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

Posted by Debbie Drummond on Thursday, October 8th, 2015 at 12:05pm.

Homes For Sale in Las Vegas and Henderson

There are 7799 single family homes listed for sale in our MLS.  Condos, townhomes and high rise condos offer 2404 options to today's home buyers.  That's a total of 10,203 homes for sale.  That's only slightly higher than last month's 10,114.  It is lower than the 10,530 in October 2014.  

What Sold in September 2015?

Las Vegas Real EstateWe sold 2609 single family homes through the Las Vegas MLS in September.  We sold 556 condos, townhomes and high rise properties.  The total number of homes sold in the Las Vegas area was 3165.  That isn't bad for a month that included back to school plus Labor Day week-end.  

We sold a total of 3358 homes in August 2015.  Homes that close in September go into contract in August.  Everyone is enjoying the last days of Summer and we expect closings to drop in September.  Not surprising that we came in with 3165 last month.  In September 2014 we sold 2907 homes.  We sold 258 more homes this year compared to last year.  

Distressed Sales in Las Vegas

Short sales accounted for 180 of the single family homes.  37 of the condos and townhomes sold in September were short sales.  That's about even with 213 in August.  It's a nice drop over 309 short sales in September 2014.  

Foreclosures were involved in 182 of the single family homes sold and 42 of the condos sold in September.  Down from 236 foreclosures in August 2015 and 254 in September 2014.

Short sales and foreclosures combined are down to 13.9% of the homes that sold in September 2015.  It's .5% higher than last month but a healthy drop from 19.3% in September 2014.  Better yet is the improvement over 34% distress sales in 2013.

Financing

First Time Home BuyersCash deals dropped to 26.9% in September.  Two per cent lower than August and 10% lower than September 2014.  Conventional mortgages were used in 35.1% of the homes sold in September.  Up from 34% in August and 33% in September 2014.  FHA and VA financing is up to 35.5% of the home purchases compared to 30.5% of the homes sold in September 2014.  This is a good sign that first time home buyers are coming back to the market.

How Long Does it Take to Sell Your Home?

 Out of the homes that sold in September, 49.2% went into contract in 30 days or less.  68.5% of the homes sold in September went into contract in 60 days or less.  In September 2014, 47% of the homes sold went into contract in 30 days or less.  In September 2013, 60% sold in 30 days or less.  

Compared to Last Year:

  • We have 3.1% fewer homes for sale, 10,203 compared to 10,520 last year
  • We sold 8.9% more homes this September, 3165 compared to 2907 in Sept. 2014
  • Fewer Distress Sales - 13.9% of the market, a 5.4% drop from 19.6% in Sept. 2014
  • Sold in 30 Days or Less - 49.2% compared to 47% last year
  • Cash Deals dropped to 26.9% compared to 34% last year
  • Median Price $220K, same as last month but 8.6% higher than the $202,500 of last year 

How's The Las Vegas Real Estate Market?

The market still favors sellers for single family homes, condos and townhomes.  Over the past year we averaged 3002 homes sold per month in Las Vegas, North Las Vegas and Henderson.  The 10,203 homes that are listed would be absorbed in 3.4 months if no new homes came on the market.  Less than six months inventory is a seller's market.  The high rise market still favors buyers.  We have over 10 months supply of inventory available.

Las Vegas and Henderson Luxury Homes

Luxury Home buyers have 467 homes priced at $1M plus in Las Vegas and Henderson.   They can choose from 374 estates or 93 luxury condos.  

We sold 23 luxury homes priced above $1 Million and 2 high rise condos priced above $1M in September.  We've averaged 28.6 luxury homes per month over the past year.  The 467 luxury homes we have listed would last 16.3 months if no new homes came on the market.  The supply of luxury homes favors buyers but the best homes do not last.  

Five of the luxury homes that sold in September were on the market less than 30 days.  The average days on market for the luxury homes that sold last month was 144.  One home lingered on the market for 834 days before selling for $1.2M.  Original list price was $1.95M.

Top 3 Luxury Homes Sold in September

Red Rock Country Club in Summerlin25 Painted Feather Wy in the Ridges of Summerlin - List Price $4,399,900.  Sold for $4,250,000 after 90 days on the market.  This 9013 sf home offers Strip, Mountain and Golf course views on .65 acres.  The contemporary home was built in 2006 and featured 6 bedrooms, 8 baths, pool, spa and 4 car garage.  It was purchased with a conventional loan.

2592 Red Arrow Dr in Summerlin's Red Rock Country Club - List Price $3,750,000.  Sold for $3Million.  The 6648 sf home offers golf and mountain views.  Built in 2004 it features 5 beds, 6 baths and a 4 car garage.  It was purchased with a conventional mortgage after 77 days on the market.

10 Corral de Tierra Pl in Henderson's Anthem Country Club - List Price $2,499,000.  Sold for $2.3 Million.  Built in 2007, this Spanish style home offers Strip, City and Mountain views.  The home features 5 bedrooms, 8 baths in 5922 sf plus a 1306 sf basement.  Parking garage for 4 cars.  It was purchased with a conventional mortgage after 188 days on the market.

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Debbie Drummond  is a Full Time Realtor with over ten years experience in the Las Vegas Real Estate Market. She and her team of Real Estate Pros offer the highest level of service.  If you’re buying or selling a Las Vegas home, call (702)354-6900 or email Debbie@LVHomePro.com. They’ll be happy to assist you in your move.

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