December was a typical month is real estate for the greater Las Vegas area, slightly slower than most months of the year, but normal, we usually see a slight slowdown around the holidays.There were a total of 2,615 Single Family, Condominium and Townhouses closed in December 2014.
Real Estate Market Breakdown (Approximate):
82% of the Market was Traditional Resale, for a total of 2,144 homes
10.2% of the Market was Short Sales, for a total of 266 homes
7.8% of the Las Vegas Real Estate Market was REO Sales, for a total of 205 homes
We are seeing a rise in traditional Resale Homes, which is great for the Las Vegas Community home values. With fewer Short Sales and REO sales it shows the market has once again stabilized and fewer people are upside-down or in trouble.
Single Family Residence 7339
Single Family Residence 4331
Sold past 30 days
Single Family Residence 2155
Sold past year
Single Family Residence 28,046
Las Vegas Home Sales- Financing Options Chosen
34% Cash Purchases, 873 home sales
34% Conventional Financing, 880 home sales
23% FHA Financing, 608 home sales
8% VA Financing, 208 home sales
Cash purchases are down from years past; this is great news for FHA and VA buyers looking to enter the market as there is less competition with the cash investor buyer. Interest rates are at a 20 month low, 3.25% FHA, VA, and 3.75% conventional rates. It’s a great time to refinance or purchase and lock in a great 30 year rate. The Radcliffe Group can connect you with a great lender that can help you with your unique situation and loan and share about the best financing loan options available.
Las Vegas Economy
Gas prices are down 25%, we may see airline flight prices drop; and this would be great for Las Vegas. Tourism has been strong; we are expecting a slight uptick, but nothing substantial. Caesars did go bankrupt; we are not seeing any changes to operations at this point.
We promise to keep you updated with the latest real estate market conditions, real estate statistics and happenings in the area.
The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection. Ranking consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also ranked number 1 in 2014 as the top producing individual out of 172 Realtor- Agents in his office.
As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell theirhome for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.