49 percent.
The number of foreclosures in May was 1,769, a 26% decrease from last year. This was the third month that foreclosure purchases surpassed the number of new foreclosures coming on the market.
New listings are down 18.1% from April 2009 and the number of units sold, are up 1.8% from last month. The average days on the market for homes are hovering for less than 60 days. That is an average of almost 65%.
There are very few REO homes that are currently available without offers to buy. You really need to move quickly to get your offer in. When you do you should offer you’re highest & best offer, says Stuart Sheinfeld. Some banks will do a multiple offer sheet and some don’t, so I wouldn’t take the chance of losing the property.
Monday, May 11, 2009
Las Vegas Existing Homes Sales Surpass Boom Levels
With super low interest rates, an $8000 tax credit & affordable home prices, existing sales soar.
April 2009 Change from March 2009 Change from April 2008
#units sold 3,198 +7.3% +78.3%
First time home buyers are taking advantage of these factors & realizing that their new home payments are cheaper than rent. FHA financing which allows buyers to only put down 3.5% on their 1st home accounted for a whopping 49% of the March sales.
Investors & 2nd home buyers were responsible for 36% of the sales in March. The big attraction for investors is that the mortgage, taxes & insurance is less than what the potential rental income for the property may be.
We are seeing more & more multiple offers on homes, sometimes as many as 10-15 offers. Stuart Shienfeld, a local realtor says, “The homes that have very little repair or upgrade work are flying off the shelves”
Time on Market April 09 March 09 April 08
0-30 Days 43.7% 37.8% 36.1%
31-60 Days 16.4% 17.9% 16.9%
61-90 Days 11.3% 14.9% 14.4%
Contact me today to find out how to take advantage of this Booming Market
April 2009 Change from March 2009 Change from April 2008
#units sold 3,198 +7.3% +78.3%
First time home buyers are taking advantage of these factors & realizing that their new home payments are cheaper than rent. FHA financing which allows buyers to only put down 3.5% on their 1st home accounted for a whopping 49% of the March sales.
Investors & 2nd home buyers were responsible for 36% of the sales in March. The big attraction for investors is that the mortgage, taxes & insurance is less than what the potential rental income for the property may be.
We are seeing more & more multiple offers on homes, sometimes as many as 10-15 offers. Stuart Shienfeld, a local realtor says, “The homes that have very little repair or upgrade work are flying off the shelves”
Time on Market April 09 March 09 April 08
0-30 Days 43.7% 37.8% 36.1%
31-60 Days 16.4% 17.9% 16.9%
61-90 Days 11.3% 14.9% 14.4%
Contact me today to find out how to take advantage of this Booming Market
Sunday, April 26, 2009
Las Vegas Home Prices Plummet to Lowest Level Since Fall 2001
The good news is that demand for Las Vegas homes jumped in March, but the bad news is that prices dropped to the lowest level since fall 2001. Bad news for sellers.
In March, 2,980 homes sold, a 30 percent increase over February and 102 percent jump over March 2008, according to the group. Bank sales accounted for three out of every four sales.
In March, $515 million worth of homes sold, a 22 percent increase over February and 14 percent increase over March 2008.
Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.
With the high number of foreclosures plus the dropping cost of homes has created a buyer's market with bidding wars especially in homes priced between $100,000 and $250,000. It is not uncommon to see 10,15 or even 20 offers on a single bank owned home.
What this chart shows is that the banks are listing homes at prices to sell. With an $8000.00 tax credit for first time home buyers & interest rates between 4.59%-5.00% just adds rocket fuel the home buying fire.
If the house is upgraded with wood floors, granite counters, new carpet & paint, pool, large lot or gated community, it is receiving multiple offers and off the market in less than 30 DAYS!!!
Contact Stuart Shienfeld to discuss how you can take advantage of this GREAT BUYERS MARKET!!!
In March, 2,980 homes sold, a 30 percent increase over February and 102 percent jump over March 2008, according to the group. Bank sales accounted for three out of every four sales.
In March, $515 million worth of homes sold, a 22 percent increase over February and 14 percent increase over March 2008.
Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.
With the high number of foreclosures plus the dropping cost of homes has created a buyer's market with bidding wars especially in homes priced between $100,000 and $250,000. It is not uncommon to see 10,15 or even 20 offers on a single bank owned home.
What this chart shows is that the banks are listing homes at prices to sell. With an $8000.00 tax credit for first time home buyers & interest rates between 4.59%-5.00% just adds rocket fuel the home buying fire.
If the house is upgraded with wood floors, granite counters, new carpet & paint, pool, large lot or gated community, it is receiving multiple offers and off the market in less than 30 DAYS!!!
Contact Stuart Shienfeld to discuss how you can take advantage of this GREAT BUYERS MARKET!!!
Las Vegas Bank Owned Homes
The government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. This will help pave the way for the housing market recovery in Las Vegas says, realtor Stuart Shienfeld.
President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.
Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.
Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market
With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says
President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.
Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.
Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.
A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.
Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market
With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says
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