Cash is the obvious dominator with overall Las Vegas Area REO Purchases.  Cash not only dominates but CRUSHES financed purchases under $75000.  The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.  Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.) Condo financing is currently a challenge in the Las Vegas Area.  Lenders want to see low investor concentration, low HOA deliquencies and no construction defect or other litigation against HOA or community.  To dete... 07/14/2011

Here is what buyers received in seller paid concessions on May 2011 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes: Less than $500: 70% ($500 only buys you a home warranty or (no and) an appraisal) Between $501-4000: 19% Over $4001: 11% This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory! Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs! Last Month's Concession Stand Most Current Concession Stand What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports? General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average co... 07/08/2011

**Summer is here, where are we headed?** We are still squeezed for inventory.  Multiple offers on well priced homes are widespread.  Everyone from first time buyers to investors are taking advantage of "opportunity". Read more about Las Vegas Real Estate Inventory Analysis here and consumers may comment on this post. Las Vegas Area Real Estate Market Watch was created for informational purposes only.  This is for all the buyers wondering "where is the inventory"?  The inventory is here, this graph shows that buyer interest is extremely high and gobbling up all that new inventory coming online! This is also for people saying "shadow inventory exists"!  Well I believe it exists but it also exists in Las Vegas short sales which has tripled to quadrupled it's formerly stagnant close ratio ... 07/02/2011

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles. Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom. Sun City Aliante Market Report: Listings (6/15/2011):  54 Under Contract (6/15/2011):  19 Sold May 2011:  11 Sun City Aliante is currently enjoying a stable market. Since Last Month:   Aliante Sun City, North Las Vegas Listings UP +1, Contracted Homes DOWN -5, Sales UP +2 For Current and Past Sun City Aliante Market Reports View Sun City Aliante Homes For Sale Here (Updated Daily) More I... 07/01/2011

Las Vegas Area June 15, 2011 Active Listings by Type REO:  3365 (24%) Short Sale:  6401 (46%) All Other:  4160 (30%)   May 2011 Sales by Type: REO:  1784 (46%) Short Sale:  916 (24%) Other:  1141 (30%) This is just a guide for consumers to see what types of properties are closing vs what is listed.  Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market. Click here to see last month's Listing and Sales Type Report Click here to view the most recent stats What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports? General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?)  It means that I cover the cities of Las Vegas, Henderson,... 06/26/2011

North Las Vegas Home Sales: Average and Median Prices Homes in North Las Vegas saw average selling prices dip by $571 in May on an increase in units sold of 8.81%. The median selling price has remained even since the beginning of the year at $115,000. The number of North Las Vegas homes sold is up 1.59% year over year, with 640 homes sold in May 2011 compared to 630 sales in 2010.   To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 06/21/2011

North Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales In yesterday's look at the North Las Vegas real estate market, I highlighted sales price, volume, and financing trends. Today I'll break down the different listing types of that market -- REOs (bank owned homes), short sales, and regular sales. Overall we have about 3.7 months of North Las Vegas real estate inventory. When we look at each of the listing types, we see that there are three distinct markets. Here are the current figures for North Las Vegas REOs, North Las Vegas short sales, and 'regular' North Las Vegas home sales. Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/May Sales = Absorption Rate). There are only two months ... 06/21/2011

North Las Vegas Real Estate Trends For May 2011, there were 705 home sales in North Las Vegas with a median price of $110,000. Of those, 640 were single-family homes with a median price of $115,000. This is an increase of 8.1% in sales from April, while prices have stayed even since the first of the year. Here's a quick look at price, volume and financing trends in the North Las Vegas real estate market.   In 2010 there were a total of 7,839 homes sold in North Las Vegas. This area is north of Charleston Boulevard, east of Rancho Road, and west of the I-15 freeway, and includes most of the city of North Las Vegas. The median sale was a 3-bedroom, 1814 square foot home with a selling price of $123,900. The median selling price for a single-family home fell by 4.7% during the year, from $... 06/20/2011

North Las Vegas Homes For Sale: Listings by Price Range Here's a summary of the single-family homes for sale in North Las Vegas. Short sales make up 54.0% of the inventory, while bank owned properties (REOs) equal 24.4%. This is the highest percentage of distressed properties in the Las Vegas valley.   To find out more about buying or selling homes in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 06/20/2011

North Las Vegas Home Sales: Financing by Price Range - May 2011 Out of 640 single-family homes sold in North Las Vegas in May, 253 (39.5%) were cash sales. This is down from 41.9% in April. At prices below $100,000 cash accounted for 60.7% of sales, highlighting the extreme competition that first-time homebuyers face from investors. The higher rate of VA financing relative to other areas of the valley can be explained by the proximity of Nellis Air Force Base. To find out more about buying or selling homes in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 06/20/2011

Las Vegas HUD Homes Click to view the MLS Listing of this Las Vegas HUD Home on 2713 Lava Rock North Las Vegas NV. Fabulous 1 story Las Vegas HUD Home on sale! Built in 2001 the approximate house size is 1,646 sq ft and it sits on a Lot Sq Ft of 5964. It has four bedrooms, two baths and two attached garages with auto door openers. The home looks even more elegant with the tile flooring and vaulted ceilings throughout. The kitchen has laminate countertops, breakfast bar and meets all the needs of a modern kitchen. The living room fireplace is another nice feature of the home. Such a great home does not often hit the market. Currently priced at $87, 000 and $17 monthly in association fees, it’s really a great choice. The community has parks and other recreation places for all to enjoy. To... 06/18/2011

North Las Vegas Real Estate Report - May 2011 The North Las Vegas real estate market saw increased sales in May as first-time buyers and investors saw value in distressed inventory. A total of 693 homes were sold in May compared to 648 in April. Year-over-year sales are up 5.5% from the 657 North Las Vegas homes sold in May 2010. The mix of available North Las Vegas homes for sale is 54.4% short sales, 23.3% bank owned, and 22.3% regular sales. The median selling price for single-family homes in North Las Vegas remained at $115,000 for the fifth consecutive month. In 2010 it stayed within the narrow range from $122,000 to $131,250. GLVAR deems information reliable but not guaranteed. Information is for MLS areas 101-103. More about North Las Vegas:North Las Vegas, Nevada - DemographicsN... 06/04/2011

  Foreclosure/Short Sale Listings (5/15/2011): Total Listings 14096; Short Sales: 6660, 47% of all listings; Bank Owned Listings: 3077, 22% of all listings. Short sale and REO listings consume 69% of total listings New Home Sales (April 2011, units sold): 250 Year Change -37.0% (excl condo conversions, highrises) New Home Sales (April 2011, median price): $188,450 Year Change -3.3% (excl condo conversions, highrises) Existing Home Sales (April 2011, units sold): 3790 Year Change +3.4% Existing Home Sales (April 2011, median price): $111,200 Year Change: -13.1% New Home Permits (April 2011): 323 Year Change -32.8% Rental Rate (MLS Monthly Average March 2011): $1449/month My analysis: Distressed listings (foreclosures and short sales) are 69% of total listings. Units of homes sold impres... 06/03/2011

The Ardiente active adult community originally opened in 2005 by Centex Homes. In 2010, the community was acquired by Shea Homes who is now the sole builder of this fabulous North Las Vegas active adult community. With just 788 homes, Ardiente is an intimate sized retreat for adults age 55 and better. As a 24-hour guard gated community, residents enjoy the feelings of security, privacy and prestige when they drive up to the beautiful community entryway. Homes at this popular North Las Vegas active adult community are available on a resale basis or as new construction. The majority of the resale homes were built by Centex Homes and are available in eight single-family ranch style floor plans. The Centex resale homes range in size from 1,235 square feet to 2,352 square feet. Some of the h... 05/30/2011

North Las Vegas Home Sales: Average and Median Prices Homes in North Las Vegas saw average selling prices slip by $1612 in April as units sold decreased by 12.81%. The median selling price remained even at $115,000. The number of North Las Vegas homes sold is down 6.03% year over year, with 592 homes sold in April 2011 compared to 630 sales in 2010. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 05/30/2011

North Las Vegas Real Estate Market Report - REOs, Short Sales and Regular Sales In yesterday's look at the North Las Vegas real estate market, I highlighted sales price, volume, and financing trends. Today I'll break down the different listing types of that market -- REOs (bank owned homes), short sales, and regular sales. Overall we have about 4.1 months of North Las Vegas real estate inventory. When we look at each of the listing types, we see that there are three distinct markets. Here are the current figures for North Las Vegas REOs, North Las Vegas short sales, and 'regular' North Las Vegas home sales. Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/April Sales = Absorption Rate). There are only seven wee... 05/30/2011

North Las Vegas Real Estate Trends For April 2011, there were 648 home sales in North Las Vegas with a median price of $110,000. Of those, 592 were single-family homes with a median price of $115,000. This is a decrease of 12.8% in sales from March, with pricing staying even. Here's a quick look at price, volume and financing trends in the North Las Vegas real estate market.   In 2010 there were a total of 7,839 homes sold in North Las Vegas. This area is north of Charleston Boulevard, east of Rancho Road, and west of the I-15 freeway, and includes most of the city of North Las Vegas. The median sale was a 3-bedroom, 1814 square foot home with a selling price of $123,900. The median selling price for a single-family home fell by 4.7% during the year, from $128,000 to $122,000. To find o... 05/28/2011

North Las Vegas Homes For Sale: Listings by Price Range Here's a summary of the single-family homes for sale in North Las Vegas. Short sales make up 55.1% of the inventory (the highest concentration of any part of the Las Vegas valley), while bank owned properties (REOs) equal 22.0%. To find out more about buying or selling homes in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 05/28/2011

North Las Vegas Home Sales: Financing by Price Range - April 2011 Out of 592 single-family homes sold in North Las Vegas in April, 248 (41.9%) were cash sales. This is up from 39.0% in March. At prices below $100,000 cash accounted for 60.0% of sales, emphasizing the major competition that first-time homebuyers face from investors. The higher rate of VA financing relative to other areas of the valley can be explained by the proximity of Nellis Air Force Base. To find out more about buying or selling homes in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.) 05/28/2011

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles. Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom. Sun City Aliante Market Report: Listings (5/15/2011):  53 Under Contract (5/15/2011):  24 Sold April 2011:  9 Sun City Aliante is currently enjoying a stable market. Since Last Month:   Aliante Sun City, North Las Vegas Listings UP +9, Contracted Homes NO CHANGE, Sales DOWN -4 +7 For Current and Past Sun City Aliante Market Reports View Sun City Aliante Homes For Sale Here (Updated Daily... 05/27/2011