Every year, I do extensive research about what the previous year brought us. The past several years have been hard to gauge- with so many factors that would surround our local Las Vegas housing market.
We’ve had the proverbial black cloud looming over our heads here in the Valley for the past few years, wouldn’t you agree? News reports of sky-rocketing unemployment rates, some of the highest foreclosure levels in the country along with consumers either not in a financial position or not willing to make a leap-of-faith towards purchasing Las Vegas Real Estate could certainly make an impact in what 2010 dealt us. Even the so-called experts and local economists had a hard time forecasting what would lie ahead.
2010 is now history. And with history comes the data that helps put the whole picture /pieces of the pie together. And in my opinion, those forecasters landed pretty darn close to the target- take a look back HERE– this was the post I wrote almost one year ago. These are the prognostications that a panel of local “experts” presented at the Las Vegas Crystal Ball Seminar.
Heidi’s Analogy of the Las Vegas Real Estate/ Housing Market-
Right now our hand is in the water. The water’s still a little murky, but we can feel the bottom. We can’t see it just yet, but we know it’s there…
So was 2010 THE year of recovery? It’s hard to say this early in the game, however the preliminary stats show us some definite consistency and leveling. This, coupled with reports of restoration on a National level, certainly leads me to believe that if we haven’t hit the bottom here in Vegas, we sure are close…
A QUICK LOOK BACK:
INTEREST RATES AT ALL TIME LOWS
Mortgage rates hit all-time recorded lows. That alone had to assist- allowing buyers to not only receive phenomenal rates- making their mortgage payments significantly lower, but also helped those buyers who may not have qualified at higher rates to purchase a home.
HOMEBUYER TAX CREDIT EXTENSION
Late in 2009 the decision was also made to extend the HOMEBUYER TAX CREDIT through June 2010. The numbers show us that this extension made a HUGE impact. June’s data proves this, as it was our largest month for closings of the year (*SEE NUMBERS BELOW).
FANNIE MAE HOMEPATH PROGRAM
The Fannie Mae Homepath program took its first spin here in Las Vegas. Offering buyers who planned on actually living in the home (versus investors scooping up all the deals) the opportunity to purchase before non-occupied owners/ investors. This program has become a huge success and many families were given an opportunity that they might not have received without it.
VEGAS DEALS ABOUND
Deals, deals, deals galore still surrounded our valley. Between Short Sales, REO’s/Foreclosures, and traditional sellers who understood the importance of pricing their home competitively, Las Vegas created a gold mine loaded with value.
The years sales data also dispayed much consistency throughout the market regarding the types of sales that were happening. The closing numbers reflected, on a pretty even level that the markets closings were: 40% REO’s (bank-owned), 30% Short Sales, and 30% Traditional Sales (although the term “Traditional” has seen some changes).
LISTENING TO OUTSIDERS- DO or DON’T
2010, much like 2009, was a tough year to listen to the National News. Las Vegas is a market of its own. Outside information and data do not necessarily affect what is ACTUALLY happening here. As I suggested to my clients this past year, use caution when referring to what the national broadcasters and reporters present to us.
We are as micro as it gets here in Vegas…..
2010 YEAR END REPORT:
|MONTH||SINGLE FAMILY||CONDOMINIUM/ TOWNHOME||TOTAL||MEDIAN SALES PRICE (SINGLE FAMILY ONLY)|
- Average of Median Sales Price (Single Family Only) for 2010: $137,000- down $6,000 from ’09’s average ($143,000).
- June 2010 reflects end of HOMEBUYER TAX CREDIT with highest sales month for year. 4119 total homes closed in the Greater Las Vegas Valley.
- Approximately 4175 more homes closed in 2009 than did in 2010. Although 2009’s numbers were obviously stronger, with higher median sales price averages, this also showed major signs of stabilization in the Las Vegas Real Estate Marketplace. The average median sales price in 2010 was much more anchored than 2009, which saw a drastic reduction in values early in that year (jumping from $160,000 median all the way down to $136,000 median).
There it is. 2010’s Vegas Real Estate Review. What’s your take on what lies ahead? I know I’ve got my batteries charged, and am ready to jump in to 2011 with both feet!
Would you like data specific to your Las Vegas Valley area or neighborhood? Comment, Call, Text, Email, Send by Carrier Pigeon, or whatever your means :) and I will be happy to provide this to you!
Wishing you and yours a Happy, Healthy, and Prosperous 2011!
As always, if you have any questions regarding Las Vegas Real Estate, or about purchasing or selling or even renting any home in the Las Vegas Valley, please give me a call-
I WOULD LOVE TO EARN YOUR BUSINESS!