The Real Estate Report • The average days on market fell by 7.8% year-
over-year to 58 from 63. Month-Over-Month
• Median home prices improved by 1.7% to$239,900 from $236,000.
• The average home sales price fell by 0.8% to$272,974 from $275,077.
• Home sales down by 20.8% to 2,029 from 2,561.
• Total inventory* increased 5.8% to 9,985 from9,436.
• Sales price vs. list price ratio dropped by 0.1% to98.3% from 98.4%.
• The average days on market increased by 1.7%to 58 from 57.
CONDOMINIUMS Year-Over-Year
• Median condo prices fell by 4.2% year-over-yearto $115,000 from $120,000.
• The average condo sales price dropped by 13.5% year-over-year to $131,501 from $151,998.
• Condo sales rose by 5.9% year-over-year to 487from 460.
• Total inventory* fell 46.9% year-over-year to1,744 from 3,284.
• Sales price vs. list price ratio rose by 0.8% year-over-year to 97.7% from 96.9%.
The median price for single-family, re-sale homes was up 9.0% in January, year-over-year. That’s the fifty-seventh month in a row the median price has been higher than the year before.
With inventory still being problematic, I expect we will reach a new high price in 2017.
The number of homes for sale as of the 5th of February last month was 5,589. The average number of homes for sale since 2007 is 10,196.
Home sales were up 14.3% compared to last January.
JANUARY SALES STATISTICS SINGLE-FAMILY HOMES Year-Over-Year
• Median home prices increased by 9.0% year-over-year to $239,900 from $220,000.
• The average home sales price rose by 8.3%year-over-year to $272,974 from $251,944.
• Home sales rose by 14.5% year-over-year to2,029 from 1,772.
• Total inventory* fell 14.4% year-over-year to9,985 from 11,659.
• Sales price vs. list price ratio rose by 0.0% year-over-year to 98.3% from 98.3%.
Rates Slip, Perhaps Will Dip February 10, 2017 -- In a week light on market-moving economic data, and as we move into the valley between the last Federal Reserve Bank meet-ing and the next, mortgage rates are finding a little space to soften. At one point this week, it looked as though we might be entering a more meaningful downturn for rates, but that chance was eroded a bit as President Trump offered that a "phenomenal" tax cut plan would soon be revealed. This pronounce-ment saw investors move money out of bonds and back into stocks, and influential yields that underlie mortgage rates edged back upward a bit as the week ended.
After spiking in November and December, mortgage rates have turned directionless so far in 2017, hold-ing in a fairly small range for the first six weeks of the year. Given that much of the increase in rates was the surprising result of the election as investors made considerable adjustment to their positions, it's to be expected that rates are more in a holding pattern than not as markets await details of what are ex-pected to be considerable fiscal, tax and trade poli-cies. It is of course unclear what will actually make its way through the political process, and even then, what impacts these changes will have (if any, for whom, and when).
Mortgage rates are only one concern of the potential home buyer or homeowner looking to refinance. Ac-
cess to those funds is perhaps more important, and lending conditions continue to ease at the margins, according to the latest poll of Senior Loan Officers by the Federal Reserve. To be fair, the loosening wasn't much, but 4.8 percent of banks responding to the poll reported easier standards for GSE-backed mortgage loans, and 3.4 percent reported such changes for government-backed loans. Given that underwriting terms are dictated by Fannie, Freddie, the FHA and other bodies, this trimming of strictures most likely will take the form of reduced or eliminated overlays.
As well, at least a bit of additional good news for future mortgage seekers came in the form of expec-tations for 2017 lending standards. More than 9 per-cent of lenders expect to loosen their reins in 2017 for GSE-backed loans, and some 14 percent expect to do so for non-conforming jumbo loans as well. By contrast, concerns about rising losses in auto lending saw terms and conditions for those loans tightened up, with about 13 percent pulling the purse strings tighter.
GSE = government-sponsored enterprises like Fan-nie Mae and Freddie Mac
Mortgage Rate Outlook
The chart above shows the National monthly average for 30-year fixed rate mort-gages as compiled by HSH.com. The aver-age includes mortgages of all sizes, includ-ing conforming, "expanded conforming," and jumbo.
Mark IZZY Israelitt, REALTOR® Colonel, U.S. Air Force, Retired Ask for IZZY the REALTOR® Signature Real Estate Group 2200 Paseo Verde Parkway, Suite 300 Henderson, NV 89052 Call/text: (702) 816-1505 or email: [email protected]
Greater Las Vegas | February/March 2017 2 Local Market Trends |
Cities Median Average All REO SS Active REO` SS` Pend DOI SP/LP
Clark County 239,900$ 273,028$ 2,025 163 78 5,889 246 322 3,996 87 98.3%
This Real Estate Report is published and copyrighted by http://rereport.com. Information contained herein is deemed accurate and correct, but no warranty is implied or given.
Mark IZZY Israelitt, REALTOR® Colonel, US Air Force, Retired The Signature Real Estate Group 2200 Paseo Verde Parkway, Suite 300 Henderson, NV 89052-2705
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Mark IZZY Israelitt, REALTOR® Colonel, U.S. Air Force, Retired Ask for IZZY the REALTOR® at the Signature Real Estate Group Call/text: (702) 816-1505 or email: [email protected]
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Clark County Condos: Year-Over-Year Median Price Change
