Las Vegas Market Update – April 2013
The Current Las Vegas Market
Single family residential (SFR) closings for March 2013 are up 12% last month, but YTD first quarter 2013 closed units lag the first quarter 2012 by 18%. SFR closing prices rose 7.3% this month with the median closing prices of an SFR now at $161,000. Hubble Smith recently reported in his March 31, 2013 Review Journal article that most zip codes in the valley enjoyed measurable growth in home values. The article include an excellent SalesTraq map illustrating the year over year percentage changes. That article can be found here:
Las Vegas Market Closings and Momentum
REOs are drifting sideways, but short sales are beginning to plummet in earnest. SFR short sale closing prices were the only ones to lose ground from February. Meanwhile the median closing price of a traditional SFR closing is up 10.5%. In fact the average sales price per square foot for the traditional sale was $102 per Sq.Ft. in March! Also notice in the charts below how short sale closed units have lost ground to both REO and Classic closings.
Las Vegas Closings by Property Type
SFR Sales Price per Square Foot Trend