Homes in the higher price ranges are experiencing a slowdown and in some neighborhoods price corrections.
As prices continue to rise, less REO's (foreclosures) and Short Sales are available. Currently 90% of our available inventory is traditional sales, Short Sales make up 7%, and REO's are around 3%.
Our overall inventory levels are still around 3 months’ supply with around 7,500 homes for sales. This number has been consistent all year long give or take a few hundred homes.
Notice of Defaults or NOD's are lower than the already lower numbers we have seen over the last several years.
Rental rates are on the rise. I predicted this about 9 months ago and now that the media is picking up on it, investors are gaining interest in buy and hold rentals again since this increase also helps increase their cash flow.
Rates are still very low and builders are offering lots of incentives on new build homes in an attempt to sell off existing inventory. Resales are still much cheaper price per sqft and a better deal in my opinion however we can help buyers with both resales and new builds.
Please review the data and stats below. I would be happy to discuss the market with you in person or in the comments section on this post. Either way, I hope this is helpful to our readers and we look forward to doing business with you in the future!
for the Las Vegas real estate market update as of June 2016.
(To Receive the Report for mobile devices, email Stats@LVrealestateHELP.com for a PDF version)