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Greater Las Vegas Monthly Real Estate Market Report - January 2019

2/14/2019



Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.

Closed Sales decreased 19.6 percent for Single Family homes and 13.4 percent for Townhouse/Condo homes. Pending Sales decreased 4.5 percent for Single Family homes but increased 0.4 percent for Townhouse/Condo homes. Inventory increased 43.2 percent for Single Family homes and 73.1 percent for Townhouse/Condo homes.

The Median Sales Price increased 13.2 percent to $300,000 for Single Family homes and 13.6 percent to $170,000 for Townhouse/Condo homes. Days on Market increased 7.1 percent for Single Family homes and 27.8 percent for Townhouse/Condo homes. Months Supply of Inventory increased 57.9 percent for Single Family homes and 70.6 percent for Townhouse/Condo homes.

While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.

Current as of February 4, 2019. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2019 ShowingTime

 

 

 

 

Greater Las Vegas Monthly Real Estate Market Report - November 2018

12/5/2018



The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

Closed Sales decreased 11.6 percent for Single Family homes and 7.5 percent for Townhouse/Condo homes. Pending Sales increased 0.4 percent for Single Family homes but decreased 0.3 percent for Townhouse/Condo homes. Inventory increased 17.5 percent for Single Family homes and 49.7 percent for Townhouse/Condo homes.

The Median Sales Price increased 11.9 percent to $295,500 for Single Family homes and 15.8 percent to $164,450 for Townhouse/Condo homes. Days on Market remained flat for Single Family homes but increased 32.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 21.7 percent for Single Family homes and 44.4 percent for Townhouse/Condo homes.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single- family home construction projects in the face of rising mortgage rates and fewer showings.

Current as of December 4, 2018. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2018 ShowingTime.

 

Las Vegas Raiders stadium boosts land price 12 times average

12/5/2018



The small industrial site isn’t much — just a collection of storage containers, semi trucks, boats and other vehicles and items.

But with the Raiders building a 65,000-seat football stadium right across the street, the nondescript plot is now lucrative real estate — and if plans come through, it will be a mixed-use entertainment spot.

Osprey Real Estate Capital founder Sean Dalesandro confirmed Tuesday that he partnered with Huntington Hotel Group to acquire the 2-acre industrial site at 5575 Polaris Ave., just west of the stadium site. The $6.5 million purchase closed Nov. 26, records show.

(Las Vegas Review Journal) Click here to read the rest of the article.

Summerlin developer plans 267-room hotel near new Las Vegas Ballpark

12/4/2018


Las Vegas’ new baseball stadium is still under construction, but a next-door neighbor is already in the works.

Summerlin developer Howard Hughes Corp. has laid out plans for a 14-story, 267-room hotel just south of the ballpark. The 4.3-acre project, on Pavilion Center Drive across from the company’s open-air Downtown Summerlin mall, would include a restaurant, rooftop bar and spa, county documents show.

Clark County commissioners are scheduled to vote on the plans Wednesday.

(Las Vegas Review Journal) Click here to read the rest of the article

Odors gone, homebuilders embrace North Las Vegas pig farm land

12/3/2018



With the squealing pigs gone, builders are putting up houses on North Las Vegas land once owned by a longtime swine farmer.

Pulte Homes, Beazer Homes and Century Communities are developing subdivisions at Sedona Ranch, a roughly 160-acre community at Ann Road and North Fifth Street. Model homes have been finished or are under construction, and several “spec” houses, or those without buyers lined up, are being built as well.

A fourth builder, Lennar Corp., also has bought land at Sedona Ranch and plans to break ground next spring.

The work comes as Southern Nevada’s homebuilding market heats up with rapid sales and record prices, and almost two years after Bob Combs sold his R.C. Farms site and adjacent land to investors who drew up plans for residential and commercial development.

(Las Vegas Review Journal) Click here to read the rest of the article.

Las Vegas home prices set to rise nearly 8 percent in 2019

12/2/2018


Las Vegas home prices will keep rising at one of the fastest rates in the country next year, and sales will only creep up, according to a new forecast.


Home-listing site Realtor.com said this week that it expects Las Vegas-area home prices to rise 7.9 percent in 2019, second-fastest in the nation to Grand Rapids, Michigan, where prices are forecast to jump 8.2 percent.

Nationally, it expects the median resale price to climb by 2.2 percent.

Realtor.com also said sales totals would rise by 0.9 percent in the Las Vegas area, compared with a 2 percent drop nationwide.

Southern Nevada’s housing market accelerated in the past year or so amid low inventory and strong demand, but lately, amid higher mortgage rates, fast-rising prices and affordability concerns, sales have slowed and inventory has surged compared with a year ago.

Las Vegas home prices were up 13.5 percent year-over-year in September, more than double the national rate of 5.5 percent, according to the latest S&P CoreLogic Case-Shiller index. Southern Nevada’s growth rate was fastest among the 20 markets listed in the report for the fourth straight month, and before it led the pack, it was second to Seattle for 10 consecutive months.

(Las Vegas Review Journal) Click here for the rest of the article.

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