*REAL ESTATE FAST FACTS*

2011 was a record year for existing home sales. November enjoyed 4,586 existing home sales, increasing this year’s total to 53,679.  With one month left in calendar 2011, Las Vegas has already broken last year’s record of 51,124 existing home sales. 

The number of foreclosures in November was just 982.  While that is 60 more than October, it is considerably less than last year.  Thus far this year, there have been 16,621 foreclosures.  Last year, Las Vegas experienced a total of 17,258 bank repossessions.  In effect, foreclosure statistics for this year and last year will be very similar. 

One statistic was the 6,405 foreclosed units in bank inventory.  That is the lowest total in more than three years (since Oct. 2008).  

The impact of a new Nevada law (AB 285) might make the foreclosure figures artificially low.  The new law requires any NOD (Notice of Default) to include an affidavit stating the financial institution has the actual note, the actual deed of trust and the authority to foreclose the property. 

The new law is hampering foreclosure proceedings in Las Vegas and Nevada. “Are the banks making this problem disappear as they did with last year’s ‘robo-signing’ scandal?”  Foreclosure numbers will climb again.

The median price increase of new homes in November to $207,286. That’s the second highest level this year and a big jump over October. New home sales were up in November (over October), but the figure was just 347. There were just 250 new home permits in November. 

Interesting Las Vegas housing statistics.  The average size of an existing home sold in November tended to range between 1,700 and 1,900 square feet – no matter what the designation (i.e., REO, Short Sale, Auction Sale, Non-Distressed sale). 

There was a drop in inventory.  The number of MLS listings in November fell more than 1,000 units to 11,086.  That’s the lowest monthly total since June of 2010.  That meant the market had a 3.2 month supply. 

The number of new home communities were maintaining at about 240. Cash is king! Almost half of November sales (48%) were cash. 

The Las Vegas economy appeared to be improving.  Unemployment was down from 14.9% last November to 12.5% this year. The resort industry – from the airport to hotel occupancy – continues to show strong improvement. This will help the future of Las Vegas housing. 

      tttTTTt          "Don't Wait To Buy Real Estate, Buy Real Estate and Wait"

Don't Delay Call Me Today! Nicole Ivory Thomas - Real Estate Investment Strategist (702) 335-7082