Las Vegas Housing Market Conditions March 10th, 2010

This Market Condition Report is provided courtesy of Nevada Title Company and reports on closings of Single Family Residences for the period of Feb 2009 through Feb 2010.

Overall, the supply and demand schedules are little changed from previous month. Supply is relatively tight, especially for REO (61% of demand/16% of supply). Prices continue to show weakness for all types, more so for Short Sale and Standards. High price point properties, while showing increasing levels of activity, are still relatively slow exhibiting depressed Percent Selling/and Market Speed outcomes relative to lower priced offerings (about half the Percent Selling and half the Market Speed). Note from the market history table that February 2009 demand is about equal to February 2010 while supply is greatly reduced. The reduction in supply relative to demand has shifted the price schedule to the current level where it appears to be “hovering.” Large changes in the price schedule are no longer occurring in favor of relatively small tentative up and down movements from month to month. This is characteristic of proximity to market bottom in terms of price.

REO monthly demand continues to exceed REO supply maintaining a Months Supply outcome of .9 (holding steady from February) and Percent Selling of 87%. Buyer preference for this type of property is clear and the competition amongst buyers is keen with multiple offers the norm. Market Speed is very fast (and holding in the current range) signaling quick conversion from listing to closing. Note heavy activity in the EAST and the corresponding price schedule. The REO segment of the market is slowly declining as supply continues to tighten from month to month.

Short Sale supply (47% of supply) exceeds Short Sale demand (21% of demand) by a factor of 6.7 (see Months Supply). Months Supply is holding in the current range implying resolved inventory is being replaced by new supply. Market Speed is slow (holding) and Percent Selling depressed, while escrow inventory remains at high levels and is increasing. Days on Market until Closed (CDOM) is elevated when compared to REO/Standard. These factors continue to support anecdotal reports of an inefficient closing process. Prices are weak with that trend likely to continue.

Are you looking to purchase property in the Las Vegas area? Now is the time to buy!

If you would like a FREE, confidential short sale consultation, please give me a call toll free at 1-866-589-1646. We’re here to help you avoid foreclosure, get a loan modification, or assist you to short sale your home. Certified Short Sale Professional and Certified Distressed Property Experts handle every aspect of your short sale.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

1-866-589-1646