Our friends at Ticor Title forwarded the following charts to me. The charts are for Clark County, Nevada – namely the Las Vegas, North Las Vegas, Henderson and Boulder City markets. As you will see these markets in Clark County are experiencing the same inventory issues that we are seeing locally.
To see how Clark County’s market has changed recently, I’ve included the October 2011 chart and the February 2012 chart. Click on the charts below to enlarge.
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Some metrics to point out…
- October 2011 saw 10,445 listed SFRs; February 2012 had only 6,802. This is a 35% drop in listed inventory.
- October 2011 saw 4.2 months supply of inventory for SFRs; February 2012 had only 2.5 months. This is a 40% drop in months supply.
- There were 3,068 SFRs sold in October 2011 (28% of the listed inventory). February saw 2,964 sales (or 42% of the inventory).
- Clark County’s median sold price in October 2011 was $118,700. February 2012’s median sold price was $129,629. This represents a 9.2% increase in median sales price.
Here in Washoe County, Nevada, we haven’t seen the increase in median sales price like Clark County has …yet; but we certainly are experiencing the same low inventory levels. Will our prices follow Clark County’s trend?
Another chart that I received showed the number of Notices of Default and Notices of Sale for Clark County (click on the chart below to enlarge). Again we observe the same trend in number of NODs and NOSs that Washoe County has experienced.
Stay tuned as I will be posting a closer look at Washoe County’s inventory levels by area in an upcoming post.
Twister
This is likely a glimpse at our future….supply and demand working its magic. Interesting the Days On The Market just crashed through the course of the year to October when it was 49 or so. Amazing to see when you figure a lot of Short Sales going on.
Walter
Good stuff. I appreciate it.
Adams
How is this in any way surprising? Interesting that Guy compares data starting with October of last year, the first month that AB 284 became effective. AB 284 impacts the entire State….not just Washoe County. Go look at the number of NODs being recorded in Clark County and you will see that they have ground to a halt there as well. Because of the artificial cessation in foreclosure activity in Nevada because of AB 284, and the resultant drying up of low end houses, it is of course the case that the median is going to increase. For now. Until AB 284 is amended a year and a half from now.
If this end of the foreclosures was real, the result of the market finally having purged itself of its ills, then we could all be looking at the market’s return to health. But it is not real. This is a politically engendered artificial manipulation of the market that is doing one thing and one thing only: delaying the inevitable. Who in any non-delusional state of mind can suggest that NODs fell from 600 a month through last September to 25 a month since then as a result of normal market workings?
Anybody?
I am not a bad news bear. I would love to see the housing market finally return to health, because I do not believe that Nevada’s larger economy can return to health until the housing market mends. But let’s not delude ourselves into thinking that the housing market is in any way really on the mend.