Nevada Desert Realty Gives Las Vegas Housing Market Update for March 2016

Las Vegas, NV, August 04, 2016 --(PR.com)-- The Las Vegas housing market is one of the most interesting to watch. It was one of the worst affected by the housing market crash in 2008 and many have gotten lucky from purchasing after the crash and others have lost thousands and thousands of dollars from their Las Vegas real estate investments. The Las Vegas housing market has definitely been one of the most dramatic the last 10 years and many other cities throughout the United States stay tuned to the ups and downs. Throughout the last year the market has stabilized in Las Vegas and the surrounding areas. The major indicators of a stable market is the low percentage of distressed listings, stable and slowly climbing home prices, and between 3 and 4 months worth of inventory.

In March, there were 3,355 real estate listings on the Las Vegas Housing Market which sold. The total sold homes, condos and townhouses increased by almost 800 closings from February 2016. Of those purchases there were over 900 cash purchases, an increase of 128 from the month of February. 1172 of the closed transactions were financed through conventional loans. 874 were FHA loans, and 237 were VA loans.

Of the 3,355 sold homes, townhouses and condos in Las Vegas, 2,177 of those transactions were traditional listings. A traditional listing is when a homeowner is able to sell their home and pay off what is left on their mortgage and can walk away from the home after close of escrow. High percentages of traditional listings show that homeowners are able to pay their mortgage and have equity in their homes. They are able to sell without having to negotiate with their lender if they still have a mortgage. If a homeowner wishes to sell and still has a mortgage, all they have to do is request a payoff statement from their lender which they will give to their title company once in escrow. The title company, one they receive the funds for the sale of the home from the buyer, will disburse the money to the lender and the involved real estate agents. Once everyone is paid, the seller will get the remaining balance. The percentage of sold homes that were traditional sales increased 2% from February to March.

There were a total of 7,142 new Las Vegas real estate listings in March 2016, making the total active real estate listings in Las Vegas reach 23,246. There is approximately 3.5 months of supply which has been a consistent number for the past several months. There are 634 new short sale listings, and 190 REO or foreclosure listings in March 2016. The average days on market is 45. The average price per square foot of new listings is $125 and the new listings median price is $299,713. This is over $1000 over the median list price of homes listed before March 2016 which is $228,101. The median closed price for homes sold in March was $224,950.

Nevada Desert Realty is owned by Michael and Anna Klinger. The Klingers have been in Las Vegas real estate for almost 15 years and have helped many people purchase their first home, purchase a bigger home, invest in real estate, and sell homes. The Klingers’ favorite part of each transaction is negotiating on behalf of their client to get the best price possible and meeting new people that require their real estate assistance. Nevada Desert Realty is located at 40 E Horizon Ridge Parkway #101 in Henderson NV 89002 and their office number is 702-509-1446.