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North Las Vegas, NV Real Estate News

By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Here is what buyers received in seller paid concessions on November 2009 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes: Less than $500:  61% ($500 only buys you a home warranty or (no and) an appraisal) Between $501-4000:  19% Over $4001:  20% This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory!  Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs! Last Month's Concession Stand
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Listed below are the current inventory and December, 2009 statistics for home sales in the North Las Vegas Nevada real estate market. If you have any questions or need more information about real estate in North Las Vegas call me at (702) 339-9700 or email me at JohnNovak@kw.com. I'm looking forward to earning your business! Total Homes Available: 1,821  (as of January 5, 2010)  Single-Family:  1,702  (2.2 month supply*) Condo:  53  (2.3 month supply) Townhouse:  66  (2.5 month supply) Total Contingent and Pending Sales: 2,513  (as of January 5, 2010) Single-Family:  2,312 Condo:  111 Townhouse:  90 December, 2009 Sales: Single-Family:  763  (Price range: $13,200 - $534,900) Condo:  23  (Price range: $34,000 - $90,000) Townhouse:  26  (Price range: $39,900 - $139,000) Sales per month   ...
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Here's a summary of the single-family homes for sale in North Las Vegas. Short sales are responsible for 52.0% of the inventory, while bank owned properties (REOs) equal 22.0%. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Out of 711 single-family homes sold in North Las Vegas in November, 191 (26.9%) were cash sales. At prices below $100,000 cash accounted for 57.7% of sales, accenting the intense competition that first-time homebuyers face from investors. The higher rate of VA financing relative to other areas of the valley can be explained by the proximity of Nellis Air Force Base. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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The mortgage and real estate markets are in the midst of a major overhaul on the heels of the current housing embarrassment. The home loan sector has already seen major regulatory changes, some needed and some of dubious value. And in this climate of political gamesmanship and Wall Street lobbying more is conceivably on the way to favor large financial institutions. Mortgage lenders have also tightened considerably underwriting standards to align their operations to better handle the new market realities. The economically significant housing sector is absorbing changes unimagined just a few years ago. One of them is the fact that homeownership is on a downward slide. The recent New York Fed's study points out that homeownership crested at a respectable 69% in 2006 and now stands at 67.3...
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles. Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom. Sun City Aliante Market Report: Listings (12/15/2009):  47 Under Contract (12/15/2009):  28 Sold November 2009:  9 Absorption Rate: 5.2 Months of Inventory Sun City Aliante is currently enjoying a seller's market. Since Last Month's Report:  Aliante Sun City, North Las Vegas Listings NO CHANGE, Contracted Homes UP +6, Sales NO CHANGE Renee Burrows carries the SRES (Senior Real Estate Spe...
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Homes in North Las Vegas saw average selling prices fall 0.25% from October to November. The median selling price increased 4.00%. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Las Vegas Area REO Inventory has risen since last report (+10 units), Under Contracts have fallen (-543) units  Closing data has vallen (-491 units).  Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.   REO sales accounted for 63% of all Las Vegas Area Valley resale closings in October 2009.  REO listings account for only 22% of total resale listings. Multiple offers are streaming in as banks continue to lower to fire and auction sale prices. Current Listed Bank Owned Statistics: Listings (12/15/2009): 2253 Under Contract (12/15/2009): 3911 Sold November 2009:  2378 Absorption Rate:  0.9 Months (THATS LESS THAN ONE MONTH = VERY LITTLE INVENTORY) View Last Month's Report Here   To find the most recent report, click here
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
In last week's look at the North Las Vegas real estate market, I highlighted sales price, volume, and financing trends. Today I'll break down the different listing types of that market -- REOs (bank owned homes), short sales, and regular sales. Overall we have about 2.4 months of North Las Vegas real estate inventory. When we look each of the listing types, we see that there are three distinct markets. Here are the current figures for North Las Vegas REOs, North Las Vegas short sales, and 'regular' North Las Vegas home sales. Absorption is the number of months it would take to sell the available inventory at current sales rates. (Available Inventory/November Sales = Absorption Rate). There are 3-4 weeks of REO inventory, and almost eight months of short sales. Distressed properties (REO...
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Unsure About Your Options?  (Short Sale, Foreclosure, Deed in Lieu, BK, OH MY!) As a Realtor, it is my job to list and sell homes, it is not my job to counsel you about your options.  I will leave that job to attorneys. If you are unsure about your options, you may want to set some time aside, tomorrow, Saturday December 12, 2009 @ 2:05 PM and listen to an internet talk show called "Veterans in Politics".  The show is hosted by Steve Sanson and his guests will be Deborah Vick and Michael M Later, Esq. Real Estate Attorney.  You are invited to call in at:  (702) 309-6690 / 309-6127 with your thoughts and questions. If you don't have the time, I will switch out the above link with the archived link. You may also contact the Law Offices of Michael M Later, Esq: 2685 S. Rainbow Blvd., Suit...
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Through November of 2009, there have been a total of 8,381 homes sold in North Las Vegas. This area is north of Charleston Boulevard, east of Rancho Road, and west of the I-15 freeway, and includes most of the city of North Las Vegas. The median sale was a 3-bedroom, 1841 square foot home with a selling price of $130,000. Here's a quick look at price, volume and financing trends in the North Las Vegas real estate market. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Listed below are the current inventory and November, 2009 statistics for home sales in the North Las Vegas Nevada real estate market. If you have any questions or need more information about real estate in North Las Vegas call me at (702) 339-9700 or email me at JohnNovak@kw.com. I'm looking forward to earning your business! Total Homes Available: 1,836  (as of December 4, 2009)  Single-Family:  1,721  (2.1 month supply*) Condo:  63  (2.7 month supply) Townhouse:  52  (1.4 month supply) Total Contingent and Pending Sales: 2,695  (as of December 4, 2009) Single-Family:  2,501 Condo:  102 Townhouse:  92 November, 2009 Sales: Single-Family:  710  (Price range: $19,000 - $520,000) Condo:  43  (Price range: $13,000 - $95,000) Townhouse:  20  (Price range: $39,000 - $126,000) Sales per month ...
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Economic Conditions for the Las Vegas Valley October 2009  Housing Conditions: Foreclosure/Short Sale Listings (11/15/2009): Total Listings 10393; Short Sales: 4475, 43% of all listings; Bank Owned Listings: 2243, 22% of all listings. Short sale and REO listings consume 65% of total listings New Home Sales (October 2009, units sold): 441 Year Change -44.7% (excl condo conversions, highrises) New Home Sales (October 2009, median price): $205,000 Year Change -16.0% (excl condo conversions, highrises) Existing Home Sales (October 2009, units sold): 4328 Year Change +35.5% Existing Home Sales (October 2009, median price): $125,000 Year Change: -30.6% New Home Permits (September 2009): 396 Year Change -14.1% Rental Rate (MLS Monthly Average August 2009): $1265/month  My analysis:  Distressed...
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Here's a summary of the single-family homes for sale in North Las Vegas. Short sales are responsible for 52.3% of the inventory, while bank owned properties (REOs) equal 22.2%. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Welcome Home to GATED N Las Vegas Communities:  Allen Manor Gated Community 212 Single Family Homes All Single Story Ranging from 1970-2362 Square Feet Built From 2005-2008 by DR Horton  Located Near the Cross Streets of Allen & Centennial   Good proximity to the new Northern 215 Beltway which makes getting to shopping, restaurants, entertainment and professional offices a snap!  Also close to Aliante Station Casino!View Larger Map
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Out of 790 single-family homes sold in North Las Vegas in October, 228 (28.9%) were cash sales. At prices below $100,000 cash accounted for 56.3% of sales, accenting the intense competition that first-time homebuyers face from investors. The higher rate of VA financing can be explained by the proximity of Nellis Air Force Base. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.  This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting.  More homes available for rent (higher supply) and less renters (lower demand.)  Units Leased: October 2009:  2015 September 2009:  1849 August 2009:  2011 July 2009:  2029 June 2009:  1853 May 2009:  1760 April 2009:  1677 March 2009:  1825 February 2009:  1702 January 2009:  1651 December 2008:  1390 November 2008:  1405 October 2008:  1707 September 2008:  1531  Average Monthly Rental Rates: October 2009:  $1264 September 2009:  $1477 August 2009:  $1255 July 2009:  $1405 June 2009:  $1299 May...
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By John Novak, Henderson, Las Vegas and Summerlin Real Estate
(Keller Williams Realty The Marketplace)
Homes in North Las Vegas saw average selling prices fall 0.68% from September to October. The median selling price decreased 3.85%. To find out more about buying or selling real estate in North Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com. (GLVAR deems information reliable but not guaranteed. Data is for MLS areas 101-103.)
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Welcome Home to GATED N Las Vegas Communities:  Palmilla Townhomes Gated Community 301 Three Story Townhomes with Attached Garages & Balconies Ranging from 1084-1672 Square Feet Built From 2005-2007 by American Premiere  Located Near the Cross Streets of Tropical & Centennial Community Amenities Include:  Playground, Pool & Spa  Palmilla Townhomes are located near shopping.  Good proximity to the Northern 215 Beltway/Decatur which can get you to the New Aliante Station Casino quickly!   View Larger Map  
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By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles. Sun City Aliante is located in the Aliante Area of North Las Vegas, NV (zip 89084).  There are 1829 homes in Sun City Aliante ranging from 1157-2104 Square Feet.  Community Amenities Include:  Community Golf, Clubhouse, Gym, Pool, Spa, Tennis, Recroom. Sun City Aliante Market Report: Listings (11/15/2009):  47 Under Contract (11/15/2009):  22 Sold October 2009:  9 Absorption Rate: 5.2 Months of Inventory Sun City Aliante is currently enjoying a seller's market. Since Last Month's Report:  Aliante Sun City, North Las Vegas Listings are UP +12, Contracted Homes DOWN -10, Sales UP +1 Renee Burrows carries the SRES (Senior Real Estate Spec...
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