Nevada Real Estate >> Las Vegas Real Estate Specialist: April 2009

I always try to let my buyer clients know what is going on in the Las Vegas Area REO (foreclosure, bank owned) scene.

Now  everyone is on a heightened sense of urgency since yesterday's good news in the national media (ha, what have I been saying?!?) As if it wasn't bad enough before.......

It is a fallacy to think that since you are the first one to walk through that BRAND NEW listing (few and far between coming online now,) that you are the first one to submit the offer that you will win the prize.

I hate to be so negative but it is time to stop thinking that way. Most REO are subject to a minimum marketing time in the MLS.  This means the property has to sit in the MLS for a couple of days prior to offers being considered.  By then (if it is a juicy underpriced property,) you could end up in a vicious bidding war with no way to tell how it will end.

REO sellers are doing the following in multiple offer situations:  requesting the buyers to send highest and best offers, sending out multiple counter offers (to level playing field) or analyzing all offers to just pick the highest and best.

They are all over the playing field with how they will respond and HOW LONG it will take for them to respond or if they will even respond.

When we submit offers we analyze the MOST RECENT closed comparables with you so you can put in a reasonable offer that will be considered.

..............and hopefully the winner.

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area and want to get in the game with someone who knows how to play the game:

 Please Call  702-966-2494

• Option 1 if you are a Buyer wanting to purchase REO Property.
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 4:  Para español presione el cuatro.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed

Make sure you ask to be signed up for Home Buyer's Scouting Report so you can see the properties when they come online and if you save them in your notebook you can see when they are no longer available or have price changes.

Rentals:

• 336 Listed 4/14/2009
• 18 Under Contract 4/14/2009
• 65 Leased March 2009 
• 5.2 Months Inventory

Resales:

• 897 Listed 4/14/2009
• 52 Under Contract 4/14/2009
• 35 Closed March 2009
• 25.6 Months Inventory (=2.1 years)
  

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

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494.  Press 1 if you are a buyer or press 2 if you are a renter.  For financing options press option 3.  For selling or leasing/property management press option 0.  We will not list condos that have not yet closed with the builder or are not interested in contract reassignments.  Para español presione el cuatro.

Desert Shores March 2009 Real Estate Resale Market Report:

• Listings (4/16/2009):  107
• Under Contract (4/16/2009):  64
• Sold March 2009:  13
• Month's Inventory:  8.2

No report available for last month.

Click here for More Information on Desert Shores Lake Living.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

The rental sector has surprisingly remained stable throughout all this market turmoil!

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.

Units Leased:

• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564
• May 2008:  1554
• April 2008:  1536
• March 2008:  1531 
• February 2008:  1632 
• January 2008:  1500 

 Average Monthly Rental Rates:

• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503
• May 2008:  $1483
• April 2008:  $1467

Median Monthly Rental Rates:

• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275
• May 2008:  $1250
• April 2008:  $1250  

Absorption Rate is stable from last month and remains a Landlord's Market at 2.7 months of inventory 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 Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

Mountain's Edge March 2009 Real Estate Resale Market Report:

• Listings (4/14/2009):  310
• Under Contract (4/14/2009):  213
• Sold March 2009:  63
• Month's Inventory:  4.9

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Summerlin March 2009 Real Estate Resale Market Report:

• Listings (4/14/2009):  929
• Under Contract (4/142009):  401
• Sold March 2009:  109
• Month's Inventory:  8.5

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings DOWN -31 
• Pendings UP +76 
• Sold Units DOWN -16

Last Month's Summerlin Report

If you are thinking about buying, renting or selling a Summerlin Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Summerlin Home
• Option 3 if you are interested in Financing your Summerlin Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Summerlin home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Terms and Definitions for my Market Reports

The absorption rate for Las Vegas Valley Area Short Sales went down slightly for March 2009.  Absorption still remains high and above the two year mark.  Inventory has decreased  (+135 units).  Pending units have increased by +500 units.    Solds have increased by a measely +13 units.  Absorption down by 2 months

There are many reasons for the lack of closings in this market and it is outlined in this post. 

Short Sale Synopsis:

• Listings 4/14/2009: 6698
• Pending 4/14/2009: 3326
• Closed March 2009: 223
• Month's Inventory: 30 (=2.5 Years Inventory.)

Short Sales Currently Account for:

• 37.5% of All Las Vegas Valley Listings
• 6.3% of All Las Vegas Valley Sales
  

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche.  These deals are hard to pull whether it is or is not an experienced agent.  

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

Right now our listing to pending ratio is narrowing.  We are swiftly switching from a stable (neutral) market to a seller's market in the next month.  

Yes, there may be some hidden "shadow" inventory with the moratoriums winding down.  Word on the street is that short sales are currently being accepted in a quicker manner.  Unfortunately this cannot be verified until we see some closes as there are inconsistencies about reporting the status of a short sale in the MLS.  

Loan modification specialists are also reporting that loan modifications are happening.  There is absolutely no solid way to track that number.  

Are the foreclosures coming to a halt or are we going to see an avalanche of new inventory hit the market soon?   No one can say.   

What we have are pendings rising at a record clip and inventory dropping rapidly with not much new stuff coming online.   Here is what the numbers looked like last week when I pulled them for my monthly report:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

Here they are today:

• Listings (4/23/2009):  16903
• Under Contract (4/23/2009):  10723
• Sold March 2009:  3523
• Month's Inventory:  4.8

Is pricing going to go up?  I don't think we will see LIST prices going up but SALE prices will be driven up from the intensity of multiple offer situations. 

Multiple offers have been common and the norm for over a year now on properly priced properties.  Now it is even more intense.   Banks base pricing on BPOs, CMAs or Appraisals (all are differently defined, they are not one in the same.)  Some banks will price to undercut the competition they see.   By doing plenty of BPOs myself, I could properly counsel my buyers that if a property had multiple offers that the net was going to go for between 3-5% above list price. 

Well we have had several buyers lose properties with bids between 15-20% above list in the last couple of weeks.  Basically until we see some closings come up under the recent conditions, there is no solid way for me to counsel on where to properly put that bid in to win and not overpay!   Some good strategies for getting a home (if you have a sense of urgency:)

• Continue to make appointments to see homes
• Make multiple offers on multiple properties
• Prey on the slightly overpriced listings that no one else is looking at
• Give short sales a whirl (even though these have a 20 foreclosures to one close ratio)
• It's always best to interview interview and interview Realtors to find the ones that are actively working this intense market!

  Writing multiple offers and continuing to pound the pavement by making more appointments to getting an offer accepted is the key to getting a home right now.  It's exhausting & you can't fall in love with one home.  Be prepared mentally to do this and don't get caught in a frenzy that will result in buyer's remorse!  

I do have access to a great tool for Home Buyers to track listings they are interested in called "Home Buyer's Scouting Report."  If you are interested please email us or call 702-966-2494 and say "I WANT THE HBSR" and we will get you signed up per your home search criteria.  Even if you are in just the beginning stages of looking, this is the perfect way to watch new listings come online and go offline!  You can even track price changes.  You can also email us at 411@reneeburrows.com to request the site!

Good luck with your home search and it's only "wait and see" where this thing is headed!  All of us active agents are bruised, battered and torn to shreds with all the market changes in the last two years.  At least I will be able to say I survived it in the end!

Rentals:

• 334 Listed 3/25/2008
• 16 Under Contract 3/25/2008
• 50 Leased February 2009 
• 6.7 Months Inventory

Resales:

• 928 Listed 3/25/2008
• 45 Under Contract 3/25/2008
• 19 Closed February 2009
• 48.8 Months Inventory (=4.1years)
  

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

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494.  Press 1 if you are a buyer or press 2 if you are a renter.  For financing options press option 3.  For selling or leasing/property management press option 0.  We will not list condos that have not yet closed with the builder or are not interested in contract reassignments.  Para español presione el cuatro.

This Rhodes Ranch Area resale market report:

• Active Listings (3/25/2009): 385
• Under Contract (3/25/2009): 217
• Sold February 2009:  61
• Months Inventory: 5.9

Rental Market Report:

• Active Listings (3/25/2009): 116
  Under Contract (3/25/2009): 19
• Leased February 2009:  45
• Months Inventory:  2.6

How to read my market reports (definitions and terms!)

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.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494. 

702-966-2494 menu:

• Option 1:  Buyers wanting to purchase a Rhodes Ranch Area Home
• Option 2:  Renters wanting to rent a Rhodes Ranch Area Home
• Option 3:  Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
• Option 0:  Sellers wanting to sell their home in the Rhodes Ranch Area:  We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
• Option 4:  Para español presione el cuatro.

 Inventory has fallen dramatically since last report (-595 units), Pendings have risen +1044 units  Closing data is slightly up at +33 units.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.   Foreclosures are showing NO signs of stopping!

REO sales accounted for 81.2% of all Las Vegas Area Valley resales in February 2009.  REO listings account for only 32.9% of total resale listings.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

• Listings (4/14/2009): 6642
• Under Contract (4/14/2009): 5343
• Sold March 2009:  2194
• Absorption Rate:  1.9 Months

View Last Month's Report Here  

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase REO Property.
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 4:  Para español presione el cuatro.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for March 2009 is a healthy 5.1 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)   Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm! 

Here is a snapshot of valley listings:

(Feb/Mar 2008)  All SFR, Townhome, Condo Listings:

• Listings (3/20/2008):  22,644
• Under Contract (3/20/2008):  4516
• Sold February 2008:  1318
• Month's Inventory:  17.2

(Mar/April 2008)  All SFR, Townhome, Condo Listings:

• Listings (4/16/2008):  21983
• Under Contract (4/16/2008):  5390   
• Sold March 2008:  1747
• Month's Inventory:  12.6 

(April/May 2008)  All SFR, Townhome, Condo Listings:

• Listings (5/13/2008):  21236
• Under Contract (5/13/2008):  6283
• Sold April 2008:  2063
• Month's Inventory:  10.3

(May/June 2008)  All SFR, Townhome, Condo Listings:

• Listings (6/12/2008):  20674
• Under Contract (6/12/2008):  6847
• Sold May 2008:  2418
• Month's Inventory:  8.6

(June/July 2008)  All SFR, Townhome, Condo Listings:

• Listings (7/15/2008):  20744
• Under Contract (7/15/2008):  7092
• Sold June 2008:  2588
• Month's Inventory:  8.0

(July/Aug 2008)  All SFR, Townhome, Condo Listings:

• Listings (8/16/2008):  20559
• Under Contract (8/16/2008):  7070
• Sold July 2008:  3034
• Month's Inventory:  6.8

(August/Sept 2008)  All SFR, Townhome, Condo Listings:

• Listings (10/5/2008):  20795
• Under Contract (10/5/2008):  6793
• Sold August 2008:  2893
• Month's Inventory:  7.2

(Sept/Oct 2008)  All SFR, Townhome, Condo Listings:

• Listings (11/14/2008):  21540
• Under Contract (11/14/2008):  6414
• Sold September 2008:  3115
• Month's Inventory:  6.9

(Oct/Nov 2008)  All SFR, Townhome, Condo Listings:

• Listings (11/14/2008):  21540
• Under Contract (11/14/2008):  6414
• Sold October 2008:  3084
• Month's Inventory:  7.0

(Nov/Dec 2008)  All SFR, Townhome, Condo Listings:

• Listings (12/11/2008):  21715
• Under Contract (12/11/2008):  6320
• Sold November 2008:  2539
• Month's Inventory:  8.3

(Dec2008/Jan 2009)  All SFR, Townhome, Condo Listings:

• Listings (1/12/2009):  21034
• Under Contract (1/12/2009):  6099
• Sold December 2008:  2900
• Month's Inventory:  7.0

(Jan/Feb 2009)  All SFR, Townhome, Condo Listings:

• Listings (2/15/2009):  20201
• Under Contract (2/15/2009):  7291
• Sold January 2008:  2620
• Month's Inventory:  7.7

(Feb/Mar 2009)  All SFR, Townhome, Condo Listings:

• Listings (3/25/2009):  19377
• Under Contract (3/25/2009):  8923
• Sold February 2009:  2678
• Month's Inventory:  7.2

(Mar/Apr 2009)  All SFR, Townhome, Condo Listings:

• Listings (4/14/2009):  17846
• Under Contract (4/14/2009):  10068
• Sold March 2009:  3525
• Month's Inventory:  5.1

Short Sales:

• 37.5% of Listings
• 6.3% of Sales

REO (Foreclosures, Bank Owned:)

• 32.9% of Listings
• 81.2% of Sales

In a Little Under One Month:  Listings are down -1491 units, pendings are up +1145 units, closings are Up +847 units and absorption is up slightly.  Sales are expected to be slightly down during winter months.   Pending inventory is rising at a phenomenal pace.  Compare this to last year's pendings!!

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

Last Month's Report

If you are thinking about buying a home in the Las Vegas Area Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase a home.
• Option 3 if you are interested in Financing your home - (including down payment assistance for first time buyers)
• Option 0 if you are interested in selling your Las Vegas Area home.
• Option 4:  Para español presione el cuatro.

Summerlin February 2009 Real Estate Resale Market Report:

• Listings (3/25/2009):  960
• Under Contract (3/25/2009):  325
• Sold February 2009:  125
• Month's Inventory:  7.68

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings UP 32
• Pendings UP 47 
• Sold Units UP 25

Last Month's Summerlin Report

If you are thinking about buying, renting or selling a Summerlin Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Summerlin Home
• Option 3 if you are interested in Financing your Summerlin Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Summerlin home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Terms and Definitions for my Market Reports

FHA Streamline Refinance Las Vegas, NV

 If you have an FHA loan on your primary residence, you are in luck!  FHA loans have a little known streamline refinance feature that most Las Vegas homeowners are unaware of.  This streamline refinance feature will allow you to capture today's LOWER RATES on your FHA loan without re-qualifying you or your property

 You may be saying to yourself, "I can not refinance my Las Vegas property because I am upside down & I lost my job!"  The great news is that it DOES NOT matter what the current value of your home is & if you have a job.  Why?  When you first qualified for your FHA loan, the lender checked your income, assets, and value of your Las Vegas property.  Per the terms of your FHA loan, you have already gone through that drill once; you should not have to go through that again if the new FHA rate will lower your payment and better your financial situation. 

 The only stipulation that FHA requires is that you have not been more than 30 days late on your FHA loan payment in the last year.  Other than that you are good to go!  You simply take the lower rate and if you find the right lender you don't have to bring in any funds at closing.  Oh ya, and you get to SKIP a mortgage payment! 

 Does this sound to good to be true?  Trust me, it's not!  I have several close personal friends that have already completed this FHA Streamline Refinance on their Las Vegas homes.  They have reduced their interest rates and payments and got a break for a month!  They are ecstatic!  As if I have not delivered enough great news to you, if rates drop again, you can do it all over again!  So you do not have to worry about trying to time your FHA streamline refinance when rates are at their lowest.

 IMPORTANT NOTE: It is imperative that you contact an honest, reliable lender that WON'T rack up the rates, fees, and costs.  If you choose the wrong lender you may end up taking an unnecessarily higher rate and it could cost you extra money that you do not need to be charged.  If you need the referral of a good lender with great FHA rates and low lender fees just let me know.

FHA Streamline Refinance Highlights:

• No New Appraisal
• In many cases, a new credit report is not necessary
• No Income or Asset Verification
• Skip a Mortgage Payment Once Complete
• Must Not Have Been 30 Days Late on Your Payment in the Last 12 Months
• In Many Cases, Little to No Cash to Close
• If Rates Drop Again, You Can Do It All Over Again

10 - You don't want the big let down if you can't get approved after you got your heart set on purchasing a property

9 - If there are errors on your credit report you will have time to get it fixed

8 - You will save energy, time and money

7 - Your odds of working with a great Realtor are better (many Realtors don't even show without a Pre-Approval!)

6 - You will be looking at homes in the right price range

5 - You will have a good understanding of current market rates and a monthly payment when your lender gives you a GFE (good faith estimate)

4 - You will know how much money you need to come up with for a down payment

3 - You will know where your comfort zone is and feel confident when you submit your offer

2 - Many REO (bank owned, foreclosure) sellers will not even accept an offer without a pre-approval letter (most the time from a direct lender)

1 - The Seller will look at your offer to see that it is strong so odds of approval are higher

Underwriting guidelines have changed majorly over the last two years.  Many cannot qualify.  Lots can qualify and they don't even realize it.  It never hurts to see if you can qualify for a home.

Condos have become pretty much unfinanceable due to recent underwriting guideline changes.  Underwriters are not only looking at litigation but they are looking at investor concentration in the subdivision and HOA defaults within the subdivision after they order something called a "condo certification."  A condo certification is basically a questionnaire so the lender can balance risk.

If you are a lender in the Las Vegas area and have successfully closed more than 5 VERIFIABLE transactions since March 1, 2009, near conforming rates and closing fees:  feel free to call or email me for an interview!

Mountain's Edge February 2009 Real Estate Resale Market Report:

• Listings (4/14/2009):  326
• Under Contract (4/14/2009):  186
• Sold February 2009:  50
• Month's Inventory:  6.5

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

• Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
• Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
• Option 4:  Para español presione el cuatro.

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

The rental sector has surprisingly remained stable throughout all this market turmoil!

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.

Units Leased:

• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564
• May 2008:  1554
• April 2008:  1536
• March 2008:  1531 
• February 2008:  1632 
• January 2008:  1500 

 Average Monthly Rental Rates:

• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503
• May 2008:  $1483
• April 2008:  $1467
• March 2008:  1342 
• February 2008:  2788 
• January 2008:  $1500 

Median Monthly Rental Rates:

• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275
• May 2008:  $1250
• April 2008:  $1250
• March 2008:  1200
• February 2008:  1200 
• January 2008:  $1200 

Absorption Rate is stable from last month and remains a Landlord's Market at 2.8 months of inventory 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 Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0