Housing market report Aug 2013 sales

7/27/2019 Housing market report Aug 2013 sales

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THE BOTTOM LINE The housing market remains a hot topic or those who analyze the Las Vegas economy and are keeping a close eye on its pace o recovery. Nevada has gone rom the astestappreciating housing market in the United States, to the astest depreciating market in the United States, only to come ull circle in 2013 and once again post nation-leading price gains. For

some, the recent spike in pricing is merely a rebound rom the markets overcorrection that pushed the median resale down to $100,000 in January 2012. For others, the recent price gains

reect overly aggressive residential investment, gobbling up inventory, driving up prices and creating a whole new housing bubble that threatens to burst as soon as investors start looking or an

exit strategy. Respecting the clear distortions in the market, current pricing levels are more in line with household incomes and new construction levels are more in line with population growth

than they were at either the markets peak or its trough. Month-to-month price gains are slowing, availability in the resale market is rising (now at 2.6 months o availability) and the share o

cash purchases now stands at 48 percent o the total (the frst time it has dipped below the 50-percent mark in nearly two years). The potential exists or some air to be let out o the bubble, but

an expanding population base, positive job growth and ewer investor purchases may lead to more sustainable sales volumes and pricing levels i the market settles at or near its present condition.

August 2013

Monthly Report

NEW HOME CLOSINGS: The number o new home closings reached a recent cycle high o 755 sales, whichwas 25.4 percent ahead o a year ago. Through the rst eight months o 2013, new home closings are up 62.4

percent with a total o 4,961 units.

NEW HOME PRICING: New home prices remain up 30.1 percent when compared to the prior year, but themedian has started to level out over the past three months. While the sotening pace o month-to-month

gains is not a surprise, it does provide some insight into overall demand and buyers willingness to pay. Prices

reached $123 per square oot in August, higher than the $119 reported in July and the $105 demanded one

year ago.

NEW HOME SUPPLY: New home permitting volumes remain relatively consistent with recent trends asbuilders pulled 641 permits valley-wide or new home construction. The top 10 most active builders included:

Richmond American (80), Ryland (77), Lennar (74), American West (73), DR Horton (59), KB Home (43), Pulte(27), Harmony Homes (25), Warmington Homes (25), and Dunhill Homes (24).

EXISTING (RESALE) HOME CLOSINGS: Existing home closings totaled 4,249 units in August, with vol-umes continuing to show signs o slowing. On a year-to-date basis, closing volumes are o 10.6 percent. For

the past 12 months, sales totaled 48,667, down 12.6 percent rom 55,702 closings in the prior period.

EXISTING (RESALE) HOME PRICING: Median resale home prices remained fat rom July to August at$155,000. Compared to a year ago, pricing is up 30.3 percent, and on a per-square-oot basis average resale

prices were at $102 (+24.3 percent year-over-year).

RESALE AVAILABILITY (MLS LISTINGS): Availability in the resale market is continuing to rise. The Mul-tiple Listing Service (MLS) reported over 8,300 units available, which equates to approximately 2.6 months o

eective inventory at the current MLS selling pace.

BANK FORECLOSURES (REPOSSESSIONS): The number o homes repossessed by lenders totaled 165

units in August, which is a relatively small amount when considering the total count o delinquencies in themarket.

SalesTraq 6385 S. Rainbow Blvd., Suite 105 Las Vegas, NV 89118 T: 702.949.3333 E: i [email protected] SalesTraq.com

NEW HOME HIGHLIGHTS EXISTING HOME HIGHLIGHTS

NEW HOME MARKET SNAPSHOT Value Annual Growth

Median Home Price $266,389 +30.1%Average Price Per Square Foot $122.99 +16.6%

No. of Closings - Month 755 +25.4%No. of Closings - Year-to-Date 4,961 +62.4%No. of Closings - Last 12 Months 7,295 +62.5%

New Home Permits - Month 641 +11.9%New Home Permits - Year-to-Date 4,910 +23.0%New Home Permits - Last 12 Months 6,764 +33.3%

Active Subdivisions 153 -25.7%Average Sales per Subdivision 4.93 +68.9%

EXISTING (RESALE) HOME MARKET SNAPSHOT Value Annual Growth

Median Home Price $155,000 +30.3%Average Price Per Square Foot $101.68 +24.3%

No. of Closings - Month 4,249 -6.1%No. of Closings - Year-to-Date 32,914 -10.6%No. of Closings - Last 12 Months 48,667 -12.6%

Bank Repossessions - Month 165 -39.3%Bank Repossessions - Year-to-Date 1,524 -56.9%Bank Repossessions - Last 12 Months 2,395 -67.9%

MLS Listings (Available) 8,319 +69.4%Effective MLS Inventory (in Months) 2.6 +94.7%


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August 2013Monthly Report

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New Home New Home Median New Home New Home Active Average Sales

Closings Closing Prices Avg $/SqFt Permits Subdivisions Per SubdivisionAug-11 377 -9.8% $197,828 -9.3% $97.13 -7.1% 337 -1.7% 240 10.6% 1.57 -18.5%

Sep-11 398 -11.2% $205,263 -4.0% $98.70 -5.7% 252 27.3% 241 9.5% 1.65 -18.9%

Oct-11 323 -0.6% $197,443 -8.2% $98.42 -4.5% 197 -28.9% 243 6.6% 1.33 -6.8%

Nov-11 347 -11.3% $207,286 3.0% $95.51 -9.6% 250 64.5% 240 4.8% 1.45 -15.3%

Dec-11 365 4.0% $211,265 -3.5% $93.17 -8.9% 384 30.2% 235 3.1% 1.55 0.9%

Jan-12 215 -5.3% $211,970 1.8% $92.13 -7.8% 222 -4.7% 235 0.4% 0.91 -5.7%

Feb-12 286 7.5% $196,483 3.3% $95.40 -1.7% 236 0.0% 241 2.6% 1.19 4.8%

Mar-12 348 23.0% $204,370 3.0% $98.46 3.8% 514 43.2% 225 -5.9% 1.55 30.6%

Apr-12 350 38.9% $202,653 6.7% $95.05 2.8% 596 90.4% 220 -9.8% 1.59 54.0%

May-12 413 45.4% $197,945 2.0% $96.18 -1.3% 654 50.0% 221 -11.2% 1.87 63.8%

Jun-12 373 4.5% $193,875 -3.7% $103.32 5.5% 648 41.8% 217 -13.2% 1.72 20.4%

Jul-12 468 49.0% $204,111 1.6% $98.19 1.7% 549 92.0% 212 -13.1% 2.21 71.5%

Aug-12 602 59.7% $204,737 3.5% $105.44 8.6% 573 70.0% 206 -14.2% 2.92 86.0%

Sep-12 592 48.7% $198,845 -3.1% $102.64 4.0% 437 73.4% 186 -22.8% 3.18 92.7%

Oct-12 580 79.6% $216,045 9.4% $103.98 5.6% 543 175.6% 184 -24.3% 3.15 137.1%

Nov-12 557 60.5% $219,000 5.7% $109.56 14.7% 477 90.8% 181 -24.6% 3.08 112.8%

Dec-12 605 65.8% $219,963 4.1% $108.21 16.1% 397 3.4% 184 -21.7% 3.29 111.7%

Jan-13 512 138.1% $220,355 4.0% $116.05 26.0% 599 169.8% 168 -28.5% 3.05 233.1%

Feb-13 497 73.8% $231,573 17.9% $119.45 25.2% 463 96.2% 152 -36.9% 3.27 175.5%

Mar-13 581 67.0% $222,201 8.7% $114.09 15.9% 680 32.3% 153 -32.0% 3.80 145.5%

Apr-13 650 85.7% $238,194 17.5% $109.08 14.8% 643 7.9% 151 -31.4% 4.30 170.6%

May-13 714 72.9% $255,565 29.1% $113.79 18.3% 764 16.8% 155 -29.9% 4.61 146.5%

Jun-13 616 65.1% $266,725 37.6% $116.21 12.5% 606 -6.5% 151 -30.4% 4.08 137.3%

Jul-13 636 35.9% $267,254 30.9% $118.86 21.0% 514 -6.4% 152 -28.3% 4.18 89.5%

Aug-13 755 25.4% $266,389 30.1% $122.99 16.6% 641 11.9% 153 -25.7% 4.93 68.9%

New Home Sales

Note: Growth rate (%) refects year-over-year changes

0

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$180,000

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$260,000$270,000

$280,000

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New Home Sales

Median New Home Prices

New Home Permits


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3

Existing Home Sales

Note: Growth rate (%) refects year-over-year changes

Existing Home Median Existing Home Bank Available MLS Effective MLS

Closings Closing Prices Avg $/SqFt Repossessions Listings (Resale) Inventory (in months)Aug-11 5,740 34.1% $103,900 -12.2% $68.90 -10.7% 1,501 4.2% 13,149 -11.5% 3.1 -22.5%

Sep-11 4,977 13.3% $104,900 -10.5% $68.56 -11.1% 1,106 -26.3% 12,761 -18.9% 3.2 -27.3%

Oct-11 4,200 -0.7% $105,000 -4.5% $67.33 -7.8% 928 -45.1% 12,228 -24.9% 3.2 -30.4%

Nov-11 4,572 5.0% $103,000 -14.7% $66.58 -12.3% 984 2.2% 11,086 -33.0% 3.2 -31.9%

Dec-11 5,153 14.2% $104,900 -8.7% $67.13 -9.1% 904 -40.8% 10,540 -35.3% 2.8 -33.3%

Jan-12 4,418 11.2% $100,000 -8.3% $65.10 -10.7% 1,021 -36.8% 9,536 -37.8% 2.8 -42.9%

Feb-12 4,331 7.7% $101,000 -7.3% $65.83 -8.9% 620 -35.2% 7,873 -45.3% 2.2 -53.2%

Mar-12 5,299 2.4% $105,000 -2.8% $67.44 -3.9% 356 -83.2% 5,897 -58.7% 2.1 -48.8%

Apr-12 4,657 -7.3% $107,000 0.5% $68.57 -2.0% 258 -86.1% 4,738 -66.6% 1.3 -66.7%

May-12 4,833 -5.6% $112,000 5.9% $75.55 7.3% 408 -82.2% 4,577 -67.1% 1.1 -68.2%

Jun-12 4,658 -18.3% $115,000 9.2% $78.20 14.2% 313 -84.0% 4,636 -66.5% 1.2 -60.6%

Jul-12 4,078 -16.2% $116,000 11.5% $79.81 16.9% 285 -81.3% 4,713 -62.8% 1.4 -58.4%

Aug-12 4,526 -21.1% $119,000 14.5% $81.80 18.7% 272 -81.9% 4,911 -62.7% 1.4 -56.2%

Sep-12 3,684 -26.0% $122,781 17.0% $79.60 16.1% 210 -81.0% 4,930 -61.4% 1.6 -51.3%

Oct-12 4,257 1.4% $124,000 18.1% $79.67 18.3% 262 -71.8% 4,767 -61.0% 1.3 -57.8%

Nov-12 3,776 -17.4% $125,000 21.4% $82.09 23.3% 186 -81.1% 4,694 -57.7% 1.5 -53.8%

Dec-12 4,036 -21.7% $130,000 23.9% $83.88 24.9% 213 -76.4% 4,516 -57.2% 1.3 -53.7%

Jan-13 3,371 -23.7% $130,000 30.0% $87.59 34.5% 253 -75.2% 4,226 -55.7% 1.6 -44.3%

Feb-13 3,637 -16.0% $130,000 28.7% $86.96 32.1% 212 -65.8% 4,022 -48.9% 1.3 -41.0%

Mar-13 3,862 -27.1% $138,151 31.6% $90.42 34.1% 205 -42.4% 4,193 -28.9% 1.2 -42.6%

Apr-13 4,456 -4.3% $143,500 34.1% $96.84 41.2% 188 -27.1% 4,316 -8.9% 1.2 -8.6%

May-13 4,685 -3.1% $142,150 26.9% $95.43 26.3% 173 -57.6% 4,806 5.0% 1.3 12.9%

Jun-13 4,199 -9.9% $151,000 31.3% $99.52 27.3% 119 -62.0% 5,750 24.0% 1.6 33.8%

Jul-13 4,455 9.2% $155,000 33.6% $101.96 27.7% 209 -26.7% 7,667 62.7% 2.2 60.7%

Aug-13 4,249 -6.1% $155,000 30.3% $101.68 24.3% 165 -39.3% 8,319 69.4% 2.6 94.7%

3,000

3,500

4,000

4,500

5,000

5,500

6,000

Aug-11

Oct-11

Dec-11

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Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

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D

ec-12

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$95,000

$105,000

$115,000

$125,000

$135,000

$145,000

$155,000

$165,000

Aug-11

Oct-11

Dec-11

Feb-12

Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Existing Home Sales

Median Existing Home Prices

Foreclosures (REOs)


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Existing Home Sales

NUMBER OF SALES MEDIAN CLOSING PRICE

Distressed Sales Categories Non- Total Distressed Sales Categories Non- TotalAuction REO Short Sale Distressed All Types Auction REO Short Sale Distressed All Types

Aug-11 611 2,636 959 1,534 5,740 $91,100 $98,000 $119,000 $109,950 $103,900

Sep-11 570 2,241 894 1,272 4,977 $85,470 $103,500 $113,000 $108,000 $104,900

Oct-11 506 1,789 804 1,101 4,200 $94,750 $103,500 $111,500 $105,000 $105,000

Nov-11 530 1,949 908 1,185 4,572 $89,050 $103,000 $113,500 $103,500 $103,000

Dec-11 503 2,121 1,026 1,503 5,153 $85,100 $100,500 $115,000 $109,900 $104,900

Jan-12 550 1,796 888 1,184 4,418 $80,000 $100,000 $110,000 $104,101 $100,000

Feb-12 628 1,679 923 1,101 4,331 $93,801 $99,900 $108,000 $104,500 $101,000

Mar-12 602 2,036 1,078 1,583 5,299 $89,450 $105,000 $109,000 $108,000 $105,000

Apr-12 423 1,652 1,071 1,511 4,657 $92,200 $110,000 $110,000 $108,000 $107,000

May-12 408 1,440 1,219 1,766 4,833 $109,350 $114,000 $110,000 $115,000 $112,000

Jun-12 345 1,217 1,028 2,068 4,658 $101,400 $120,000 $105,000 $120,000 $115,000

Jul-12 355 782 1,267 1,674 4,078 $102,100 $120,000 $111,000 $121,667 $116,000

Aug-12 321 768 1,486 1,951 4,526 $109,000 $127,000 $112,000 $125,000 $119,000

Sep-12 224 548 1,315 1,597 3,684 $112,250 $127,690 $115,500 $130,000 $122,781

Oct-12 290 572 1,493 1,902 4,257 $113,850 $130,800 $117,900 $126,250 $124,000

Nov-12 231 494 1,235 1,816 3,776 $111,000 $137,013 $118,500 $128,000 $125,000

Dec-12 167 484 1,514 1,871 4,036 $110,100 $140,000 $129,450 $130,000 $130,000

Jan-13 235 449 911 1,776 3,371 $127,000 $149,000 $120,000 $134,945 $130,000

Feb-13 242 377 1,103 1,915 3,637 $120,250 $134,000 $126,000 $137,000 $130,000

Mar-13 222 364 1,094 2,182 3,862 $120,050 $143,846 $125,000 $146,000 $138,151

Apr-13 226 419 1,115 2,696 4,456 $135,550 $145,900 $125,118 $150,000 $143,500

May-13 313 376 1,137 2,859 4,685 $110,100 $145,501 $133,000 $150,000 $142,150

Jun-13 252 314 1,015 2,618 4,199 $133,013 $140,376 $135,000 $163,000 $151,000

Jul-13 378 316 933 2,828 4,455 $125,639 $158,250 $137,000 $165,000 $155,000

Aug-13 247 344 807 2,851 4,249 $119,000 $144,950 $137,000 $165,000 $155,000

NON-DISTRESSED SALES (67%): The number onon-distressed sales, reerred to as equity sales or

transactions that do not all within one o the other

three distressed categories listed below, represented

the highest share since prior to the Great Recession.

A total o 2,851 non-distressed sales were completed

in August, which accounted or two out o every three

closings. During the past 12 months, a total o 26,911

non-distressed sales took place, which was 55.3 per-

cent more than the same period o the prior year. The

median price o equity sales was $165,000, which led

all sectors and was 32.0 percent ahead o last year.

Per-square-oot values were the highest among all

sales categories at $109 per square oot.

SHORT SALES (19%): Accounting or nearly onein every ve resale closings, the number o success-

ul short sales totaled 807 units, which was nearly

one-hal the total posted one year ago. Pricing or

short sales was a below-average $137,000 during the

month, or $84 per square oot.

BANK-OWNED PROPERTIES (8%): The numbero REO sales totaled 344 units in August, which was

55.2 percent below the same month o the prior year.

During the past 12 months, a total o 5,057 bank-

owned properties were sold, refecting a 74.0-percent

drop rom the prior year. The median price o REO sales

was $144,950, up 14.1 percent rom a year ago butdown 8.4 percent rom July. REO sales averaged $93

per square oot in August.

AUCTION SALES (6%): The number o homes ac-quired at auction was 247 in August, accounting or

5.8 percent o all closings. With ewer properties mov-

ing through the oreclosure process overall, ewer

homes are available and ultimately sold at auction to

third parties. A total o 3,027 auction sales took place

in the last 12 months, down 47.3 percent rom the

prior year. The median price was the lowest among all

sectors at $119,000 per unit. The average price per

square oot was $84, also the lowest.


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5

EffectiveHousing Inventory

By Zip Code (in Months)

Zip Code Inventory Zip Code Inventory

89002 1.7 89119 3.5

89011 3.7 89120 3.8

89012 2.0 89121 2.5

89014 2.2 89122 3.3

89015 2.2 89123 1.7

89030 3.1 89128 2.9

89031 1.8 89129 2.4

89032 2.5 89130 2.2

89044 3.3 89131 2.2

89052 3.8 89134 4.0

89074 1.6 89135 3.2

89081 2.4 89138 2.4

89084 2.5 89139 2.7

89085 1.4 89141 2.9

89086 3.7 89142 1.9

89101 3.5 89143 2.2

89102 3.6 89144 1.7

89103 2.9 89145 2.4

89104 2.4 89146 3.3

89106 5.2 89147 2.089107 3.1 89148 3.1

89108 2.8 89149 2.4

89109 8.7 89156 2.8

89110 2.8 89166 3.1

89113 3.3 89169 4.4

89115 3.0 89178 2.6

89117 2.9 89179 3.1

89118 3.9 89183 2.8

Note: Eective inventory (in months) is computed based on

available (non-contingent) listings in the Greater Las Vegas

Association o Realtors Multiple Listing Service (MLS) and

resale closings in the MLS.


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6

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,0004,500

5,000

Auction REO Short Sale Non-Distressed

$80,000

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

$150,000$160,000

$170,000

Auction REO Short Sale Non-Distressed

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

$75,000

$100,000

$125,000

$150,000

$175,000

$200,000

$225,000

$250,000

$275,000

$300,000

$325,000

$350,000

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12

By Type

Key Statistics

Home Closings Median Home Prices

By PriceEXISTING HOME CLOSINGS

RESALE HOMES NEW HOMES RESALE HOMES NEW HOMES

Closings PricingResale Closings Month 12 Months Median Avg PSF

Auction Sales 247 6% 3,027 6% $119,000 $85

Short Sales 807 19% 13,672 28% $137,000 $84

REO Sales 344 8% 5,057 10% $144,950 $93

Non-Distressed Sales 2,851 67% 26,911 55% $165,000 $109

Total 4,249 100% 48,667 100% $155,000 $102

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48% 49%of August Saleswere CASH

of August Saleswere VACANT

Housing market report Aug 2013 sales

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Transcript of Housing market report Aug 2013 sales