2012 Las Vegas Real Estate Forecast - Market Expert Mark Stark Discusses The Year Ahead in Las Vegas
Las Vegas real estate expert Mark Stark expects a stable environment in 2012, building on the stabilization the market experienced in 2011. National elections, a hotly debated assembly bill and a stagnant economy will all have an effect but not significantly deter the market’s upward swing.
“I see much of the same in 2012, which is a really good thing,” said Stark, CEO of Prudential’s largest franchises in both Arizona and Nevada. “There could be a slight price influx, but nothing significant. I really feel it will be a year of opportunities on both the client and the business side, because there are less homes available and more of a need to make every property stand out among its competitors.”
Stark said increased competition among real estate brokerages is a good thing for his company, which acquired several firms in 2011 including Century 21 MoneyWorld in Las Vegas and the entire Prudential Arizona Properties franchise. “We have a model that has been successful and will be fine –tuning it in 2012.”
Real estate executives that can provide advanced technological capabilities will have an advantage in 2012, said Stark. “Now more than ever, we need to offer our clients sales and marketing strategies that are unique and effective,” said Stark.
“By the numbers, we can see the stabilization in Southern Nevada,” he said. In 2010, the Greater Las Vegas Association of Realtors reported 88,746 real estate transactions (sides) closed, or approximately 44,373 homes. Prudential Americana Group had a 10 percent market share of those closings with 8,027 sides or approximately 4,013 homes. In 2011, there have been 89,266 sides closed YTD, or approximately 44,633 homes. Prudential increased its market share to 11.4 percent YTD this year with 8,620 sides or 4,310 homes.
“It is notable that there has been a shift in momentum away from REO (real estate owned) closings in favor of short sales and traditional sales,” said Stark. “This is consistent with the continued contraction of those types of listings.”
While hotly contested in the industry, Nevada’s recently-introduced Assembly Bill 284, has slowed defaults in Southern Nevada, according to Stark. “AB284 is temporary, but its intent is to hold everyone accountable throughout the process of buying or selling a home,” he said.
Overall, Stark said real estate companies will have to update their models to be competitive in the coming year. “Over the past few years we have become more efficient and been able to take advantage of market conditions in any form,” he said. “We now have a model that has been proven effective to offer more tools and resources than any other company in Nevada.”
Many of the companies Stark said he speaks with that are challenged in the current economy have not been able to update their businesses with the advent of significantly advanced technology in the past three years. “There is a staleness and confusion for a lot of real estate professionals on their plan of attack,” he said. “I always tell them if they want to be successful in this market and going forward, they need to develop a plan and work at it. One of our best advantages as a company is that we are focused on success, and know that requires support. We make sure we provide our people with all the tools, training and technology they need to succeed in their own businesses.”
Mark Stark is CEO of Americana Holdings, LLC (americanagroup.com), which includes Prudential Arizona Properties and Prudential Americana Group REALTORS, one of Nevada’s oldest and largest real estate companies. Combined, they include 2,000 sales executives and employees in 21 offices throughout Nevada and Arizona. Americana Holdings, LLC is an independently owned and operated member of Prudential Real Estate affiliates and among the top 10 largest in the company’s national network of franchises.