Real Estate News: Las Vegas - Homes Sold in October 2015

Homes For Sale in Las Vegas and Henderson

We have 7870 single family homes listed in the Greater Las Vegas MLS today.  There are 2478 condos, high rise condos and townhomes on top of the single family homes.  Total number of listings is 10,348.  That's a slight increase over 10,203 last month.  In November 2014 we found 10,702 homes for sale.

What Sold in October 2015?

We closed 2342 single family homes through the MLS last month.  High Rise, condos and townhomes accounted for 579 closings.  Total number of homes sold in October was 2921 for the Greater Las Vegas MLS.  That's a drop from 3165 in September.  It still beats the 2788 homes sold in October 2014.  

Distress Sales in LV

We still see short sales but they continue to decline in number.  Last month 165 of the single family homes sold were short sales.  Short sales were involved in another 32 closings if you count condos and townhomes.  Short sales were involved in 6.7% of the homes that sold last month.

157 of the single family homes sold were foreclosures.  64 of the condos and townhomes were foreclosures.  Combined they accounted for 7.6% of the properties sold in October.  Distress sales are down to just 14.3% of the homes sold last month.

Financing

The Las Vegas Real Estate Market continues to see a healthy amount of cash transactions.  Total cash deals last month was 910 or 31.1%.  This figure had slipped to 26.9% last month.  In October 2014 36.3% of the deals were cash.  Conventional mortgages were used in 959 (33%) of October's deals.  FHA and VA financing was used in 34.6% of the homes that sold in October.  This is lower than the 35.5% in September and up from the 31.8% in October 2014.  The number of FHA and VA mortgages used is a reflecting of traditional and first time home buyers.

How Long Will It Take To Sell Your Home?

Pricing your home in line with the market is a key step in getting it sold for the best price.  Almost half, 49.3% of the homes that sold in October went into contract within 30 days.  69% of the homes that actually sold last month went into contract in 60 days or less.  

 Compared to Last Year

• We Have 3.3% fewer Homes for Sale This Year than in Nov. 2014
• We sold 4.8% more homes in October 2015 than October 2014
• Distress Sales - 5.93% lower than 2014. 14.3% in Oct. 2015 compared to 20.23%
• Sold in 30 Days or less - 49.3% compared to 46% last year
• Cash deals in Oct. 2015 at 31.1% compared to 36.3% last year.
• Median Price $220K. Same as last month but up 10.1% over last year.

How's the Las Vegas Real Estate Market?

We're not seeing any dramatic changes in the market.  Traditional single family homes and condos are selling quick in more affordable price ranges.  The high rise market continues to show units sitting on the market longer.  Today's inventory of homes would only last 3.4 months.  The market in general favors sellers.

Las Vegas and Henderson Luxury Homes

We have 374 single family homes priced above $1 Million available.  Luxury condos offer 87 extra options in the higher price range.  Luxury buyers have a total of 461 choices in today's MLS.  We sold 21 luxury homes in October.  We sold 6 luxury high rise condos.

Four of the luxury homes closed for more than $2 Million.  Two of the high rise condos closed for more than $2 Million.  Four of the luxurious residences went into contract in less than 30 days.  The average days on market for the 27 luxury homes sold in October was 103.  

Top 3 Luxury Homes Sold in October

1619 Villa Rica Dr in Seven Hills'  Terracina community was the top home sold in October.  List price of $4,591,000.  Sold for $4,350,000.  The contemporary home was built by Blue Heron in 2015.  It had never been lived in.  It was professionally decorated and sold turnkey.  The home offered 7 bedrooms, 8 baths in 8350 sf (including the casita).  Situated on .8 acres with panoramic views of the Strip, Mountains and Rio Secco Golf course. This home was listed for 107 days.  We represented the buyers on this home.

7 Morning Sky Ln in the Ridges of Summerlin was listed for $3,499,000.  It sold for $3,150,000.  The single story home offered 5 bedrooms, 6 baths in 6311 sf of living space.  It was built in 2007 and offered City views.  It was situated on .75 acres.  This one was listed 63 days before going into contract.

ONE Queensridge Place, Bldg 1, #1503 was third most expensive transaction.  This penthouse was a foreclosure.  It offered 3 bedrooms, 3 baths in 5114 sf.  It had been on the market 47 days before going into contract.  Luxury condos at ONE Queensridge Place can offer incredible views of the Strip and the Mountains.