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Greater Las Vegas Monthly Real Estate Market Report - April 2019

5/18/2019

For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.

Closed Sales decreased 1.2 percent for Single Family homes but increased 7.5 percent for Townhouse/Condo homes. Pending Sales increased 17.3 percent for Single Family homes and 17.7 percent for Townhouse/Condo homes. Inventory increased 41.9 percent for Single Family homes and 56.8 percent for Townhouse/Condo homes.

The Median Sales Price increased 3.8 percent to $300,000 for Single Family homes and 11.1 percent to $172,200 for Townhouse/Condo homes. Days on Market increased 53.3 percent for Single Family homes and 78.3 percent for Townhouse/Condo homes. Months Supply of Inventory increased 47.6 percent for Single Family homes and 55.0 percent for Townhouse/Condo homes.

Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.

Current as of May 2, 2019. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2019 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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