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Here's where we will follow real estate news for Nevada and the Las Vegas area.  At one point Nevada was the fastest growing state in terms of population because of the growing casino industry, high tech busineses, and the influx of retirees looking for lower cost homes and properties.

WILL LAS VEGAS HOME PRICES BE IMPACTED BY THE SHOOTINGS?

Update October 6, 2017  Anyone who is thinking about moving to Las Vegas, and a lot of Southern Califonria residents do choose the Vegas area for their retirement or second homes, right now must be wondering if the shootings at Mandalay Bay will impact the real estate market? Frankly, there is always a short term impact after any kind of event whether it be a fire, earthquake, flood, hurricane and so forth. But, these short term effects tend to wear off sometimes within days or weeks but in some cases they might linger for some months.

California real estate prices always recovered after earthquakes. In fact, earthquakes have sometimes triggered a rush to buy in the market as families look for newer, stronger, better homes to own after their current homes were damaged. The famous Northridge Earthquake of 1994 was actually a trigger for a sustained recovery of the Southern California real estate market.

My personal view is that the event at the music festival will have no significant impact on the real estate market around the Vegas area, except that there might be a one or two week drop in interest as consumers look at news reports instead of homes for sale.

Meanwhile, the Vegas housing market in 2017 has been strong. The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices continued to rise while home sales stabilized in September. GLVAR reported that the median price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $265,000, up 13.5 percent from September 2016. The median price of local condos and townhomes sold in September was $140,000, up 21.7 percent from the same time last year.

GLVAR President David J. Tina, a longtime local REALTOR®, said home prices have been appreciating at a fairly steady rate of about 10 percent per year for the past few years. “Heading into the fall, home prices are continuing to be up monthly by double digits,” Tina said. “We see several reasons for this. There’s a strong demand for housing here in Southern Nevada. Our economy and job market have been improving. Mortgage rates are relatively low. And our housing supply continues to be as tight as it has been in recent memory. All these things drive up home prices.”

As for headwinds in the housing market, Tina said the growing demand and shrinking supply of homes available for sale continues to present challenges for buyers, especially those seeking entry-level homes and condos. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.

By the end of September, GLVAR reported 4,969 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 680 properties listed without offers in September represented a 41.4 percent drop from one year ago.

The total number of existing local homes, condos and townhomes sold during September was 3,571, up from 3,541 in September 2016. Compared to one year ago, sales were down 0.4 percent for homes, but up 7.0 percent for condos and townhomes.

According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.

 

LAS VEGAS AREA HOME PRICES START TO COOL

Update September 6, 2017  Over the last couple of weeks, there have been several reports by analysts that home prices in the Las Vegas area shot up too quickly from their recession lows of 2008. And today The Greater Las Vegas Association of REALTORS® (GLVAR) reported that while local home sales continued to rise during August, home prices started to level off during the month. However, it's too early to say that this leveling off in August signals a downturn in prices.

GLVAR reported that the median price of existing single-family homes sold during August through its Multiple Listing Service (MLS) was $260,000, unchanged from July, but up 10.6 percent from August 2016. The median price of local condos and townhomes sold in August was $137,250, down slightly from July, but still up 19.3 percent from August 2016.

GLVAR President David J. Tina said home prices have been appreciating steadily for several years. For example, he said GLVAR reported that the median single-family home price in August of 2014 was $200,000. It went up to $220,000 in August of 2015, then to $235,000 in August of 2016 before hitting $260,000 last month.

“Basically, our local home prices have been going up by about 10 percent per year for the past three years,” Tina said. “That rate of appreciation has been fairly consistent, making for a stable housing market. At the same time, more homes are changing hands as the economy improves.”

As for potential headwinds in the local housing market, Tina said the demand for housing continues to exceed supply. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market. He added that the supply is even tighter for lower-priced homes, condos and townhomes.

By the end of August, GLVAR reported 5,157 single-family homes listed for sale without any sort of offer. That’s down 32.1 percent from one year ago. For condos and townhomes, the 683 properties listed without offers in August represented a 45.1 percent drop from one year ago.

Meanwhile, more homes are selling each month. The total number of existing local homes, condos and townhomes sold during August was 4,012, up from 3,789 in August 2016. Compared to one year ago, sales were up 5.9 percent for homes and up 6.0 percent for condos and townhomes.

According to GLVAR, total sales so far in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada. At this rate, GLVAR statistics show that 2017 is on pace to be the best year for local home sales since at least 2012.

 

VEGAS AREA HOUSING MARKET DID NOT COOL IN JULY

Update August 8, 2017   The Greater Las Vegas Association of Realtors says that the Vegas area housing market showed no signs of cooling during July and the area's supply of homes for sale kept shrinking. During July a mid-priced single family home had a resale price of $260,000 which was an increase of 10.2% from a year earlier. There was a bigger year over year increase in townhouse and condo prices with the mid-priced home selling for $138,000 which was a 20% increase from July of 2016. The Realtors group says that there is a two-month supply of homes for sale while a six-months supply is considered normal. But there is a constant stream of sellers which appears to be the reason the market has not dried up.

However, at the end of July the GLVAR reported that 4,995 single-family homes were on the market without any sort of offer and 625 condos and townhomes are on the market without any offer. Generally about 80% of homes listed for sale will sell in two months time.


JUNE 2017 SOUTHERN NEVADA SINGLE FAMILY HOME PRICES CONTINUE TO RISE

Update July 7, 2017  The Greater Las Vegas Association of Realtors says that home prices continued to rise during June amid a very tight housing supply. A mid-priced single family house was up 2.9% from May to $257,373 but condo and townhome median prices slipped 7.2% from May to $128,000. There was an increase in the number of homes for sale during June but the Realtors group estimates that there is a two month supply of unsold homes while a six month supply is considered normal.

Buyers in the price range under $300,000 will find the most competition. There are fewer buyers for more expensive homes. There are still thousands of homes on the market without an offer.

MARCH HOME PRICES RISE, FOLLOWING SEASONAL TREND

Update April 8, 2017  The recent trend of rising home prices and sales in Southern Nevada continued through March, according to a report released by the Greater Las Vegas Association of REALTORS® (GLVAR). GLVAR reported the median price of existing single-family homes sold during March through its Multiple Listing Service (MLS) increased to $242,000. That was up 0.8 percent from February and up 10.0 percent from March 2016. Meanwhile, the median price of local condos and townhomes sold in March was $122,950, up 4.2 percent from February and up 4.2 percent from March 2016.

LAS VEGAS AREA HOME PRICES CONTINUED TO RISE IN FEBRUARY

Update March 7, 2017  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that Southern Nevada home prices and sales continued to increase in February. According to GLVAR, the median price of existing single-family homes sold during February through its Multiple Listing Service (MLS) increased to $240,000. That was up 0.8 percent from January and up 8.9 percent from February 2016. Meanwhile, the median price of local condos and townhomes sold in February was $118,000, up 4.0 percent from January, but down 2.9 percent from February 2016.

GLVAR President David J. Tina, a longtime local REALTOR® who became GLVAR’s president on Jan. 1, noted that the median single-family home price in Southern Nevada one year ago at this time was $220,350. Two years ago, it was $205,000. Five years ago, in February of 2012, it was $121,000.

The total number of existing local homes, condos and townhomes sold in February was 2,815, up from 2,676 in February 2016. Compared to one year ago, sales were up 6.5 percent for homes and up 0.4 percent for condos and townhomes.

HOME PRICES IN LAS VEGAS AREA ROSE IN JANUARY WHICH IS UNUSUAL

Update February 7, 2017  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that Southern Nevada home prices started 2017 with a relatively rare January jump while the number of homes available for sale continued to shrink.

According to GLVAR, the median price of existing single-family homes sold during January through its Multiple Listing Service (MLS) increased to $238,000. That was up 1.3 percent from December and up 8.7 percent from $219,000 in January 2016. Meanwhile, the median price of local condos and townhomes sold in January was $113,500, up slightly from December, but down 5.4 percent from January 2016. GLVAR President David J. Tina, a longtime local REALTOR® who became GLVAR’s president on Jan. 1, said it’s rare to see local home prices increase in January, which is usually one of the slowest months of the year for local home prices and sales. Tina noted that the median single-family home price in Southern Nevada two years ago at this time was $200,000. One year ago, it was $219,000, “and now it’s up to $238,000. Historically, that’s a healthy rate of appreciation. Hopefully, these more gradual gains are more sustainable than the big price increases we saw right before and after the recession.”

The total number of existing local homes, condos and townhomes sold in January was 2,675, up from 2,348 in January 2016. Compared to one year ago, sales were up 14.1 percent for homes and up 13.2 percent for condos and townhomes. According to GLVAR, a total of 41,720 such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.

As for headwinds facing the housing market, Tina said the tight local housing supply continues to be a concern for buyers, with less than a three-month supply of homes available for sale when a six-month supply is considered to be a balanced market.

By the end of January, GLVAR reported 5,852 single-family homes listed for sale without any sort of offer. That’s down 21.2 percent from one year ago. For condos and townhomes, the 811 properties listed without offers in January represented a 63.4 percent decrease from one year ago.

2016 YEAR-END LAS VEGAS AREA REAL ESTATE REPORT SHOWS HOUSE PRICES UP, CONDO PRICES DOWN

Update January 6, 2017  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that more existing homes were sold in Southern Nevada in 2016 than in 2015, even with a tight housing supply and rising home prices. GLVAR’s housing statistics for the month of December showed some seasonal forces at work, with local home prices down slightly from the previous month, as typically occurs this time of year. Still, GLVAR reported the median price of existing single-family homes sold during December through its Multiple Listing Service (MLS) was $235,000. That was up 8.3 percent from December 2015. Meanwhile, the median price of local condos and townhomes sold in December was $113,000, down 4.2 percent from the same month one year ago.

GLVAR President David J. Tina, a longtime local REALTOR® who became GLVAR president on Jan. 1, said he was “pleasantly surprised” to see home sales increasing in December by 4.6 percent compared to the previous month and by 1.3 percent compared to the previous year. Condo and townhome sales were even stronger, increasing by 18.9 percent from the previous month and by 12.4 percent from the previous year. He cited a combination of factors driving local home sales, including an improving local economy and a population that is growing by about 2 percent per year.

“Even with the tight housing supply we had in 2016 and even with home prices appreciating at a healthy rate, I think people are still seeing the opportunity here,” Tina said. “Our population is increasing again because the economy is improving and people want to move here for all the reasons that have always made Southern Nevada an attractive place to live, from our warm weather to our relatively low taxes and entertainment offerings and more. Plus, our home prices are still a bargain compared to cities in places like Northern and Southern California.”

The total number of existing local homes, condos and townhomes sold in December was 3,402, up from 3,290 in December 2015. According to GLVAR, a total of 41,720 such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.

Tina said the local housing inventory continued to shrink, with just over a two-month supply of homes available for sale when a six-month supply is considered to be a balanced market.

By the end of December, GLVAR reported 5,951 single-family homes listed for sale without any sort of offer. That’s down 17.6 percent from one year ago. For condos and townhomes, the 910 properties listed without offers in December represented a 56.5 percent decrease from one year ago.

In the past few years, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. That continued in December, when 4.8 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 6.8 percent of all sales one year ago. Another 6.2 percent of all December sales were bank-owned, down from 6.9 percent one year ago.

GLVAR said 28.7 percent of all local properties sold in December were purchased with cash, up from 28.4 percent one year ago. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence has been leveling off.

VEGAS HOME PRICES BUCK A SEASONAL TREND

Update December 7, 2016  During the holidays few families want to move. Traditionally the holiday period is one of the slowest times of the year for real estate sales. It's also a time of the year when home prices don't increase. But this past November things were different in the Las Vegas real estate market.

The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that Southern Nevada home prices bucked seasonal trends and increased heading into the holidays while home sales continued to exceed last year’s pace. GLVAR reported the median price of existing single-family homes sold during November through its Multiple Listing Service (MLS) was $240,000. That was up slightly from the previous month and up 7.9 percent from one year ago. Meanwhile, the median price of local condominiums and townhomes sold in November was $120,000. That was up 20.0 percent from one year ago.

“It’s a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “Last November, prices were flat. In past years, home sales usually saw a slight dip in prices heading into the holidays. I’m pleased to see more homes selling this year. It might be because people want to buy before the end of 2016. I hope that trend continues, even with mortgage rates going up a bit lately.”

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in November was 3,244. That was up 30.0 percent from one year ago. Compared to the same month one year ago, 31.8 percent more homes, and 31.2 percent more condos and townhomes sold in November. So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes this year than during 2015 and during 2014, but fewer than during each of the previous five years. He added that inventory remains tight, with less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.

By the end of November, GLVAR reported 7,252 single-family homes listed for sale without any sort of offer. That’s down 30.3 percent from one year ago. For condos and townhomes, the 1,141 properties listed without offers in November represented a 49.0 percent decrease from one year ago.

Homes have also been selling faster this year. Compared to one year ago, the number of days single-family homes stayed on the market before selling during November decreased 21.3 percent, from 61 days on the market in November 2015 to 48 days in November 2016.

The sales pace was even faster for condos and townhomes. Compared to one year ago, the number of days condos and townhomes stayed on the market before selling during November decreased 32.3 percent, from 62 days on the market in November 2015 to 42 days in November 2016.

LAS VEGAS MARKET STARTS TO COOL IN OCTOBER

Update November 8, 2016  October is when the temperatures start to cool in the Las Vegas area and this October also showed a cooling in the real estate market. The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that Southern Nevada home prices and sales in October cooled a bit from previous months but remain ahead of last year’s levels. GLVAR reported the median price of existing single-family homes sold during October through its Multiple Listing Service (MLS) was $233,250. That was down slightly from September, but still up 5.1 percent from $222,000 one year ago. Meanwhile, the median price of local condominiums and townhomes sold in October was $117,550. That was up 18.7 percent from $99,000 one year ago.

Realtors say the October change in single family house prices reflects some seasonal factors. The housing market tends to slow down in the fall as kids go back to school. According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in October was 3,225. That was down slightly from September, but up 5.5 percent from 3,057 one year ago. Compared to the same month one year ago, 6.7 percent more homes, and 6.1 percent more condos and townhomes sold in October.

So far in 2016, Southern Nevada is on pace to sell more existing homes than during 2015 and during 2014, but fewer than during each of the previous five years.

SEPTEMBER PRICES STABLE IN SOUTHERN NEVADA

Update October 7, 2016  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that the local housing supply is shrinking as Southern Nevada home sales increase and prices stabilize. GLVAR reported the mid-price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $233,500. That was down slightly from $235,000 in August, but still up 6.1 percent from $220,000 one year ago. Meanwhile, the mid-price of local condominiums and townhomes, including high-rise condos, sold in September was $115,000. That was unchanged from August, but down 3.4 percent from $119,000 one year ago.

“Our housing supply has been tight for a long time, especially for homes in lower price ranges. We have less than three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®.

AUGUST HOME PRICES DIP IN SOUTHERN NEVADA

Update September 8, 2016  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that the median price of existing single-family homes sold during August through its Multiple Listing Service (MLS) was $235,000. That was down slightly from $236,000 in July, but still up 6.8 percent from $220,000 one year ago. GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in August was $115,000. That was up 4.5 percent from $110,000 last year at this time.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in August was 3,789, up from 3,454 total sales in August of 2015. Compared to the same month one year ago, 8.7 percent more homes, and 14.7 percent more condos and townhomes sold in August.

So far in 2016, local home sales are outpacing 2015, when GLVAR reported 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during each of the previous five years. At the same time, Southern Nevada still has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.

By the end of August, GLVAR reported 7,594 single-family homes listed without any sort of offer. That’s down 5.8 percent from one year ago. For condos and townhomes, the 1,244 properties listed without offers in August represented a 46.4 percent decrease from one year ago.

JULY HOME PRICES IN NEVADA UP ABOUT 7% OVER A YEAR EARLIER

Update August 9, 2016  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that Southern Nevada home prices continued to rise as the local housing supply remained tight. GLVAR reported the median price of existing single-family homes sold during July through its Multiple Listing Service (MLS) increased to $236,000. That was up 7.3 percent from $218,000 one year ago. Meanwhile, GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in July was $115,000, the same as last month and last year at this time.

Southern Nevada still has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.

GETTING YOUR CREDIT READY FOR A MORTGAGE

Update June 21, 2016  Here are some tips for getting your credit ready for a mortgage application from loan officer Jim Johnson of Mann Mortgage in Henderson, Neveda. Johnson emphasizes that during the loan process you want to take steps to improve your credit score and do nothing to hurt it. Actually, you should start this process about six months prior to actually applying for a loan because it can take six months for your credit score to actually reflect these tips. Johnson points out that lenders look for stability and consistency in your bank accounts as well as your credit file so he provides some simple do's and don'ts:

First he advises not to apply for new credit as new credit inquiries can negatively impact credit scores. He says a credit score can drop as much as 15 points for a single credit inquiry.

He also advises that you avoid making large purchases because a lender might look at your bank accounts for  verification of down payment and closing funds. Also avoid using your credit cards for making large purchases since this can impact your credit score. Remember that the credit reporting companies reward consumers whose credit card balances are under 30 percent of their total available credit line, and if your balance exceeds 30% of your credit line it can lower your credit score. His practical advice is to wait until after the mortgage and house closing to buy those new appliances and furniture for your home.

Another basic tip from Johnson and from the credit companies themselves is not to close a credit card account that you aren't using. When you have unused credit it actually helps your credit score. Your credit score is also helped by having long-standing credit accounts, so if you have had a credit card for many years it will help your credit score.

When you are thinking about buying a home and applying for a loan it is very important to stay current on existing accounts and avoid any late bill payments. Late payments, especially those longer than 30-days late will hurt your credit score.

Jim Johnson
Mann Mortgage, LLC
(702) 751-1000
jim.johnson@mannmortgage.com
 

VEGAS AREA HOME PRICES IN MAY UP ABOUT 9% FROM YEAR EARLIER

Update June 7, 2016  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that local home prices rose in May as the housing supply remained tight. The Realtors group said the mid-price existing single-family homes sold in during May for $229,250. That was up 8.5 percent from the mid-price of $211,250 one year ago. The year-over-year increase for condos and townhouses was less. GLVAR said the mid-price of local condominiums and townhomes, including high-rise condos, sold in May was $118,000 and that was up 5.4 percent from $112,000 one year ago.

GLVAR President Scott Beaudry, a longtime local REALTOR®, said “demand is exceeding supply in most parts of the country, but I think it’s more pronounced here in Southern Nevada. Our tight housing supply seems to be driving up prices, especially for entry-level homes. Even with our limited inventory, we’re still selling more homes so far this year than last year.” Beaudry said local home sales in 2016 have been running nearly 10 percent ahead of the pace from 2015. Beaudry said Southern Nevada still has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.

But there are still homes waiting for a buyer. At the end of May, GLVAR reported 7,626 single-family homes listed without any sort of offer. That’s up 6.9 percent from one year ago. For condos and townhomes, the 2,237 properties listed without offers in May represented a 1.4 percent decrease from one year ago.

LAS VEGAS HOME PRICES HOLD AROUND $220,000 IN APRIL

Update May 5, 2016  Resale prices on single family homes in the Las Vegas area continued to hold steady in April. The Greater Las Vegas Association of REALTORS® (GLVAR) reported that local home prices in Southern Nevada’s housing market were hovering around $220,000.

Specificially, GLVAR reported the mid-price of existing single-family homes sold in Southern Nevada during April through its Multiple Listing Service (MLS) was $220,600. That was up 3.8 percent from $212,568 one year ago.

Meanwhile, GLVAR said the mid-price of local condominiums and townhomes, including high-rise condos, sold in April was $119,900. That was up 4.3 percent from $115,000 one year ago.

The Realtors group also reports that the housing market is considered tight. At the current sales pace, Southern Nevada has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market, according to the Realtors group. The total number of single-family homes listed for sale on GLVAR’s MLS in April was 13,799, up 0.4 percent from one year ago. GLVAR tracked a total of 3,581 condos, high-rise condos and townhomes listed for sale on its MLS in April, down 1.2 percent from one year ago.

There are still homes waiting for any interest. By the end of April, GLVAR reported 7,357 single-family homes listed without any sort of offer. That’s up 0.8 percent from one year ago. For condos and townhomes, the 2,231 properties listed without offers in April represented an 8.5 percent decrease from one year ago. GLVAR continued to report declines in distressed sales and a corresponding increase in traditional home sales, where lenders are not controlling the transaction. In April, 4.5 percent of all local sales were short sales – when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 7.2 percent of all sales one year ago. Another 7.1 percent of all April sales were bank-owned, the same as in March and down from 8.3 percent one year ago.

The median price of single-family homes sold as part of a short sale in April was $185,000, up from $175,250 one year ago. The median price of bank-owned homes sold in April was $182,100, up from $164,750 one year ago.

MARCH 2016 HOME PRICES UP MODERATELY FROM A YEAR EARLIER
 
Update April 6, 2016  Southern Nevada’s home prices and sales increased in March compared to one year ago, the Greater Las Vegas Association of REALTORS® (GLVAR) reported. GLVAR reported the median price of existing single-family homes sold in Southern Nevada during March through its Multiple Listing Service (MLS) was $220,000. That was up 7.3 percent from $205,000 one year ago. Meanwhile, GLVAR said the median price of local condominiums and townhomes, including high-rise condos, sold in March was $118,000. That was up 2.6 percent from $115,000 one year ago. The realtors group also reported that the market was relatively tight which was supporting house prices.

So far this year, local home sales are ahead of the pace from 2015. At the current sales pace, the GLVAR said Southern Nevada now has less than a three-month supply of homes available for sale. The group says a six-month supply is considered to be a balanced market.

FEBRUARY 2016 HOME PRICES UP FROM A YEAR EARLIER

Update March 7, 2016  The Greater Las Vegas Association of REALTORS® (GLVAR) reported today that the median price of existing single-family homes sold in Southern Nevada during February through its Multiple Listing Service (MLS) was $220,350, up 7.5 percent from one year ago. Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in February was $121,500. That’s up 15.7 percent from one year ago. The GLVAR says it expects prices to rise with the weather and that the local economy continues to improve.

The Vegas market is relatively tight with less than a four-month supply of homes available for sale. The group says a six-month supply is considered a more balanced market. By the end of February, GLVAR reported 7,328 single-family homes listed without any sort of offer. That’s up 0.2 percent from one year ago. For condos and townhomes, the 2,267 properties listed without offers in February represented a 6.5 percent decrease from one year ago.

HOW 2016 STARTED FOR LAS VEGAS AREA REAL ESTATE

Update February 8, 2016  The Greater Las Vegas Association of REALTORS® (GLVAR) says that the local housing market began 2016 where it left off in 2015 – with gradually rising home prices and sales and fewer homeowners in distress. The GLVAR reported the mid-price of existing single-family homes sold in Southern Nevada during January through its Multiple Listing Service (MLS) was $219,000, up 9.5 percent from $200,000 one year ago and the mid-price of local condominiums and townhomes, including high-rise condos, sold in January was $119,990. That’s up 14.3 percent from $105,000 one year ago.

The 2016 GLVAR President Scott Beaudry reported there are still too many underwater homeowners. Compared to the same month one year ago, 4.7 percent more homes and 5.4 percent more condos and townhomes sold in January.

For 2015, GLVAR reported a combined total of 38,578 single-family home, condominium, townhome and high-rise condo sales, more than in 2014, but fewer sales than in the previous five years. Beaudry said the local housing supply remained tight, with about a four-month supply of homes available for sale, when a six-month supply is considered a more balanced market. The total number of single-family homes listed for sale on GLVAR’s MLS in January was 12,473, down 1.5 percent from one year ago. GLVAR tracked a total of 3,343 condos, high-rise condos and townhomes listed for sale on its MLS in January, down 2.5 percent from one year ago.

Despite the low inventory of homes on the market, at the end of January, GLVAR reported 7,428 single-family homes listed without any sort of offer. That’s up 0.6 percent from one year ago. For condos and townhomes, the 2,216 properties listed without offers in January represented a 4.8 percent decrease from one year ago.

There are still a substantial number of short sales in the market but short sale prices are slightly higher according to the new report. The median price of single-family homes sold as part of a short sale in January was $169,990, up from $167,000 one year ago. The median price of bank-owned homes sold in January was $175,000, compared to $154,900 one year ago.

Beaudry said short sales should continue to play a role in the local housing market in 2016 since Congress voted in late December to again extend the Mortgage Forgiveness Debt Relief Act of 2007, as REALTORS® have long advocated. If Congress had not voted to again extend the tax break to help distressed homeowners, any amount of money a bank wrote off in agreeing to sell a home as part of a short sale would have been taxable when sellers file their federal income taxes.

GLVAR said 31.1 percent of all local properties sold in January were purchased with cash, down from 36 percent one year ago. That’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still more active in Southern Nevada than in most markets, but that their influence continues to subside.

In January, 62.2 percent of all existing local homes and 58.6 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 59.8 percent of all existing local homes and 58.2 percent of all existing condos and townhomes sold within 60 days.


MID-YEAR UPDATE: HOW PRICES STAND IN JUNE 2014

Update July 9, 2014  Statistics released by the Greater Las Vegas Association of REALTORS® (GLVAR) show local home prices continued to climb in June while the percentage of buyers paying cash fell to its lowest point in four years.  GLVAR reported the median price of existing single-family homes sold in Southern Nevada during June was $199,900, up 2.5 percent from $195,000 in May and up 14.2 percent from June of 2013. That’s the highest median home price GLVAR has reported since September of 2008. The median price of existing condominiums and townhomes sold in June was $109,000, up 6.9 percent from $102,000 in May and up 26.7 percent from one year ago.

“Our GLVAR median home price is almost back to $200,000, which is encouraging,” said GLVAR President Heidi Kasama, a longtime local REALTOR®. “While real estate investors have played a key role in helping our housing market recover in recent years, it’s also good to see more traditional buyers entering the market. The percentage of local home buyers paying with cash is now under 35 percent. It hasn’t been that low since July of 2009.

”Putting these prices into perspective, Kasama said existing local home prices are still well below their June 2006 peak of $315,000. Prices bottomed out at a median of $118,000 in January 2012 before rising for a record 19 straight months until September 2013, then increasing more gradually since then.

Fewer existing homes were sold in June than during May, according to GLVAR. Kasama said local home sales so far in 2014 are running about 13 percent behind last year’s sales pace. At the current sales pace, she said Southern Nevada has less than a three-month supply of available homes. But compared to one year ago, she said Southern Nevada has almost twice as many homes available for sale without pending or contingent offers on them.

Since 2013, GLVAR has reported fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. However, in June, GLVAR tracked an uptick in short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. In June, 10.8 percent of all existing local home sales were short sales. That’s up from 7.9 percent in May. Another 10.1 percent of all June sales were bank-owned properties, up from 9.1 percent in May.

Kasama said short sales have slipped this year due in part to uncertainty about whether Congress will vote this year to extend the Mortgage Forgiveness Debt Relief Act of 2007 that expired Dec. 31, 2013. If Congress doesn’t extend this law and make it retroactive to Jan. 1, it can create a significant tax hit for anyone who completed a short sale in 2014. She said REALTORS® are still pushing Congress to extend this act for at least another year. Unless Congress extends this act, as Nevada’s congressional delegation has proposed, any amount of money a bank writes off in agreeing to sell a home as part of a short sale starting in 2014 may become taxable when sellers file their income taxes.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in June was 13,838. That’s up 1.5 percent from 13,637 in May and up 0.6 percent from one year ago. GLVAR reported a total of 3,715 condos and townhomes listed for sale on its MLS in June, up 1.9 percent from 3,646 listed in May and up 7.7 percent from one year ago.

By the end of June, GLVAR reported 7,126 single-family homes listed without any sort of offer. That’s up 7.7 percent from 6,615 such homes listed in May, and an 86.2 percent jump from one year ago. For condos and townhomes, the 2,333 properties listed without offers in June represented a 3.3 percent increase from 2,258 such properties listed in May and a 59.4 percent jump from one year ago.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in June was 3,274, down from 3,450 in May and down from 3,642 one year ago

GLVAR said 34.7 percent of all existing local homes sold in June were purchased with cash. That’s down from 40.2 percent in May and well short of the February 2013 peak of 59.5 percent, suggesting that investors are accounting for a smaller percentage of local buyers.

The median price of bank-owned homes sold in June was $150,000, down from $165,000 in May. The median price of homes sold as part of a short sale in June was $170,000, up from $160,000 in May.

These GLVAR statistics include activity through the end of June 2014. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include:

The monthly value of local real estate transactions tracked through the MLS during June decreased by 3.1 percent for homes to nearly $643 million. For condos and townhomes, the total value of all June sales was more than $88 million, up 6.8 percent from May. Compared to one year ago, total sales volumes in June were down 1.6 percent for homes and down 2.6 percent for condos and townhomes.

In June, 69.4 percent of all existing local homes and 67.3 percent of all existing condos and townhomes sold within 60 days. That compares to May, when 69.4 percent of all existing local homes and 62.7 percent of all existing condos and townhomes sold within 60 days.

HOME PRICES ABOUT FLAT IN JANUARY

Update February 10, 2014  The Greater Las Vegas Association of Realtors (GLVAR) today reported that home prices in January were relatively flat from December 2013, but prices were higher than a year earlier.  The GLVAR reported that the mid-priced existing single-family home sold in Southern Nevada during January was $185,000, unchanged from December and up 23.3 percent from January 2013, when the median price was $150,000.  Meanwhile, mid-priced existing condominiums and townhomes sold in January were $92,500, down 3.6 percent from $96,000 in December, but up 23.3 percent from $75,000 one year ago.

GLVAR President Heidi Kasama said local home prices have stabilized recently after appreciating for two years.  She said existing local home prices bottomed out at a median price of $118,000 in January 2012 before rising for a record 19 straight months until September 2013. Local home prices are still well below their June 2006 peak of $315,000.

GLVAR said the total number of existing local homes, condominiums and townhomes sold in the traditionally slow month of January was 2,527, down from 2,915 in December and down from 2,821 one year ago.

 

THE HOLIDAYS: THE WORST TIME TO SELL

Update December 10, 2012  New figures from the Greater Las Vegas Association of Realtors show that the holidays can be a very bad time to sell a home -- but if you are buyer it's when prices are low.  Tradition tells us that those who are selling their home during the holidays must really need to sell.  But there are few buyers during the holidays and that puts a damper on prices.  In November prices were lower for houses and condos in the Las Vegas area and that fits this seasonal and holiday pattern

According to statistics released by the Greater Las Vegas Association of REALTORS® (GLVAR), local home prices cooled off in November after posting steady gains for nearly two years.

GLVAR reported that the median price of an existing single-family home sold in Southern Nevada during November was $183,000, down 1.1 percent from $185,000 in October. November’s median price was still 25.3 percent higher than November 2012, when the median price was $146,000.

Meanwhile, the median price of existing condominiums and townhomes sold in November was $99,000, down 1.0 percent from $100,000 in October, but up 33.8 percent from $74,000 one year ago.

AFTER 19 MONTHS OF RISING HOUSE PRICES IN LAS VEGAS, HOME PRICES FELL IN SEPTEMBER

Update October 8, 2013  House prices can't keep rising forever just as a rocket can't shoot up forever.  Eventually the rocket runs out of fuel, and home prices exceed what buyers are willing to pay.  In September, after a run of 19 months of monthly price increases, house prices in the Las Vegas area went down.

The news comes from the Greater Las Vegas Association of Realtors.  The GLVAR reported that the median price of an existing single-family home sold in Southern Nevada during September was $180,000.  That was down 1.1 percent from $182,000 the previous month and the first monthly home price decrease reported by the association since January 2012.  However, September’s median home price was still 28.6 percent higher than September 2012, when the median price was $140,000.

Meanwhile, the median price of existing condominiums and townhomes sold in September continued to climb, with September’s median sales price of $95,000 representing a 3.8 percent increase from August and a 35.2 percent jump from $70,250 one year ago.

“We knew these rising home prices had to slow down sometime,” said GLVAR President Dave Tina, a longtime local REALTOR®. “Home prices and sales usually slow down heading into the holidays and in the winter, so this may be the beginning of more stable prices for the coming months.”

Tina said existing local home prices had been rising steadily since bottoming out at $118,000 in January of 2012, though they are still well below their June 2006 peak of $315,000.

LAS VEGAS HOME PRICES RISE AGAIN IN AUGUST -- THE 19TH MONTH IN A ROW FOR HIGHER PRICES

Update September 10, 2013  Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show a 19-month run of rising prices rolled on during August.

GLVAR President Dave Tina said existing local home prices bottomoed out at $118,000 in January of 2012.  The median price of a single-family existing home sold in Southern Nevada during August was $182,000.  That’s up 1.1 percent from $180,000 in July and up 31.9 percent from $138,000 one year ago.  But prices are still well below their June 2006 peak of $315,000.  Meanwhile, the median price of local condominiums and townhomes sold in August was $91,500, unchanged from July, but up 33.6 percent from $65,000 one year ago.

The Realtors group indicates that prices might level out soon, but a drop is not expected.  One factor that might slow future price increases is that the number of local homes listed for sale increased in August.  But the Realtors group noted that the demand for housing in Southern Nevada greatly exceeds the current supply.

GLVAR has also been reporting fewer foreclosures and short sales.  In August, 25 percent of all existing home sales were short sales, down from 28 percent in July.  Another 8 percent of all August sales were bank-owned properties, and that was unchanged from July.  The remaining 67 percent of all sales were the traditional type, up from 64 percent in July and as high as that percentage has been in several years.

Short sales are likely to continue playing a significant part in the local housing market through the end of 2013, when the federal Mortgage Forgiveness Debt Relief Act is set to expire, according to the organization.  Barring any further extensions of this deadline, any amount of money a bank writes off in agreeing to sell a home as part of a short sale starting in 2014 may become taxable when sellers file their income taxes.

GLVAR said the total number of existing local homes, condominiums and townhomes sold in August was 3,539.  That’s down from 3,633 in July and down from 3,688 total sales in August 2012.  Compared to July, single-family home sales during August increased by 0.1 percent, while sales of condos and townhomes decreased by 13.9 percent.  Compared to one year ago, single-family home sales were down 4.3 percent, while condo and townhome sales were down 2.8 percent.

GLVAR also reported more available homes listed for sale without any sort of pending or contingent offer.  By the end of August, GLVAR reported 5,612 single-family homes listed without any sort of offer. That’s up 19.9 percent from 4,681 such homes listed in July and up 41.1 percent from one year ago.  For condos and townhomes, the 1,774 properties listed without offers in August represented a 10.3 increase from 1,609 such properties listed in July and a 47.0 percent increase from one year ago.

LAS VEGAS HOME PRICES CONTINUE TO RISE IN MAY

Update June 10, 2013  The recovery of Las Vegas home prices continued in May.  New figures from the Greater Las Vegas Association of Realtors show that the mid-price of an existing single-family home sold in Southern Nevada during May was $170,000 which was up 1.8 from April and up 32.8 percent from a year earlier.  In May of 2012 a mid-priced home was $128,000. However, Las Vegas home prices are still way below their peak levels when a mid-priced home hit $315-thousand and that was in June of 2006.  Meanwhile, the mid-price of local condominiums and townhomes sold in May was $89,000, up 4.7 percent from April and up 43.5 percent from one year ago.

GLVAR has also been reporting fewer foreclosures and short sales – and this would be expected to happen when a housing market improves and more homeowners can sell their properties through traditional methods.

Even though the market has improved, in May, 31.8 percent of all existing local home sales were short sales, down from 32.5 percent in April.

There is still an advantage to a short sale because of the Mortgage Forgiveness Debt Relief Act.  That Act is set to expire Dec. 31, 2013.  Barring any further extensions, any amount of money a bank writes off in agreeing to sell a home as part of a short sale starting in 2014 may become taxable when sellers file their income taxes.  Homeowners might have a tax advantage for having a short sale this year.

GLVAR said the total number of existing local homes, condominiums and townhomes sold in May was 3,884. That’s up from 3,789 in April, but down from 4,134 total sales in May 2012.

LAS VEGAS HOME PRICES CONTINUE TO RISE DURING MARCH

Update April 11, 2013  Las Vegas area home prices continued to rise in March and while the month-to-month figures look good and the year-over-year increases look better, housing prices are still deeply below prices of 7 years ago. 

In a new report from the Greater Las Vegas Association of Realtors it was noted that a mid-priced single-family home in March was $161,000, and that was up 7.3 percent from $150,000 price in February.  And the price in March was up 30.9 percent from the $123,000 price tag of one year ago.

However, condominiums and townhouses did not fare as well as single family homes in March.  In March, the mid-price condominiums and townhomes sold in March cost $80,150, down 2.3 percent from $82,000 in February.  However these units were up 31.4 percent from the $61,000 price of one year ago.

While home prices have increased the Realtors group points out that they are just more than half of what they were in 2006 when the median single-family home price in Southern Nevada was more than $300,000.

LAS VEGAS HOME PRICES CONTINUED TO RISE IN FEBRUARY

Update March 8, 2013   The Greater Las Vegas Association of REALTORS® (GLVAR) says the median price -- the mid-price -- of existing homes sold last month in Southern Nevada was 24- percent higher than a year earlier.  The Realtors group said that prices went up because of strong demand and a tight housing supply.  The group notes that home prices have been going up for about the last year, and there is a tight supply of homes available for sale.

But the GLVAR notes that almost half of the sellers are banks that sold foreclosed properties.  The group says that there has been an increase in the number of traditional sellers recently.  In the meantime, many of the sales now are "short sales" which are properties sold for less than the outstanding mortgages.

GLVAR said the total number of existing local homes, condominiums and townhomes sold in February was 3,232.  That’s down from 3,794 sales in February 2012.

As for prices, the median price of single-family homes sold in February was $150,000, up 24-percent from the $121,000 mid-price of one year ago.  The median price of local condominiums and townhomes sold in February was $82,000, up 36.7 percent from the $60,000 mid-price of one year ago.

FIRST REPORT ON LAS VEGAS REAL ESTATE FOR 2013

Update February 8, 2013  The Greater Las Vegas Association of Realtors this morning released its report on Vegas real estate sales and prices for January and it shows that prices are way up from a year earlier, but also that the supply of homes for sale has dropped.  The GLVAR says that a mid-priced single family home sold in January cost $150,000 and that was up more than 27% from a year earlier.  And mid-priced condos and townhomes sold in January cost $75,000 and that was up more than 36% from a year earlier.

At the end of January, the number of single family homes for sale was down nearly 25% from a year earlier, and the number of condos and townhomes on the market was down almost 16% from a year earlier.

YEAR END REPORT: 2012 SHOWED A MIXED PICTURE FOR LAS VEGAS AREA REAL ESTATE

Update January 8, 2012  The Greater Las Vegas Association of Realtors is out with its year-end report on the market for 2012 and the GLVAR reported a mixed picture.  Among the highlights of the report: 

  • Local home prices in December finished 24% higher than they were at the start of the year.
  • Nearly 46% of sales in December were "short sales" and short sales replaced foreclosures as the top type of sale.
  • Short sales are expected to increase in 2013.
  • Single Family Home sales in December were up 10% from November.
  • Condo and Townhome sales in December were up 8.5% from November.
  • Home sales in December were down 14% from a year earlier.
  • Condo and Townhome sales were down almost 17% from a year earlier.
  • A mid-priced single family home in December was $149,000 and up 24% from a year earlier.
  • A mid-priced condo or townhome in December was $76,000 and up 30% from a year earlier.

OCTOBER HOME PRICES IN LAS VEGAS MOSTLY FLAT

Update November 16, 2012  The Greater Las Vegas Association of Realtors reports that home prices in the Las Vegas area were mostly flat from September to October, but prices were up from year-ago levels.  GLVAR reported that the mid-price of a single-family home sold in October was $140,000 which was the same median price as in September.  But that price of $140,000 was up 15.7 percent from one year earlier. Meanwhile, the median price of local condominiums and townhomes sold in October was $72,000 and that was up 2.5 percent from the selling price in September and up 22.0 percent from one year ago.  This was the first report in about a year showing that home price increases were slowing.

LAS VEGAS HOME PRICES UP 15% OVER THE PAST YEAR, BUT SALES STILL SLOW

Update September 11, 2012  Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show existing home prices increasing for the seventh straight month.  The Realtors group said that a mid-priced single family home is now 15% higher than it was last year at this time.   “That’s our first double-digit annual price increase since 2005,” said GLVAR President Kolleen Kelley, a longtime local REALTOR®.

“Condo and townhome prices have increased even more than that in the past year. We think prices are going up mostly because of our tight housing supply, with banks being less willing to foreclose and putting fewer homes on the market than they did in past years,” according to Kelley.

Kelley said more homeowners are pushing to short-sell their homes by the end of the year, when the Mortgage Forgiveness Debt Relief Act is set to expire unless Congress acts to extend it. If Congress does not extend this law by Dec. 31, she said any amount of money a bank writes off in agreeing to sell a home as part of a short sale will become taxable income when sellers pay their income taxes.

According to GLVAR, the total number of local homes, condominiums and townhomes sold in August was 3,747. That’s up from 3,572 in July but down from the near-record 4,693 total sales in August 2011.

Compared to July, single-family home sales during August increased by 6.4 percent, while sales of condos and townhomes decreased by 1.6 percent. Compared to one year ago, home sales were down 17.0 percent, while condo and townhome sales were down 32.0 percent.

As for prices, GLVAR reported the median price of single-family homes sold in August was $138,000, up 3.8 percent from $133,000 in July and up 15.0 percent from one year ago. August marked the seventh straight month that median home prices increased – the longest run of monthly price appreciation since at least 2004. Meanwhile, the median price of local condominiums and townhomes sold in August was $68,500, up 3.0 percent from $66,500 in July and up 22.3 percent from one year ago.

LAS VEGAS REAL ESTATE IN JULY:  FEWER HOMES SELLING, SOME PRICES HIGHER

Update August 8, 2012  According to the Greater Las Vegas Association of Realtors the total number of local homes, condominiums and townhomes sold in July was 3,572.  That’s down from 3,945 in June and down from 4,037 total sales in July 2011.  And when compared to June, single-family home sales during July also decreased.  The drop from June to July was 10.1 percent, while sales of condos and townhomes decreased by 6.7 percent.  Compared to one year ago, home sales were down 8.7 percent, while condo and townhome sales were down 21.9 percent.

However, while the number of sales is lower, prices are higher for the homes that do sell.  GLVAR reported that mid-priced single-family homes sold in July were $133,000, and that's up 0.9 percent from $131,785 in June and up 9.0 percent from one year ago.

The realtors group says that July marked the sixth straight month that mid-priced or median home prices increased – and they call that the longest run of monthly price appreciation since at least 2004.

However, condos and townhome prices did not move up during July.  The median price of local condominiums and townhomes sold in July was $66,500, down 3.6 percent from $69,000 in June.  But condo and townhome prices were up 12.7 percent from one year ago.

NEW REPORT ON FORECLOSURE IN NEVADA

Update July 26, 2012   A "Face of Foreclosure" report with a video was released today by the Nevada Association of REALTORS® (NVAR) and it paints a picture of frustrated but oddly optimistic Nevadans who believe government has failed to address the foreclosure crisis.  The report also shows that Nevadans are divided over whether homeowners should "strategically default" on their mortgages.

Forty-five percent of Nevadans surveyed said "there is nothing wrong" with "strategic default," while an equal number disagreed, saying homeowners have a legal and ethical obligation to pay their mortgage if they can.  In fact, there are many real estate companies in Nevada now that suggest that current homeowners either short sale or allow their current homes to go into foreclosure now so that they can buy again at lower prices and with lower payments soon after.  Watch the video below.

LAS VEGAS HOUSING MARKET IMPROVES IN JUNE WITH EXISTING HOME PRICES RISING AGAIN

Update July 10, 2012   A report today from the Greater Las Vegas Association of REALTORS® (GLVAR) shows existing home prices in June rose for the fifth straight month.  The organization of realtors says a reason for the price increase is that the supply of local homes listed for sale continues to tighten.  The realtors group also says that this is the longest string of monthly price hikes since 2004.

The organization also reports that banks are putting fewer homes on the market than they did in past years and this is leading to a tighter housing market that is helping to push up prices.  However, even with the rise in prices there were fewer sales last month.

According to GLVAR, the total number of local homes, condominiums and townhomes sold in June was 3,945.  That’s down from 4,134 in May and down from 4,540 total sales in June 2011.  A mid-priced single family home in June sold for $131,785 which was up 3.0 percent from $128,000 in May and up 5.9 percent from one year ago.  This was the fifth straight month that median home prices increased according to the GLVAR.

There was a much bigger percentage increase in the median price of local condominiums and townhomes sold in June.  The median or mid-point price was $69,000, up 11.3 percent from $62,000 in May and up 15.2 percent from one year ago.

LAS VEGAS HOUSING REPORT FOR MAY SHOWS RISING HOME PRICES

Update June 8, 2012  Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show existing home prices in May increased for the fourth straight month, as the supply of homes listed for sale continued to shrink.  According to GLVAR, the total number of local homes, condominiums and townhomes sold in May was 4,134.  That’s up from 3,924 in April and up from 3,991 total sales in May 2011.

Compared to April, single-family home sales during May increased by 7.2 percent, while sales of condos and townhomes decreased by 2.4 percent. Compared to one year ago, home sales were up 9.7 percent, while condo and townhome sales were down 18.1 percent.

As for prices, GLVAR reported the median price of single-family homes sold in May was $128,000, up 0.1 percent from $127,900 in April and up 1.6 percent from one year ago.  According to GLVAR records, it was the first time since May of 2005 that single-family home prices increased for four consecutive months.

Meanwhile, the median price of local condominiums and townhomes sold in May was $62,000, up 3.5 percent from $59,900 in April.  That’s down 1.2 percent from one year ago.

LAS VEGAS REAL ESTATE MARKET CONTINUED TO IMPROVE IN APRIL

Update May 8, 2012  Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show existing home prices in April increased for the third straight month while the supply of homes listed for sale continued to shrink.  The Realtors group says that this is the first time in two years that local home prices went up for three months in a row.  The Realtors group also reports that there has been a dramatic drop in the notices of default lenders file to begin the foreclosure process and in the number of bank-owned homes put on the market in Southern Nevada.  This has led to a drop in inventory which is also helping the market.

The total number of local homes, condominiums and townhomes sold in April was 3,924. That’s down from 4,388 in March, but still up from 3,902 total sales in April 2011.  As for prices, GLVAR reported that a mid-priced single-family home sold in April was $127,900, up 4.0 percent from $123,000 in March, and up 2.3 percent from $125,000 one year ago.

But the condo and townhouse market is not doing as well.  The Realtors report that the median price of local condominiums and townhomes sold in April was $59,900. That’s down 1.8 percent from $61,000 in March and down 0.2 percent from one year ago.

LAS VEGAS REAL ESTATE IN MARCH 2012 - A BETTER MARKET FOR BUILDERS?

Update April 10, 2012  The Greater Las Vegas Association of REALTORS® (GLVAR) is reporting a shrinking inventory of homes available for sale in Southern Nevada, and home prices and sales increased in March from the previous month.  The GLVAR estimates there is a six-week supply of homes on the market, and the organization says that is opening "a window of opportunity for home builders."

The Realtors group also said that the 2012 sales pace is ahead of the 2011 sales pace.  According to the GLVAR, the total number of local homes, condominiums and townhomes sold in March was 4,388.  That’s up from 3,794 in February, and up from 4,316 total sales in March 2011.  As for prices, the GLVAR reported the median or mid-price of single-family homes sold in March was $123,000, up 1.7 percent from $121,000 in February, but down 2.3 percent from the $125,950 price of one year ago.

Meanwhile, the median price of local condominiums and townhomes sold in March was $61,000.  That’s up 1.7 percent from $60,000 in February and the same price as one year ago. 

But there are still signs of a troubled housing market.  26.6 percent of all existing local homes sold during March were short sales, which occur when a lender agrees to sell a home for less than what the borrower owes on the mortgage.  That’s down from 29.3 percent in February, and well short of the peak of 34 percent set in June 2010.  Bank-owned homes accounted for 40.7 percent of all existing home sales in February, down from 42 percent in January.  GLVAR reported that the median price of bank-owned single-family homes sold in March was $106,000, up 1 percent from $104,900 in February. The median price of single-family homes sold as part of a short sale in March was $121,000, up 0.8 percent from $120,000 in February.

LAS VEGAS REAL ESTATE IN FEBRUARY 2012: STILL MIXED NEWS

Update March 8, 2012  The latest report from the Greater Las Vegas Association of Realtors shows a mixed picture for Las Vegas real estate, and no clear evidence yet that the market has really turned for the better.  On the positive side, home sales are increasing and prices are generally going higher while the inventory of available homes continues to go down.  According to the GLVAR the total number of local homes, condominiums and townhomes sold in February was 3,794. That’s up from 3,591 in January, and up from 3,371 total sales in February 2011.  Compared to one year ago, single-family home sales during February increased by 17.8 percent, while sales of condos and townhomes decreased by 5.0 percent.

Prices did increase a bit last month.  GLVAR reported the median price (mid-price) of single-family homes sold in February was $121,000, up 2.5 percent from $118,000 in January, but the mid-priced home was down 5.5 percent from the $128,000 price of one year ago.  Meanwhile, the median price of local condominiums and townhomes sold in February was $60,000. That’s up 9.1 percent from $55,000 the previous month, but down 3.6 percent from $62,250 the previous year.  February was the first time the median price of local condos and townhomes had topped $60,000 since May of 2011.

VEGAS REAL ESTATE IN JANUARY: SELLING FASTER, LOWER PRICES

Update February 8, 2012  You can sum up the Las Vegas residential real estate market this way for January: homes were selling at a record fast pace, but prices were still very low and actually were going lower.  Here are some of the latest figures from the Greater Las Vegas Association of REALTORS® (GLVAR):

In January, 3,591 houses, condos and townhomes sold during the month.  That's up from 3,214 total sales the year before.  Single-family homes increased by 16.8-percent, while sales of condos and townhomes decreased by 6.4-percent.

The GLVAR said that a mid-priced single-family home in January was $118,000 which was down 5.6-percent from a year earlier.  And a mid-priced condo or townhome cost $55,000 and that was down 15.3-percent from a year earlier.

There is still a big inventory of homes on the market:  19,160 single-family homes were listed for sale at the end of January but that's down 12.9-percent from a year earlier.  And there were 4,133 condos and townhomes listed for sale at the end of the month which was a drop of 25.6-percent from a year earlier.

What is also interesting is that 28.1-percent of sales in January were short sales.  In June of 2010 short sales peaked at 34-percent of the homes sold that month.  Bank-owned homes accounted for 45.5 percent of all existing home sales in January.  The GLVAR reported that the median price of bank-owned single-family homes sold in January was $100,000.

2011 YEAR-END FIGURES ARE IN FOR THE LAS VEGAS AREA: MIXED

Update January 10, 2011  The year-end figures for the real estate market in the greater Las Vegas market are in and while sales actually set a record, foreclosures made up close to half of the sales and overall home prices were lower for the year.  The Greater Las Vegas Association of Realtors reported today that more existing homes were sold in 2011 than during any other year on record.  In all, about 48,186 were sold including 38,153 single family homes and 10,033 condos and townhouses.  That breaks the previous record set in 2009.

The Realtors organization believes that prices might improve in 2012 because of the strong sales pace in 2011.  The organization reports that 4,250 homes and condos and townhouses sold in December which was increase over November and over a year earlier.  Home sales were actually up nearly 11% over December of 2010.

Meanwhile it was a mixed picture for prices.  A mid-priced single family home in December was $120,000 which was down $5,000 from November, and a mid-priced condo or townhome sold for $58,550 and that was up $550 from the month before.  But the condo/townhome price was down $3,450 from the year before.

Another positive year-end sign is that the inventory of single family homes for sale decreased from November to December, and the inventory was down more than 11% from the year before in December.  Even more encouraging for the market is that the inventory of condos and townhomes in December was down nearly 27% from December of 2010.

LAS VEGAS AREA HOME SALES IN NOVEMBER WERE RELATIVELY FLAT

Update December 8, 2011  According to Greater Las Vegas Association, the total number of local homes, condominiums and townhomes sold in November was 3,883, or two more sales than the 3,881 properties sold in October.  November sales were also up from 3,510 total sales one year ago.  Within that total, single-family home sales during November increased by 13.8 percent, while sales of condos and townhomes decreased by 1.2 percent, all when compared to November of 2010.  As for home prices, GLVAR reported the median price of single-family homes sold in November was $125,000, up 3.3 percent from $121,000 in October. That’s down 7.3 percent from $134,900 one year ago. 

Meanwhile, the median price of local condominiums and townhomes sold in November was $58,000.  That’s down 1.7 percent from $59,000 the previous month, and down 10.6 percent from $64,900 the previous year.

The total number of homes listed for sale on GLVAR’s Multiple Listing Service decreased from October to November, with a total of 20,818 single-family homes listed for sale at the end of the month.  That’s down 3.1 percent from 21,478 single-family homes listed for sale at the end of October and down 8.0 percent from one year ago. GLVAR reported a total of 4,399 condos and townhomes listed for sale on its MLS at the end of November.  That’s down 3.6 percent from 4,563 such properties listed in October and down 24.7 percent from one year ago.

As in past months, the number of available homes listed for sale without any sort of pending or contingent offer also declined in November from the previous month and year.  By the end of November, GLVAR reported 9,780 single-family homes listed without any sort of offer.  That’s down 5.5 percent from 10,346 such homes listed in October and down 22.3 percent from one year ago.

For condos and townhomes, the 2,103 properties listed without offers in November represented a 3.6 percent decline from 2,182 such properties listed without offers in October and a decrease of 34.3 percent from one year ago.

The increase in local home sales between October and November also bucks seasonal trends from the past decade, when local home sales generally declined through the holiday and winter months that make up the slowest season for local home sales.

GLVAR reported that the median price of bank-owned single-family homes sold in November was $107,640, down from $109,900 in October.  The median price of single-family homes sold as part of a short sale in November was $129,900, up from $124,500 in October.  Meanwhile, 26.8 percent of all existing local homes sold during November were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage.  That’s up from 25.4 percent in October, but still down from a peak of 34 percent set in June 2010.

Bank-owned homes accounted for 46.0 percent of all existing home sales in November, down from 48.1 percent in October.

SALES UP, PRICES LOWER FOR VEGAS AREA HOMES

Update November 8, 2011  Statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) show sales of local homes, condominiums and townhomes in October continue to set a record pace, while home prices dipped from the previous month and year.

According to GLVAR, the total number of local homes, condominiums and townhomes sold in October was 3,881. That’s down from 4,108 total sales in September. However, October sales were up from 3,385 total sales one year ago.

Within that total, single-family home sales during October increased by 20.0 percent, while sales of condos and townhomes decreased by 2.9 percent, all when compared to October of 2010.

The declining number of homes sold between September and October is consistent with seasonal sales trends, according to GLVAR President Paul Bell, a longtime local REALTOR®.  “For at least the last seven years, we’ve sold fewer homes in October than we did during September,” Bell said.  “But I think the significant thing here is that October sales are up substantially from last year. ”Seasonal trends suggest that home sales will likely continue to decline over the next few months, through the holiday and winter months that make up the slowest season for local home sales.  Even with the expected lull entering November and December, Bell said 2011 is running about 10 percent ahead of last year’s sales pace and has a chance to set a GLVAR record for most existing homes sold in a single year.  He attributes this ongoing sales surge largely to investors buying mostly low-priced homes at bargain prices.  As for home prices, GLVAR reported the median price of all single-family homes sold in October was $121,000.  That’s down 1.9 percent from $123,400 in September and down 9.0 percent from $133,000 one year ago.  Meanwhile, the median price of all local condominiums and townhomes sold in October was $59,000, up 4.4 percent from $56,500 in September, but down 9.2 percent from $65,000 one year ago.

GLVAR reported that the median price of bank-owned single-family homes sold in October was $109,900, up 1.9 percent from $107,900 in September.  The median price of single-family homes sold as part of a short sale in October was $124,500, down 0.4 percent from $125,000 in September.

Bank-owned homes accounted for 48.1 percent of all existing home sales in October, down from 49.4 percent in September.

Update October 4, 2011  Do you have a house for rent in the Las Vegas area?  Do you have a condominium or townhouse for rent?  We know that the real estate market is tough and we want to help homeowners who are trying to get through the economic downturn by renting out their properties.  So, if you have a property for rent we want to help you advertise it for free.  There is absolutely no cost.  We will even show your YouTube videos of your property on our website www.VegasBestBuys.com on our new "Real Estate / Rentals" page.  Send us the information including the URL (address) of your YouTube video and we'll put it on our website.  There is absolutely no charge -- no fee -- no cost to you.  Send the property information and YouTube URL to Alan@AlanBestBuys.com and we hope we can help you make your deal.

Update September 13, 2011  There was mixed news about the real estate market in Nevada during August, including a drop in distressed properties on the market.  According to the Greater Las Vegas Association of Realtors’ Multiple Listing Service (MLS), total resale home inventory continued to decline in August, falling below prior year levels for the first time in 2011.

However, the decline in the unsold home inventory isn't the whole story according to the Las Vegas research firm Applied Analytics.

Applied Analytics reports that the number of contracted homes also fell during August, and this comes from both the number of contingent homes and the number of pending homes sales.  Meanwhile, Applied Analytics reports "the count of distressed properties declined, but they continue to represent the majority share of resale home inventory.  Although total inventory is below prior year levels, the resale home market remains somewhat fragile."

The number of contracted homes is declining. The number of contracted homes (contingent and pending) fell to 13,284 by the close of August 2011, which is 4.3 percent less than August 2010.  Contingent homes, properties in which a contract is in place, but closing depends on certain factors, totaled 10,724 by the end of the month. The total is down 5.1 percent when compared to last year.

Meanwhile, there were 2,560 pending home sales in August 2011.  Pending homes are those that have completed all significant hurdles and are awaiting customary closing procedures.  Compared with July, the number of pending homes declined a significant 9.5 percent.  However, when compared with August of last year, the decline was a less dramatic 0.7 percent, says the research firm.

"The number of distressed properties is declining," says the report, "but they continue to account for the majority of total inventory.  There were 3,249 bank owned properties listed as available at the end of August, which accounts for 22.8 percent of total inventory.  The number of bank owned properties has increased 11.5 percent since last year, while as a share of total listings, REOs have increased 3.2-percentage points."

"Shorts sale listings totaled 6,334 at the end of August, representing 44.4 percent of total availability," says the research firm.  "The number of short sales listings has declined 5.6 percent since last year, while the relative share has fallen a modest 0.8-percentage point.  Although the number of distressed properties (bank owned and short sale) has declined 0.4 percent since last year, they accounted for 67.2 percent of total inventory in August, representing a 2.4-percentage point increase from the 64.8 percent share reported in August 2010."

Update July 30, 2011  With half the year gone, nothing really has changed for Las Vegas homeowners -- sales prices as of July 1st were lower than they were a year earlier according to various pricing reports, including these figures from Zillow.com:

Overall, prices were down a bit more than 7% in the Las Vegas area, but in some parts of the Vegas region including Boulder City, home values as reported by Zillow.com were down nearly 20-percent.  Of course you have to step back and consider that individual sales prices may not come close to these overall numbers.  When you look at "ballpark numbers" you have to consider that many houses and many condos can fit into a ballpark.

The factors affecting the real estate market have not changed in more than a year.  While interest rates are low, banks are hesitant to finance loans.  There is a huge supply of foreclosed homes and REO properties -- real estate owned by the banks -- and that big supply of available homes will prohibit a bidding process that could raise prices.  Now add in the lingering high unemployment rate not only in Nevada but also in California which could limit homebuying.

Update April 1, 2011  Even though I am writing this on April Fool's Day, there is no joke here because there is no sign that home prices in the Las Vegas area are going to start increasing anytime soon.  In fact, the indications are that prices will continue to slip.  The most sobering news is coming from the National Association of Realtors which said that as of the end of 2010, the local price correction wiped out all of the homeowner equity built up during the Vegas real estate boom.  That means that homeowners who saw their house prices soar are now either back to where they started-- or worse-- they are underwater.  Over the previous three years, a mid-priced home in Vegas lost more than $139,000 and that mid-priced home now is valued at less than half of what it was valued at three years earlier.  And the worst news comes in three words: "continues to weaken."  That's what the National Association of Realtors says about home prices in the Vegas area.

Update February 21, 2011  The website www.DeptOfNumbers.com reports that a mid-priced home in Las Vegas has an asking price of $120,000 and that price is down 2.4% from the month before, and it's down 11.1% over the year.  The site also reports that there were 27,230 homes on the market and that was up 6% for the month and up 9.8% for the year.  The website provides real esate and economic information.

The price-tracking website zillow.com says that at the end of 2010, a mid-priced home in the Las Vegas metro area had a price of $125,200 and that price was down 3.5% from the year before.  And according to Zillow.com in March of 2006 (nearly five years ago) a mid-priced home was worth about $304,000 which is drop of about 59-percent.

Update January 26, 2011  A “Face of Foreclosure” report released today by the Nevada Association of REALTORS® (NVAR) shows that most Nevada homeowners facing foreclosure were not aware of federal and nonprofit programs designed to help them and that nearly one in four who lost their homes to foreclosure admitted to “walking away” as part of what is being called "a strategic default."

The report went on to say that very few Nevadans facing foreclosure knew about the various programs that could help them avoid foreclosure.  But the report also pointed out that what is offered to help homeowners is not what is most needed by those facing foreclosure.  The report says that 61% of those who avoided foreclosure didn't know about the major Federal program that is supposed to help them, and only 3% used a State program.

The report also said that by their own admission, 23 percent of those surveyed described their own situation as a "strategic default," defined as the borrower deciding to stop making payments on a debt despite having the financial ability to pay.  Many of these defaulters said their decision was based on advice from persons they trusted.

In Clark County which includes Las Vegas, one in 70 homes was foreclosed in 2010.  The highest foreclosure rate was in Lyon where 1 in 49 homes was foreclosed.  The major reasons for foreclosure include medical bills and a job loss.

Here on our new media website "Moneyman" Alan Mendelson who is the original Best Deals TV Show reporter on KCAL9 and consumer advocate, shows you the best deals on TV, and the best buys, bargains and where savvy shoppers go to save, and how to get the most for "your money" with the best of Los Angeles, Orange County, Ventura County, Riverside County and San Bernardino County.  Our Best Buys TV Show has the best TV deals and is the only regularly scheduled weekly best deals TV show in Southern California.  We show you the best buys and best deals on TV and more deals and bargains on www.alanbestbuys.com and www.bestbuystvshow.com and watch for our Las Vegas TV show Vegas Best Buys.  Some of the content can come from paid advertising and from our advertiser paid TV infomercial programs.  The Best Buys TV Show is a paid infomercial program which may also include news and information which is not sponsored or paid for by advertisers.  AlanBestBuys.com has the highest ranking among competitive sites in Southern California according to the independent website ranking companies Alexa.com and Quantcast.com and our Best Buys TV Show is the most watched shopping and consumer information show in Southern California.

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