Real Estate News: The Numbers; 22.2% Increase in Seller's Market Summer 2013

Summer is Hot in Southern Nevada; Not Just the Weather

Seller's Real Estate Market 

22.2%

 Seller's Real Estate Markets

The seller's real estate market is hot in Southern Nevada. The Greater Las Vegas Association of Realtors (GLVAR) announced, "Strong demand and a tight housing supply continue to push up home prices in Southern Nevada, showing existing home prices are now 30 percent higher than one year ago" (GLVAR, April 9, 2013).  Las Vegas, Henderson, and North Las Vegas have more buyers than available houses to buy. Dave Tina, the GLVAR president shared information about the real estate market and said that housing prices have risen and there's about a five-week supply of homes available to sell each month.  The GLVAR reported there are  more "traditional" sellers - compared to lenders, who are responsible for the short sales and foreclosures which have dominated the real estate market in recent years. Tina said "traditional" sales "account for more than half of all local home sales so far in 2013."

JUST SOLD!

Get Ready to Sell Your Home

Realty Executives has a five-step checklist to follow if you need to get ready to sell your home.
The Las Vegas Valley hot real estate market means serious buyers are often willing to pay more than list price. Forbes Magazine published "Check out the Hottest Seller's Markets: Prices Are Rising by Double Digits, Competition Is Keen and Houses Sell Fast"  March 1, 2013. The article stated, "The three key criteria to qualify as a hot seller’s market? Median list prices must have risen by double-digit rates between January 2012 and January 2013; inventory levels of homes available for sale must have dropped significantly during the same period; and houses must be selling faster than the national median. Nationally, according to Realtor.com, median list prices were slightly up for that time, increasing 0.80 percent; inventories dropped by a median 16.47 percent, and the median time from listing to sale was 108 days."  If you are a seller, here are key points to spot in a seller's market:

Take The Real Estate Temperature

• Inventory is very low as compared to previous months / years.
• Less than six months of inventory is on the market.
• Comparable sale prices are lower than active listing prices.
• More buyers are purchasing, resulting in higher closed sale numbers.
• Follow the monthly median housing sales prices.  Median house prices increase,
• Look for "For Sale signs". Few signs are posted or the signs have been up for only a few days before a pending or sold sign is posted.

(Elizabeth Weintraub, "Hot, Cold and Neutral Real Estate Markets"

The Nevada Business Magazine's George McCabe published "GLVAR reports rising home prices in Southern Nevada" May 10, 2013.  He wrote, "Statistics released today by the Greater Las Vegas Association of REALTORS (GLVAR) show existing home prices in Southern Nevada continue to increase and are now nearly 31 percent higher than they were one year ago". The median list price for a single family home in May 2013 was $164,990, an increase of 3.2% from March, and +22.2% from May 2012.

 If you feel the heat and you want to take your real estate temperature, contact Jill Paige at Jill Paige Homes (jillpaige@realtyexecutives.com and (702) 595-2922).