August 2016 Las Vegas Real Estate News

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August 2016 Las Vegas Real Estate News

Posted September 16, 2016 in Buyer Info,Henderson Happenings!,Real Estate Advice,Uncategorized

August 2016 Las Vegas Real Estate News

August was another great month for the Las Vegas real estate market and August 2016 Las Vegas real estate news is good news! As the busy months in real estate tend to be during summer break, August had the the top number of closings in 2016. The total number of closings in August 2016 was 3,722 single family homes, townhouses and condos. The number of August closings surpasses July’s closings by 322 closed transactions. This is continuing the real estate market trend of each month in 2016 having at least 100 closings more than the month before. It is expected that the number of just sold homes to begin to decrease in September and October as many households try to be settled for the school year and the upcoming holidays.

Of the 3722 just sold homes, condos and townhouses 3,642 were traditional resale homes. In a traditional resale transaction, a homeowner decides to sell their home and with the money he or she can pay off the mortgage on the home and keep what money is leftover. The fact that the number of Las Vegas real estate listings is 97.9% is a huge piece of Las Vegas real estate news as a high number of traditional listings indicates that the market is steady. This percentage is up from July’s 88.3% of just sold Las Vegas real estate being traditional sales. This percentage has been rising slowly throughout 2016, but this is the largest increase this year and this percentage has not been this high in the Las Vegas real estate market in a very long time. There were only 41 just sold Las Vegas short sales in August making up only 1.1% of closed transactions in August. There were 39 Las Vegas foreclosures sold in August which only makes up 1% of the closed transactions of August 2016.

The Las Vegas real estate market also saw a slight increase in cash buyers, and the total number of cash buyers in August 2016 is 954. Many times a high number of cash buyers indicates that there are many investors purchasing in the area, but this category is continuing to be surpassed by conventionally financed purchases and FHA financed purchases. There were 1378 of these conventionally financed purchases which is up by over 130 from July and 984 FHA financed transactions which is also up by over 40. There were 352 Las Vegas real estate transactions that were financed through a VA Loan.

There were 7,583 just listed Las Vegas houses in August 2016. The average listing price per square foot of these homes is $130 and the median listing price is $234,329 of the homes that were listed during the month of August. The median close price of Las Vegas real estate listings in the month of August was $230,296.

Another aspect of Las Vegas real estate news that residents and those looking to purchase in Las Vegas should be aware of is that almost 20% of Las Vegas homeowners are still “underwater”. While this number has significantly decreased over the last few years, it is still important to keep in mind that another wave of foreclosures could hit the Las Vegas real estate market. This increase in foreclosures can significantly reduce home values for Las Vegas residents. While experts are still predicting a slow increase in home values and stability in the Las Vegas real estate market, this 20% of homes being underwater should be in the back of all our minds. As we keep this in mind, if home prices continue to raise the number of homeowners owing more on their mortgage than their home is worth will continue to decrease.

If you want a current update on the Las Vegas real estate market and how that relates to your real estate goals, contact Nevada Desert Realty’s Las Vegas real estate market experts at 702-509-1446. They can give you a quick update on current events in the Las Vegas real estate news and help you determine your best plan of action!

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Nevada Desert Realty
Klinger Real Estate Group
NVDRE B.1001526
40 E Horizon Ridge Pkwy, Ste 101
Henderson, NV 89002
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(702) 509-1446
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