Las Vegas Real Estate During the Holidays
December has long been known as the slowest month in real estate in Las Vegas and across the country. This is thought to be due to the traveling during the holidays. Las Vegas is seeing a small change in that this year, however, as there are more people listing homes and looking to purchase homes. In the city of Las Vegas, there are over 650 new listings and almost 1600 have been reduced in the last few weeks to help get a sale.
November Numbers
That is not to say that the numbers are great. In November, there were almost 3,000 new listings during the first part of the month. However, that number saw a dramatic reduction going into December with only 652 new listings. The number of short sales and foreclosures also saw a bump in November, but this number has decreased into December. This is the normal ebb and flow of real estate, but the good news is that the numbers are better than last year.
Foreclosures and Bank Owned Las Vegas Homes
At this point in December there are 254 bank owned or foreclosures on the market. As one of the most affected markets in the United States during the recession, Las Vegas has seen its share of distressed mortgages and homes. The numbers have dropped significantly over the last few years, but the numbers are expected to go up just a little in 2016. This is largely because the market is getting healthier and the banks will begin to market more of the homes.
Short Sales
A short sale is a different segment of the real estate market than a bank owned home or foreclosure. A short sale is when the owner tries to work with the mortgage lender to sale their home at a loss to the bank. This is to try to avoid foreclosure and the loss of more money. In addition, a short sale is not as damaging to credit as a foreclosure may be.
Average Las Vegas Home Prices
The average Las Vegas home price is $377,266, which is a little over $10,000 less than the average for Clark County. With average Las Vegas taxes of $2,187, the average cost per square foot is $166, which is actually $2 less than the average in Clark County. This is good news for the Las Vegas real estate business.
While December is not the optimal time to be buying or selling your home, it is a good time to get your home ready or get your finances in order for 2016. Whether you go ahead and begin the process now or in the New Year, you will find that the real estate market is becoming healthier, which is good for buyers, sellers, and real estate professionals.