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Collette She…, Real Estate Pro in Las Vegas, Las Vegas,...

What do you think of the sales in our market?

Asked by Collette Sherbino, Las Vegas, Las Vegas, NV Thu Mar 17, 2011

How are we doing on sales around the states

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Answers

14
Well I was just on Fox News speaking about the Case-Schiller Index on housing released yesterday. I will post the clip later today but here is a brief summary of what's going on around the country. Unfortunately Las Vegas is one of the weakest markets now at below 2000 price levels.

What’s up with housing? The Case-Schiller Index showed declines in every city in the 20 city index except San Diego and Washington D.C.! San Diego shows only a slight gain in home prices while Washington soars by comparison with an increase of 3.6 % in Jan 2011 from a year earlier. Los Angeles, San Diego and San Francisco have very slight changes but other cities are not doing so well. Why are things so different in Washington D.C.? Connie shares her thoughts and discusses the Case- Schiller Index just released!!
Jan 2011 home prices fall from Jan 2010 but these cities doing the best:
Los Angeles Down 1.8%
San Francisco Down 1.7%
San Diego Up 1 %
Boston Down .06%
Cities now below 2000 price levels!
Cleveland Down 3.8%
Detroit Down 8.1%
Las Vegas Down 4.4 %
Atlanta Down 7 %
Other Cities with Declines in January year over year:
Phoenix Down 9.1 %
Chicago Down 7.5 %
Miami Down 4.7 %
New York Down 3.0 %
Dallas Down 2.8 %
1 vote Thank Flag Link Wed Mar 30, 2011
What I can say Collette is that 50% of all sales last month were CASH. So the public can draw their own conclusion of why so many would put their investing capital into Las Vegas. We have also been noted by DSNEWS.com and others as being incredibly undervalued.

So anyone reading this must realize no one can predict a real estate market, stock market, price of eggs but we all can look at trends and statistics and draw our own conclusion if it's a good market or not.

Sincerely,

Heather Etchings, REALTOR®
Proud Recipient of the Las Vegas Chamber of Commerce
"Customer Service Excellence Award"
"New Home Platinum Agent"
Easy Street Realty
1421 E. Sunset Rd. #10
Las Vegas, NV 89119
Cell: 702-277-7071 Fax: 702-446-0458
E-mail: HeatherEtchings@gmail.com
http://www.HeathersHomesLasVegas.com
"Making Clients for Life"
1 vote Thank Flag Link Fri Mar 18, 2011
I know in my market (Whidbey island) we are steady for the most part. We still have our share of short sales. But since they take awhile to get processed, folks just seem to move onto re-sales.
Web Reference: http://www.gowithgo.net
0 votes Thank Flag Link Thu May 5, 2011
Sales In Las Vegas, Nevada are on the rebound based on employment and new resident
March statitics from UNLV Economics Department...the most accurate measurment of all economic activity in Las Vegas. TOTAL EMPLOYMENT is WAY UP!,


Total Employment March-11 803,400 793,300 799,500 1.3% 0.5%
Unemployment Rate March-11 13.3% 13.7% 15.1% -0.4% -1.8%

David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. email or call for FREE daily list +1-7024997037 not a real estate agent
0 votes Thank Flag Link Thu May 5, 2011
Las Vegas in my opinion is valued correctly - with a big caveat. That is, certain zip codes are holding their own while the north and northwest have homes that are bargains for what you get. It is a raisin muffin market and not homogenous.

Calling the market undervalued because some homes are under replacement costs misses the fact that certain areas are especially depresssed.
0 votes Thank Flag Link Thu May 5, 2011
Short Sales are a Huge part of the Las Vegas market and will be for a while.

Las Vegas Short Sale Market Report....http://www.trulia.com/blog/dawn_barrier/2011/05/las_vegas_sh…
Web Reference: http://www.LasVegasDawn.com
0 votes Thank Flag Link Thu May 5, 2011
Quoting from a report at http://www.housingwire, here is the highlights for LAs Vegas real estate:

New home sales suffered because of dominant buying of distressed properties, dropping 17.9% to just 446 homes during March. Resale condos fared much better, selling about 1,000 units at a median price of $60,000.

Driven in large part by distressed sales, home prices in the Las Vegas metro plummeted to $117,000, the lowest level since January 1996. Distressed sales accounted for 69% of all market transactions, with foreclosure resales accounting for 57.3% share of the resale market and short sales accounting for 11.7% share.

DataQuick reported a sharp rise in the number of foreclosed properties in March. Lenders foreclosed on 3,331 single-family homes and condos during the month, up 41.6% from February and up 52.1% from March 2010.

Dan
0 votes Thank Flag Link Thu May 5, 2011
Hi Collette,

I think that a large portion of our Buyers in Las Vegas and Henderson are investors and I do not think that this will change this year or next. I do not agree that our market is undervalued because we have a realistic unemployment rate in excess of 26%. If our unemployment rate was around 15% or less and the future job market was looking good I would say that our market was undervalued. However, this does not mean that our market doesn't present incredible deals. I think that now is the time to buy and that for those Buyers who can hold the property for 10 years or longer, this market will create a lot of future wealth.
Web Reference: http://www.buyvegasnow.com
0 votes Thank Flag Link Sat Mar 19, 2011
REDLOC numbers say we are still in a recession

Avg. listing price
Week ending Mar 9
Las Vegas $166,671

-5.5%


Summerlin $226,441

+0.2%


Sunrise Manor $87,825

-60.7%


Spring Valley $173,078

-0.6%


Summerlin South $923,243

-12.3%

David Cooper. Las Vegas Real Estate Foreclosure Houses! Freee List +1-7024997037
0 votes Thank Flag Link Sat Mar 19, 2011
Hi Collette,

Las Vegas is definitely undervalued! It's cheaper to buy than build, now.

Sales were over 60% cash here in the last month.

A lot of transactions, and even more listings.

Prices are still decreasing, very slightly, but they are...

What do you think?
0 votes Thank Flag Link Fri Mar 18, 2011
Hi;

Check my blog post for Utah. See web url below.

...Craig
0 votes Thank Flag Link Fri Mar 18, 2011
The sales for Las Vegas in Feb, 2011 were good in certain neighborhoods. Location, Location, Location.
I expect this is how real estate sales will be throughout 2011 and 2012


David Cooper Las Vegas Real Estate Foreclosure Houses Free List +1-7024997037
0 votes Thank Flag Link Fri Mar 18, 2011
If you're speaking of our market here in Las Vegas, I can only tell you what I've seen from this year compared to last. Last year, only about 1/3 of the properties on the market didn't have offers. This year, its just less than 1/2. Although we've slowed some, because our prices are very low and keep dropping (more in some zip codes than others), we continue to be very active. But until the economy here picks up, we'll continue to see our market struggle in terms of qualified buyers (with gainful employment) and prices stablize so they don't keep dropping, making Vegas a good bet again.

That and $1 will get you a cup of coffee (not at Starbucks).
0 votes Thank Flag Link Fri Mar 18, 2011
Your state "our market" are your referring to Nevada?

Then sales around the states ? Are referring to USA any state?

However I could be violation of professional code of ethics discuss this in an open forum to mislead the general public

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Mar 17, 2011
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