Nevada Real Estate >> Las Vegas Real Estate Specialist

Nevada Trails April 2012 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (5/15/2012): 11
• Under Contract (5/15/2012): 43
• Sold April 2012: 13

Since Last Month: Listings are DOWN -6, Pendings are DOWN -2, Closes are UP +3

Last Month's Nevada Trails Market Report

View Nevada Trails Homes For Sale Here (Updated Daily)

More Information on Nevada Trails Real Estate Here

More Las Vegas Communities Here

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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**The Freefall Inventory Plunge Continues in Las Vegas!!!**

We are still squeezed for inventory.  New REO listings are few and far between thanks to AB 284 with currently no end to that drama in sight.  Multiple offers on well priced homes are widespread. Everyone from first time buyers to investors are taking advantage of "opportunity".

Read more about Las Vegas Real Estate Inventory Analysis here and consumers may comment on this post.

Las Vegas Area Real Estate Market Watch was created for informational purposes only.

This is for all the buyers wondering "where is the inventory"? The inventory is here, this graph shows that buyer interest is extremely high and gobbling up all that new inventory coming online!

This is also for people saying "shadow inventory exists"! Well I believe it exists but it also exists in Las Vegas short sales which has tripled to quadrupled it's formerly stagnant close ratio since late spring.

These are Listing/Under Contract & Pending/Sold Trends from December 2007-May 2012.

Contracted closings are stalled because of the large amount of Las Vegas short sales that are contracted.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Las Vegas High Rise Rentals:

• 220 Listed 4/15/2012
• 29 Under Contract 4/15/2012
• 64 Leased March Inventory
• Low Leased Price: $625/Month (Wimbledon)
• Median Leased Price: $1650/Month (Sky)
• High Leased Price: $8500 (Panorama)

Las Vegas High Rise Resales:

• 397 Listed 4/15/2012
• 177 Under Contract 4/15/2012
• 79 Closed March 2012
• 5.0 Months Inventory
• Low Sold Price: $39000 (Lake Las Vegas)
• Median Sold Price: $155000 (Palms Place)
• High Sold Price: $1495000 (Turnberry Place)

This Market is extremely volatile due to the boutique nature and lack of condominium financing. Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "HIGH RISE" field. Information is deemed reliable but not guaranteed.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):

• Active Listings (4/15/2012): 88
• Under Contract (4/15/2012): 363
• Sold March 2012: 104
• Low: $47,000 (Vistana)
• Median: $121,000 (Huntington)
• High: $410,000 (Rhodes Ranch)

Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)

• Active Listings (4/15/2012): 132
• Under Contract (4/15/2012): 37
• Leased March 2012: 96
• Low: $650/month (Arby Condo - Esplanade)
• Median: $1185/month (Wineridge)
• High: $2995/month (Rhodes Ranch)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

Rhodes Ranch Area Community Information, Listings & Homes for Sale

Rhodes Ranch Area Most Recent Real Estate Market Report

More Las Vegas Communities Here

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Cash is the obvious dominator with overall Las Vegas Area REO Purchases. Cash not only dominates but CRUSHES financed purchases under $75000. The primary reason is the stuff priced under $75000 is unhabitable and ineligible for financing or is condo ineligible for financing.

Asset managers for REO also may choose cash offers that may be lower than financed simply because financed offers have exceeded their appraised price on the property or because there are less contingencies and they can close quicker (which takes the asset - or liability - off of their books quicker.)

Condo financing is currently a challenge in the Las Vegas Area. Lenders want to see low investor concentration, low HOA deliquencies and no construction defect or other litigation against HOA or community. To determine if a condo is eligible for financing, a condo certification may be ordered from the HOA (this does cost money) and have it run by an underwriter.

Whether you are all cash or a financed buyer, you can search Las Vegas Area (Henderson & North Las Vegas too) homes right here for free and no obligation!

View other REO Stats for the Las Vegas Valley!

Last Month's Las Vegas Area REO Financing Profile Report

Learn More About Buying Las Vegas REO

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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Las Vegas Area "Communities At a Glance" Real Estate Market Report for March 2012

What is Absorption Rate?

Absorption rate is basically a report of inventory amounts & trends. It is important for placing offers, pricing new listings and in general understanding where the market is heading. It shows trends in a “monthly format” which gauges how many months it will take for the market to currently “absorb” all of the invententory. You can read more in depth about absorption rate and how it impacts listing a home or buying a home right here.

To View Community Descriptions or See Current Homes for Sale in the above Las Vegas Communities, simply click on the photos below for the specific communities. Listings & Homes for sale are IDX feeds and updated daily (no stale listings,) sorted by the newest listings first:

These Las Vegas Communities do not yet have descriptions up but you are still able to see their newest Homes for Sale (links updated daily)

Silverado Ranch Real Estate & Homes for Sale

Charleston Heights Real Estate & Homes for Sale

Sun City MacDonald Ranch Real Estate & Homes for Sale

Sun City Aliante Real Estate & Homes for Sale

Sun City Anthem Real Estate & Homes for Sale

Sun City Summerlin Real Estate & Homes for Sale

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Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)

Units Leased:

• March 2012:  3031
• February 2012:  2835
• January 2012:  2471
• December 2011:  2114
• November 2011:  2290
• October 2011:  2399
• September 2011: 2535
• August 2011: 2750
• July 2011: 2396
• June 2011: 2485
• May 2011: 2376
• April 2011: 2342
• March 2011: 2307
• February 2011: 2253
• January 2011: 2002
• December 2010: 1889

Average Monthly Rental Rates:

• March 2012:  $1621
• February 2012:  $1347
• January 2012:  $1447
• December 2011:  $1307
• November 2011:  $1328
• October 2011:  $1355
• September 2011: $1279
• August 2011: $1422
• July 2011: $1434
• June 2011: $1765
• May 2011: $1257
• April 2011: $1207
• March 2011: $1497
• February 2011: $1501
• January 2011: $1449
• December 2010: $1563

Median Monthly Rental Rates:

• March 2012:  $1095
• February 2012:  $1080
• January 2012:  $1095
• December 2011:  $1095
• November 2011:  $1095
• October 2011:  $1100
• September 2011: $1145
• August 2011: $1125
• July 2011: $1125
• June 2011: $1150
• May 2011: $1150
• April 2011: $1100
• March 2011: $1100
• February 2011: $1100
• January 2011: $1100
• December 2010: $1100

Las Vegas Area remains a Landlord's Market in the Rental Sector for the Las Vegas Valley.

How to check to see if the home you are renting is in default

Last Month's Las Vegas Area Rental Home Report

How to Rent a Home in Las Vegas - Fill Out the Form on this page to rent or ask for property management services.

Typical Move in Costs for Renting a Las Vegas Home

Search for Rental Homes:

• Las Vegas Rental Homes and Condos
• Henderson Rental Homes and Condos
• North Las Vegas Rental Homes and Condos
• Las Vegas Luxury Rental Homes
• Las Vegas Homes for Rent with Pool

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Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Siena (Sun Colony, not a true "Sun City" but appropriate age restricted community for this report) is located in the Summerlin Area of Las Vegas, NV (zip 89135). There are 2029 Homes in Siena ranging from 1034-3875 Square Feet. Community Amenities Include: Guard Gated, Community Golf, Pool, Tennis, Gym, Clubhouse.

Siena Sun Colony Market Report:

• Listings (4/15/2012): 53
• Under Contract (4/15/2012): 27
• Sold March 2012: 6

Siena Sun Colony Summerlin is currently enjoying a stable to buyer's market. Since last month: Listings are DOWN -4, Pendings are UP +5, Units sold are DOWN -3

For Current and Past Siena Sun Colony Market Reports

View Siena Sun Colony Homes For Sale Here(Updated Daily)

More Information on Siena Sun Colony Real Estate Here (Includes Video & Map)

More Las Vegas Communities Here

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Here is what buyers received in seller paid concessions on February 2012 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

• Less than $500: 73% ($500 only buys you a home warranty or (no and) an appraisal)
• Between $501-4000: 18%
• Over $4001: 9%

This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory! Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs!

Last Month's Concession Stand

Most Current Concession Stand

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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The Lakes March 2012 Real Estate Resale Market Report:

• Listings (4/15/2012): 38
• Under Contract (4/15/2012): 63
• Sold March 2012: 20

Since Last Month's Report: Listings DOWN -8, Pendings UP +15, Sold Units DOWN -5!

For Current and Past The Lakes Market Reports

View The Lakes Homes For Sale Here (Updated Daily)

More Information on The Lakes Real Estate Here

More Las Vegas Communities Here

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Las Vegas Real Estate Inventory is seeing a major decrease as the aftermath of NV AB 284. Active listings are down again for the 15th month in a row! 2012 will be another interesting year for Las Vegas Real Estate!

Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)

• Listings (4/15/2012): 5817
• Under Contract (4/15/2012): 15560
• Sold March 2012: 4219

Short Sales:

• 34% of Listings
• 27% of Sales

REO (Foreclosures, Bank Owned:)

• 17% of Listings
• 43% of Sales

In One Month: Listings are DOWN -1442 units, Contracted Listings UP +895 units, Sales are UP +580 units. Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times.

DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!

Last Month's Pending Report

For Most Current Las Vegas Real Estate Inventory Market Report Click Here.

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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Las Vegas hotels are well known for their lavish tropical resort hotel pools with no lack of aesthetically pleasing sun kissed bodies in these desert oasis’.

One of Las Vegas’ best kept secret was the debauchery of the Las Vegas hotel pool party long before The Hard Rock pool came out with their Rehab Las Vegas reality show!  Now almost every hotel has their version of the Las Vegas pool parties and you can find them almost every day or night of the week!

If you happen to hit Las Vegas on a day there are no pool parties – I encourage you to rent a pool cabana or bungalow with several of your besties for the day!  They are less expensive during the week than they are weekends & holidays.  Generally the Las Vegas pool cabanas come with goodies like water and fruit with poolside cocktail & food service available.  Even as a local, I like renting a pool cabana  at one of these fine resorts several times a year for a “mini get away” from Las Vegas daily grind!

This post is a guide for locals and tourists alike that are looking for some Las Vegas Pool Party action and part of my “Skip the Strip” Las Vegas Lifestyles Series.

So here are my TOP PICKS for off strip Las Vegas Pool Parties (click on links to hotels for current information and pricing):

Hard Rock Pool Las Vegas: They feature three different pool parties!  Revel on Saturdays & Relax (Industry Day) on Mondays.   The pool party in Las Vegas made popular by the reality show is:  Rehab Las Vegas on Sundays.

Palms Pool Las Vegas: The Palms Pool Party is on Friday and it is called “Ditch Friday”.

M Resort Pool Las Vegas:  The M Resort (a newer yet hip place a little far off of the beaten path) has a pool party on Saturdays called “M Pool Live”.

Wet Republic:  at MGM Grand, check out their event calendar for scheduled parties.

Encore Beach Club:  Encore’s party “Recess Friday” is obviously on Friday 

I couldn’t find any current information about the Rio Hotel Las Vegas’ famous Voodoo Beach & The Voo pool parties but am including the link – just in case they add one!

Have fun and be safe!  Remember to drink a lot of water especially if you are consuming alcohol on those hot days EVEN if you are in a Las Vegas pool – you can still get dehydrated VERY quick!

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 89044). There are 7312 Homes in Sun City Anthem ranging from 1080-4567 Square Feet. Community Amenities Include: Community Golf, Gym, Pool, Spa, Tennis, Clubhouse and Recroom

Sun City Anthem Market Report:

• Listings (4/15/2012): 103
• Under Contract (4/15/2012): 90
• Sold March 2012: 29

Since Last Month's Report: Listings DOWN -21, Contracted Escrows UP +23, Solds NO CHANGE. Sun City Anthem is currently enjoying a seller's market.

For Current and Past Sun City Anthem Market Reports

View Sun City Anthem Homes For Sale Here (Updated Daily)

More Information on Sun City Anthem Real Estate Here

More Las Vegas Communities Here

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Summerlin March 2012 Real Estate Resale Market Report:

• Listings (4/15/2012): 402
• Under Contract (4/15/2012): 700
• Sold March 2012: 234

Since Last Month's Report:

• Listings DOWN -66
• Pendings UP +3
• Sold Units UP +52

For Current and Past Summerlin Market Reports

View Summerlin Homes For Sale Here (Updated Daily)

More Information on Summerlin Real Estate Here (Includes Video & Map)

More Las Vegas Communities Here

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Mountain's Edge March 2012 Real Estate Resale Market Report:

• Listings (4/15/2012): 103
• Under Contract (4/15/2012): 377
• Sold March 2012: 80

Since Last Month: Listings are DOWN -42, Pendings are UP +35, Sales are UP +17

Last Month's Mountain's Edge Market Report

View Mountain's Edge Homes For Sale Here (Updated Daily)

More Information on Mountain's Edge Real Estate Here

More Las Vegas Communities Here

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Las Vegas Area April 15, 2012 Active Listings by Type

• REO: 1018 (17%)
• Short Sale: 1964 (34%)
• All Other: 2835 (49%)

March 2012 Sales by Type:

• REO: 1812 (43%)
• Short Sale: 1140 (27%)
• Other: 1267 (30%)

This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.

Click here to see last month's Listing and Sales Type Report

Click here to view the most recent stats

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

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Silverado Ranch March 2012 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (4/15/2012): 47
• Under Contract (4/15/2012): 218
• Sold March 2012: 61

Since last month: Listings are DOWN -22, Under Contract UP +13, Sales are UP +10. The Silverado Ranch Area is Currently Enjoying an EXTREME Seller's Market.

For Current and Past Silverado Ranch Market Reports

View Silverado Ranch Homes For Sale Here (Updated Daily)

More Information on Silverado Ranch Real Estate Here

More Las Vegas Communities Here

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Desert Shores March 2012 Real Estate Resale Market Report (Homes For Sale/Under Contract/Sold):

• Listings (4/15/2012): 29
• Under Contract (4/15/2012): 61
• Sold March 2012: 21

Since Last Month: Listings are DOWN -5, Pendings are UP +2, Sold Units are UP +10

For Current and Past Desert Shores Market Reports

View Desert Shores Homes For Sale Here (Updated Daily)

More Information on Desert Shores Real Estate Here

More Las Vegas Communities Here

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Age Restricted (55+) Communities are scattered throughout the valley. Many offer a variety community amenities for Seniors who enjoy active lifestyles. For More Sun Cities, Click Here!

Sun City Summerlin is located in the Summerlin Area of Las Vegas, NV (zip 89134). There are 3470 homes in Sun City Summerlin ranging from 1021-4051 Square Feet. Community Amenities Include: Community Golf, Tennis, Gym, Pool, Spa, Recroom

Sun City Summerlin Market Report:

• Listings 4/15/2012: 62
• Under Contract 4/15/2012: 43
• Sold March 2012: 12

Since Last Month: Listings are DOWN -5, Contracted Escrows are UP +4, and Sold Units are DOWN -7

Sun City Summerlin is currently enjoying a stable market.

For Current and Past Sun City Summerlin Market Reports

View Sun City Summerlin Homes For Sale Here (Updated Daily)

More Information on Sun City Summerlin Real Estate Here

More Las Vegas Communities Here

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Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is enjoying! It is important to understand how a seller looks at each financing type:

Cash Offers: Generally have less contingencies and quicker close times. A cash offer may be accepted even if it is lower than a financed offer.

Conventional Financing: Less strict with lender required repairs but larger down payments and more strict credit guidelines.

FHA/VA Financing: Requires more scrutiny with lender required repairs via appraisal. In general these take longer to underwrite and close so a cash or conventional offer looks more enticing to the seller. FHA Requires the deed to be seasoned for several months so some flips bought at trustee's sales are generally out as options when competing with multiple offers!

Other: Less common and creative financing types such as Lease Options, OWC (Owner Will Carry), etc. The "other" category INCLUDES auction terms!!

Last Month's Report

Most Current Las Vegas Sold Terms and Trends Report

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice