Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: North Las Vegas

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

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

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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.

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 Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084). There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet. Community Amenities Include: Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

• Listings (4/15/2012): 20
• Under Contract (4/15/2012): 36
• Sold March 2012: 12

Sun City Aliante is currently enjoying a seller's market.

Since Last Month: Aliante Sun City, North Las Vegas Listings NO CHANGE, Contracted Homes DOWN -2, Sales UP +3

For Current and Past Sun City Aliante Market Reports

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

More Information on Sun City Aliante 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 absorption rate for Las Vegas Valley Area Short Sales appears to be swinging from a neutral market back to a seller's market as the new year approaches. Since last month:  Active Listing Inventory has DECREASED by -1001 units. Under Contract has INCREASED by +1077 units. Sold units have INCREASED by +57 units.

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

Short Sale Synopsis:

• Listings 4/15/2012: 1964
• Pending 4/15/2012: 11253
• Closed March 2012: 1140

Short Sales Currently Account for:

• 34% of All Las Vegas Valley Listings
• 27% of All Las Vegas Valley Sales

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

Most Current Market Report For Short Sales

Information About the Short Sale Process for Las Vegas Area Short Sale Buyers & Sellers

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

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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.

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

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Click Here to View a List ===>> Most Recent Cobblestone Ridge Homes for Sale

Cobblestone Ridge neighborhood is located in North Las Vegas

There are exactly 738 homes in this neighborhood ranging from  1262-3047 square feet.  Cobblestone Ridge was built between the years of 1995-2002.

Cobblestone Ridge is close to:  retail, restaurants, & professional offices.  It is also close to the I-15 Freeway which provides good proximity to downtown Las Vegas Employment & Entertainment Centers.

Please take a moment to fill out our questionnaires if you would like to:

• Sell a Cobblestone Ridge Home
• Buy a Cobblestone Ridge  Home
• Rent a Cobblestone Ridge Home

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

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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.

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

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Las Vegas Area March 15, 2012 Active Listings by Type

• REO: 1235 (17%)
• Short Sale: 2965 (41%)
• All Other: 3059 (42%)

February 2012 Sales by Type:

• REO: 1623 (44%)
• Short Sale: 1083 (30%)
• Other: 933 (26%)

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.

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 Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084). There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet. Community Amenities Include: Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

• Listings (3/15/2012): 20
• Under Contract (3/15/2012): 38
• Sold February 2012: 9

Sun City Aliante is currently enjoying a seller's market.

Since Last Month: Aliante Sun City, North Las Vegas Listings UP +3, Contracted Homes UP +7, Sales DOWN -7

For Current and Past Sun City Aliante Market Reports

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

More Information on Sun City Aliante 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-March 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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• Foreclosure/Short Sale Listings (2/15/2012): Total Listings 9180; Short Sales: 4156, 45% of all listings; Bank Owned Listings: 1703, 19% of all listings. Short sale and REO listings consume 64% of total listings
• New Home Sales (January 2012, units sold): 216 Year Change -3.6% (excl condo conversions, highrises)
• New Home Sales (January 2012, median price): $207,000 Year Change -0.2% (excl condo conversions, highrises)
• Existing Home Sales (January 2012, units sold): 3483 Year Change +25.0%
• Existing Home Sales (January 2012, median price): $108,000 Year Change: -9.2%
• New Home Permits (January 2012): 317 Year Change -45.2%
• Rental Rate (MLS Monthly Average January 2012): $1447/month

My analysis: Distressed listings (foreclosures and short sales) are 64% of total listings.  This is going down due to AB 284.  We shall see units distressed units listed continue to go down until probably mid summer unless the bill is repealed.  New construction numbers may rise as there will be fewer alternatives to buyers who need something SOON.  Units of homes sold remain impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December 2010 and now opportunistic buyers are gobbling up inventory through the summer and this trend seems to be continuing through winter. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand to the rental market. Las Vegas is an anomoly to the law of supply & demand, anything can happen!

New Residents/Employment Conditions:

• New Residents (February 2012): 5061, Year Change +14.1%
• Total Employment (December 2011): 806,700 Year Change +0.5%
• Unemployment Rate (December 2011) 12.7%, Year Change -2.4%

My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained close to stable for a year. Slight increase with unemployment rate the last two months.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (January 2012): 3,175,897 Year Change +0.3%
• Gaming Revenue (January 2012): $925,487,094, Year Change +21.6%
• Visitor Volume (January 2012): 3,397,998, Year Change +0.4%
• Convention Attendance (January 2012): 538,552, Year Change -12.6%
• Hotel/Motel Occupancy (January 2012): 78.3% Year Change -0.9%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.  Rising gas prices can potentiall hurt this sector and could be a major setback to the recovery of the Las Vegas economy!

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion

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 Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084). There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet. Community Amenities Include: Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

• Listings (2/15/2012): 24
• Under Contract (2/15/2012): 37
• Sold January 2012: 5

Sun City Aliante is currently enjoying a seller's market.

Since Last Month: Aliante Sun City, North Las Vegas Listings UP +3, Contracted Homes UP +7, Sales DOWN -7

For Current and Past Sun City Aliante Market Reports

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

More Information on Sun City Aliante Real Estate Here

More Las Vegas Communities Here

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

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Click Here To View Harmony 2's Newest Listings & Homes for Sale.

Welcome Home To Gated North Las Vegas Community:  Harmony 2!

• 117 Single Family Detached Single Story Homes
• Ranging from 1451-1876 Square Feet
• Built in 2006 by US Home

Harmony 2 is Gated & Immediate Community Amenities Include a Greenbelt, Community Pool, Playground & BBQ Area Close to Retail, Restaurants, Professional Offices & Local Gaming.  Also Close to the I-15 Freeway For Close Proximity to Nellis & Downtown Entertainment & Employment Centers.

Please take a moment to fill out our questionnaires if you would like to:

• Sell a Harmony 2  Home
• Buy a Harmony 2  Home
• Rent a Harmony 2 Home

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

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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

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Las Vegas Area REO Inventory has FALLEN since last report (-332 units), Under Contracts have RISEN by (+72) units Closing data has FALLEN by (-318) units. Low interest rates have spurred a flurry of buyer interest & activity and it continues.  AB 284 IS PREVENTING NORMAL AMOUNTS OF NEW LISTINGS FROM COMING ON THE MARKET CURRENTLY until further notice!

REO sales accounted for 48% of all Las Vegas Area Valley resale closings in December 2011. REO listings account for only 20% of total resale listings.

Current Listed Bank Owned Statistics:

• Listings (2/15/2012): 1703
• Under Contract (2/15/2012): 2835
• Sold January 2012: 1656

View Last Month's Report Here

For Most Current Las Vegas REO Inventory Market 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

 

              

     

         

 

 

 

 

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:

• 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:

• 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:

• 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.

Search for Rental Homes:

• Las Vegas Rental Homes and Condos
• Henderson Rental Homes and Condos
• North Las Vegas Rental Homes and Condos

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

Blog Disclaimer Important Notice

 

              

     

         

 

 

 

 

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

Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084). There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet. Community Amenities Include: Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom.

Sun City Aliante Market Report:

• Listings (1/15/2012): 21
• Under Contract (1/15/2012): 30
• Sold December 2011: 13

Sun City Aliante is currently enjoying a seller's market.

Since Last Month: Aliante Sun City, North Las Vegas Listings UP +2, Contracted Homes DOWN -1, Sales UP +4

For Current and Past Sun City Aliante Market Reports

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

More Information on Sun City Aliante Real Estate Here

More Las Vegas Communities Here

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

Blog Disclaimer Important Notice