Thursday, July 10, 2014
RESALE AVAILABILITY IN LAS VEGAS REMAINS IN CHECK
RESALE AVAILABILITY IN LAS VEGAS REMAINS IN CHECK
THE BOTTOM LINE...Fundamentals
in the southern Nevada housing market have been improving in 2014,
particularly in the resale market. Resale closing prices edged up to
$164,454 in April (+14.6 percent year-over-year), despite sales volumes
that were below levels posted a year ago. Perhaps more insightful is the
trend in resale availability. Since August of 2013, the number of
available homes listed in the Multiple Listing Service (MLS) has
remained in the 8,000-unit range. More important than the raw number of
homes available is the effective level of inventory (the number of MLS
listings divided by the number of MLS closings) - currently at 2.8
months. A closer look at availability by price range suggests an even
tighter level of availability exists in certain price segments. For
homes priced between $100,000 and $200,000, availability is less than
2.0 months, and for those priced from $200,000 to $250,000, availability
stands at 2.3 months. Homes priced between $250,000 and $300,000
reported availability that matches the market-wide average of 2.8
months. Homes offered at prices exceeding $300,000 are reporting
inventory levels in excess of 4.0 months. Anecdotal reports further
suggest REALTORS® are struggling to find quality homes in desirable
neighborhoods for qualified buyers, particularly for first time or
move-up buyers. Job growth has been a key driver of demand for housing,
and at the same time, the share of investor purchases has been
declining. Cash sales accounted for 4 out of 10 resale closings in
April, the lowest level since the height of the recession. Organic
growth in housing demand (owner-occupants) provides more stability in
the housing market over the long run.
NEW HOME HIGHLIGHTS
New Home Closings: New
home closing volumes have been trending in a relatively tight range
over the past several months. A total of 456 new construction units
closed in April, which was on par with 454 reported in March. However,
compared to a year ago, sales are off 29.8 percent. Year-to-date they
remain down 22.6 percent.
New Home Pricing: Price
points in the new home segment have moderated in recent months,
reaching a median value of $285,089 in April. Despite three consecutive
month-to-month declines, prices are up 19.7 percent from the same period
one year ago. Average price per square foot reached $126, up 15.9
percent on the year.
New Home Supply: New
home permitting volumes totaled 587 units in April, the highest level
in six months. Through the first four months of the year, permitting is
off 18.9 percent from the prior year; and, for the past 12 months,
permits are down 5.1 percent.
EXISTING HOME HIGHLIGHTS
Existing (Resale) Home Closings: The
resale market posted 3,863 closings in April, consistent with March's
total of 3,837. April's tally was 13.3 percent below last year, and
year-to-date resale closings are off 10.2 percent. A total of 46,004
resales closed in the last 12 months (-6.4 percent).
Existing (Resale) Home Pricing: Median
pricing within the resale segment reached a new post-recession high of
$164,454 (+14.6 percent year-over-year). Month-to-month price
appreciation rates are slowing as a more stable balance between supply
and demand has emerged.
Resale Availability (MLS Listings): The
number of resale units listed in the Multiple Listing Service (MLS) was
8,549 in April, holding steady at 2.8 months of effective inventory.
Bank Foreclosures (Repossessions): Foreclosure volumes slid in April to 237 units.
Wednesday, July 9, 2014
Tuesday, July 8, 2014
Las Vegas upswing from recession
2 Las Vegas resorts get overhauls, new names in sign of Sin City's upswing from recession
http://www.foxbusiness.com/markets/2014/07/02/2-las-vegas-resorts-get-overhauls-new-names-in-sign-sin-city-upswing-from/
Brace for another record sale in auction
World’s Longest-Held Ferrari 250 GTO Up for for Another (Possible) Record Sale h Auction—Brace ttp://blog.caranddriver.com/worlds-longest-held-ferrari-250-gto-up-for-auction-brace-for-another-possible-record-sale/
Monday, July 7, 2014
Sunday, July 6, 2014
Saturday, July 5, 2014
Thursday, July 3, 2014
Wednesday, July 2, 2014
Tuesday, July 1, 2014
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