Hey My Friends ,
Is cash still king? Probably so, but cash buyers are backing off giving everyone else a golden opportunity!
Only 18% of homes in July sold to cash buyers. 82% of buyers obtained some sort of financing. 49% received a conventional loan, 18% FHA, 12% VA and 3% some other type of financing.
Homes on average sold for 98% of the list price. So if a home was listed for $100K it probably sold for around $98K.
The sweet Las Vegas boom or bust economy is actually stabilizing.
Here’s a quote from GLVAR President Janet Carpenter in the RJ this week: https://www.reviewjournal.com/business/housing/las-vegas-housing-market-most-stable-in-20-years-says-glvar-president-1820876/?fbclid=IwAR0_3lRKKVNy56h2DOl-rUoxF8vDxvmFpjN-eUQ0JV0JSQt3SC2PWqh1gfk
“We’re running out of synonyms for stable,” GLVAR President Janet Carpenter, of Signature Real Estate Group, said in a statement. “Local home prices are appreciating, but at a more gradual rate than they have been in many years. As we’ve been saying for months, the local housing market hasn’t been this stable in nearly 20 years.”.
As of today there are:
Single Family Homes
7,756 Single family homes for sale
7,562 of those homes are “Regular Sellers”
70 are Short Sales,
125 are Bank Owned
3,879 Homes that have contingent or pending offers
11,697 Sold in the past 120 days.
The median home sale price for last month was $305,000 or $168.5 per square foot.
Condos & Townhomes
1,911 Condos & Town homes for sale
1,868 of those properties are “Regular Sellers“
17 are Short Sales,
26 are Bank Owned
952 Condos & Town homes have contingent or pending offers
2,849 Sold in the past 120 days.
The median Condo and Town home sale price last month was $175,000 or $151 per square foot.
If you’d like an update on how much your home is worth, I’d be happy to send you a list of comparables along with a complete market analysis.
Have a great month, and please continue to refer your family and friends to me!!