Posted February 6, 2016 in Buyer Info,Henderson Happenings!,Uncategorized
Las Vegas Real Estate News February Update
One of the biggest bits of Las Vegas real estate news for February is that the average Las Vegas home price has risen over $325,000. This is a incredible increase compared to the record lows Las Vegas experienced just a few years ago. Currently there is 9,662 Las Vegas real estate listings for sale. 941 of those are still “new” and 1,565 Las Vegas real estate listings for sale are reduced. There are only 278 foreclosures out of the total Las Vegas homes for sale which is a incredibly low percentage for Las Vegas. There are 573 short sales which brings the total amount of distressed listings in Las Vegas to 851.
Get a current real estate update by calling 702-509-1446!
With a distressed listing percentage of less than 9%, many of those invested in the Las Vegas real estate market are ecstatic to see that the market in increasing instability. A low percentage of distressed listings usually indicates that the residents are currently employed or at least one member of the household is. As employment provides money that pays the house bill, one can conclude that more and more Las Vegas residents are also experiencing a more stable financial state. Also, low distressed listings percentages indicate that homeowners are able to sell their home and cover the cost of their mortgage and maybe seeing such an increase in the average home price and such a low percentage of foreclosures is definitely a reason to celebrate.
If you are interested in buying or selling in Las Vegas, Henderson or Boulder City, contact us at 702-509-1446 for a free consultation!
In this month’s Las Vegas real estate news, there is also a decent supply of housing. An over-saturation of the real estate market leads to rock bottom home values and buyers being able to get almost whatever they want. With too few listings the prices are raised sky-high which usually isn’t encouraging for businesses and individuals who are interested in moving to the area. With a decent supply of housing, the market stabilizes and both buyers and sellers are on an even playing field. As Las Vegas real estate agents at the Klinger Group have noticed, homes are selling very quickly and most are not on the market for long. This requires buyers to be a little more decisive about their home search as if they wait to make an offer on a home, it is very likely to be gone within a week or two of their viewing the home.
Find out what your home is worth in Las Vegas, Henderson or Boulder City! 702-509-1446!!!
The first month of 2016 saw almost 2,000 new homes listed for sale. Over 2,200 Las Vegas real estate listings closed escrow in January. 85% of those closings were resale/traditional listings, 7% were short sale listings, and 8% were foreclosures or REOs. Almost 700 of those transactions were cash purchases, almost 750 were conventional loan purchases, just over 600 were FHA loan purchases, and 180 were VA loan purchases.
The Klinger Group was started and is owned by Anna and Michael Klinger. The Klingers have been Henderson real estate agents for 14 years and Michael recently opened his own brokerage, Nevada Desert Realty, which opened in Henderson 89002 this year. Located at 40 E Horizon Ridge Parkway, their office number is 702-803-3389. Anna and Michael are always ready to talk you through the latest Las Vegas real estate news!
