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>>DALE: Good afternoon. This is Dale Snyder with the Snyder Group at Keller Williams Realty,
here in Las Vegas, Nevada.
Today's topic of discussion is just to give you a quick pulse on the current inventory
in the residential housing market here in Las Vegas.
As many of you are probably are aware, the inventory has shrunk nationwide, specifically
in our market.
Inventory's gone down approximately 40%-50%, prices have gone up as much as 30% in certain
sectors of the city.
As a whole for the year of 2012, prices have gone up about 7% to 10% where about 50% of
the buyers are paying cash right now.
And we're receiving multiple offers on everything we list right now, as long as it's priced
within about 10% of the recent comps.
Now, when I say 10% of recent comps, to clarify - if the last model matched to your home sold
for, say, $400,000 and we list your home at $440,000-$450,000 were receiving multiple
offers and getting buyers to pay over the appraised value if you have a quality product.
If you'd like to have more conversation one-on-one with what's going in the housing market, what
we're projecting to see in the year to come and the following quarter or so - with the
foreclosures and all the other things I'm sure you're thinking about right now that
I'm not addressing.
Please reach out to me, you can find me on our website at dalesnyder.net, our YouTube
channel at Dale Snyder1, and of course we're on Facebook, as well. Just type into that
little search tool The Snyder Group or Dale Snyder and you can find me there, as well.
So let's jump right in.
We're going to be going over just single-family residences in North Las Vegas, Las Vegas,
and Henderson, to start.
We currently have 32,013 homes on the market right now for sale, 9,009 are currently in
contract, meaning the buyer and the seller have agreed on the price and terms, opened
up escrow pending to closing.
In the last 30 days we've seen 2,066 sell and in the last 90 days we've seen 6,468 units
actually closed escrow.
If you look up here and how many in the market and look what's sold in the last 30 days,
we have a little bit more than a month's supply of homes.
We were selling about 3,000-4,000 homes a month. If you look back in 2011, when we have
higher inventory and more bank-owned properties.
You know, we're closing about 4,000 units a month, about 50,000 homes per year. But
that's gone down just because there's less inventory to choose from.
What else I thought was important to note is the price per square foot averages. You'll
see that of the homes on the market the average per square foot is $129 bucks a foot, in contract
$78 bucks a foot, and sold $86 per foot, sold in the last 90 days - $83 per square foot.
This is a generalization but I think the important thing to know here is we're seeing prices
go up drastically. We've seen prices go up as much as 30%, as I've already stated.
What we're seeing is a lot of investors flipping homes on the market and a vast majority of
our inventory right now are equity or traditional sales, where the homes are priced much higher.
So that's why we're seeing this big spike in the price per square foot.
Let's jump into the single family homes, townhomes, condos, because some of you might be wondering
what about townhomes and condos. Keep in mind, this is not including high-rises. High-rises
are a separate beast in itself.
Reach out to me if you're interested in that market or holding a high-rise condo and you
would like a more specific pulse on that market.
So total with condos, single-family homes, we have 4,666 on the market. I broke it down
a little bit more here for you; 920 of those are short sales, 434 of those are bank-owned
homes, 3,212 are traditional or equities.
What a game changer. It was all short sales and REOs [Real Estate Owned], now it's not.
It's more equities in our marketplace.
If we look at what's in contract we have about 14,000 units in contract, of those 11,000
are short sales, 620 are REO's or bank-owned, and 2,300 are approximately are equities.
In closing, the most important thing that I could say to you as a consumer, is notice
how many of the homes are in contract- 14,000.
Only 4,600 are for sale, so most of the stuff you're finding on Realtor.com, Zillow, MLS
searches or whatever, are not actually for sale anymore.
If you're looking at REOs or short sales, there's not that many of them. Most of them
are overpriced equities.
So the most important thing is to get in touch with a great team of realtors and have them
help you with your search. Not individual realtor, a team - that's where you're going
to get the best leverage out of your realtor.
It's Dale Snyder with the Snyder Group at Keller Williams Realty in Las Vegas, Nevada
going over and the inventory and the residential housing market. Have a fantastic day.