The below monthly Las Vegas Real Estate Market Report is brought to you by The Jenson Group luxury realty’s CEO Robert Jenson, who is available for interview/comment. Data in this report covers total Las Vegas and Henderson real estate activity for March 2009*, also providing comparable statistics for the month(s) prior as well as key findings.
Single Family Residences (SFRs) Under $1 Million:
- Number of Listings on Market: 21,332 (1.8% increase from February)
- Quantity Sold: 2,842 (40.5%, 819 unit increase from February)
- Average Sales Price: $167,436 (-6.6%, $11,867 decrease from February) (Down 31%, or $75,576 from July, 2008)
- Number of Foreclosures on Market 1st of Month: 9,160 (1.4%, < 1% change last 90 days)
- Number of Foreclosures Closed: 2,252 (39.6%, a 639 unit sharp jump from February)
- Number of Short Sales on Market 1st of Month: 7,781 (4.9% increase from month prior)
- Number of Short Sales Closed: 193 (17.7%, 29 unit jump from February)
Luxury SFRs Over $1 Million:
- Number of Listings on Market: 776 (3.8% increase from month prior)
- Quantity Sold: 13 (63%, 5 unit increase from month prior)
- Average Sales Price: $1,496,000 (-25%, dramatic slump from February)
- Number of Listings over $3 Million on Market: 186 (No change last 30 days)
- Number of Closings over $3 Million: 0 (Four since October, 2008)
- Number of Foreclosures on Market: 1st of Month 13 (3 units lower, steady 3 month trend)
- Number of Foreclosures Closed: 4 (2 unit increase from February)
- Number of Short Sales on Market 1st of Month: 38 (5 unit increase from month prior)
- Number of Short Sales Closed: 1 (Only two 1MM+ Closings since August, 2008)
Miscellaneous:
- Total Number of SFRs Sold: 2,856 (38%, 781 unit spike over February)
- Total Number of Foreclosures Closed: 2,256 (38%, 610 unit surge over February)
- Total Number of Short Sales Closed: 194 (17.1%, 28 unit uptick from February)
Key Findings:
- SFR Average Sales Price is down 31% in the last 7 months.
- March’s 6.6% Sales Price decline is the second biggest drop in more than a year.
- SFR <1MM Sales are at the HIGHEST point in a year, at 2842 units for February.
- March showed increases in several key stats: number of listings, # of REO listings, # of SS listings, # of sales, # of distress sales, # of short sales.
- March was the strongest sales month in more than a year. March showed a strong improvement over the last two months, showing gains in almost every category except average sales price.
- Distress sales declined for the first time in over a year, down 2.5% to 86% of all sales.
- Inventory of SFR homes peaked in July 2008, and has remained constant between 21,531 units and February’s 20,982 units. March’s 1.8% uptick remains in that range.
- Lower interest rates and a drop in the average sales price under $167,500 for homes <$1M is attracting more bargain hunting Foreclosure and short sale buyers to the Las Vegas market.
*Data as of April 1st, 2009; Does not include new home builder sales
Robert Jenson is the CEO of The Jenson Group, Luxury Real Estate.
Voice – 702-521-8832
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