Summit Realty

Las Vegas Home Sales Statistics for June 2011

Good News! The number of closed Las Vegas home sales for all three categories increased during the second quarter of 2011 over the first quarter of 2011. These buyers have recognized that Las Vegas home values are near or at the lowest point they may ever witness again. The message is clear to Las Vegas home sellers if they price their property correctly and it will sell.

During the second quarter of 2011 the median sale price for each of the three categories was slightly less than the first quarter of 2011. This confirms the old saying – “if you price it right, it will sell!” The Las Vegas median home price has been going up one month and down the next for several quarters indicating we’re on or near the bottom of home prices.

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Month of May Las Vegas Real Estate Sales Statistics

Average Days on Market from List Date to Contract Date

Good news is hard fine these days, but this chart demonstrates “some” good news for Las Vegas real estate. The average time it takes to close a Las Vegas home sale has decreased from Feb thru May, 2011. For those who own Las Vegas real estate, we certainly hope this trend continues.

2011 New Single Family Listings by Month

It’s interesting to see the number of new Las Vegas Short Sale listings decreasing from Jan thru May, 2011, while the number of Las Vegas Bank Owned listings (REO’s) is increasing.

2011 Sold Single Family Listings by Month

The number of Las Vegas Bank Owned home sales continues to exceed Traditional and Las Vegas Short Sale listings. You will also notice that the number of Las Vegas Short Sale closings has fallen below the number of Traditional sales.

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2010 Las Vegas Home Sales Statistics Recap

Here is a recap of how Las Vegas home sales ended up for 2010. The number of Las Vegas Bank Owned sales has exceeded Short Sales or Traditional Sales during 2010, even though there are more new Short Sale listings. Banks are motivated “sellers” and are under pressure from the regulators to reduce their Las Vegas Bank Owned inventory. This trend should continue throughout 2011.

During the first three quarters the number of Las Vegas listings increased, but the numbers decreased during the fourth quarter. The first quarter of 2011 will indicate if this trend continues. There were more Las Vegas Bank Owned properties under contract during the first three quarters. However, in the fourth quarter, Short Sales under contract exceed Short Sale listings by a small margin. Traditional properties under contract remained consistent during the year. The trend of the Las Vegas housing market being dominated by Bank Owned properties is expected to continue, at least throughout 2011.

It is interesting to compare the average list price (below) with the average median sale price (Above) by property type. The Traditional properties are selling for an average selling price that is less than the list price. The Las Vegas Bank Owned and Short Sale properties are being sold at an average sales prices higheror the same as the average list price. Why? One would assume the “Banks” are more motivated to sell than the “traditional” seller. It will be interesting to see if this Las Vegas housing market trend continues!

For more information on the Las Vegas real estate market contact Travis Breton at 702-501-2752 or visit http://vegaslistingservice.com

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Las Vegas Property Taxes: What’s Your Number?

The Clark County Assessor has published the Las Vegas property tax assessment rolls for the 2011-2012 tax years. Las Vegas real estate owners who missed their postcard in the mail may go online to view their 2011-2012 assessment information.

The amount of Las Vegas property taxes a homeowner pays is determined by multiplying the tax rate by the assessed value of the property, both land and improvements (the home). Nevada law (NRS 361.225) states that the assessed value of a property is based on a ratio of 35 percent of the taxable value which is determined by guidelines established by the State Department of Taxation. Nevada law prohibits a taxable value that exceeds the full cash value of the Las Vegas home, and the county assessor is required to make a reduction if the owner calls to his or her attention the facts warranting it. The Clark County Assessor may consider comparable sales based on prices actually paid in market transactions when determining whether taxable value exceeds full cash value.

So, even if you can’t change the tax rate, you can try to do something about how your Las Vegas real estate is valued. Review your assessment for accuracy, including the size of your lot and the number of bedrooms and bathrooms. Research the assessed value of other comparable Las Vegas real estate in your neighborhood; if they’re being assessed differently, you may have a case for relief. Review your taxable value and check with a Las Vegas REALTOR® to determine comparable sales in your area if you believe the taxable value is too high.

Homeowners who believe that the market value of their Las Vegas real estate is less than the taxable value listed on the assessment roll or believe that they were assessed differently than comparable property may contact the Clark County Assessor Office Appraisal Division at 455-4997 for an explanation of the values. If not satisfied after speaking with the Clark County Assessor Office, a Las Vegas real estate owner may file a petition with the County Board of Equalization for a review of the values. The petition must be filed on or before January 18, 2011. The petition forms are available in the Clark County Assessor Office, located at 500 S. Grand Central Parkway, second floor.

Even if your assessment is accurate and comparable Las Vegas real estate are being taxed at the same rate, there might be another way to see some Las Vegas property tax savings. Nevada law provides for several exemptions for individuals who meet certain requirements. Exemptions include surviving spouses, veterans, disabled veterans and blind persons. Click here for more information or check with the Clark County Assessor office.

Nevada also offers a Senior Citizen Tax Assistance/Rental Rebate program to persons 62 years of age or older whose annual household income (including Social Security) was $28,677 or less during calendar year 2009. Applicants must meet additional requirements; click here to learn more about the senior citizen program.

Looking to buy or sell Las Vegas real estate? Contact Travis Breton at 702-501-2752 or visit vegaslistingservice.com

This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Please consult a tax professional for such advice.

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