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Greater Las Vegas Monthly Real Estate Market Report - February 2019

3/7/2019



It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

Closed Sales decreased 8.3 percent for Single Family homes and 6.7 percent for Townhouse/Condo homes. Pending Sales increased 3.2 percent for Single Family homes and 14.1 percent for Townhouse/Condo homes. Inventory increased 42.5 percent for Single Family homes and 68.4 percent for Townhouse/Condo homes.

The Median Sales Price increased 7.6 percent to $296,000 for Single Family homes and 10.0 percent to $165,000 for Townhouse/Condo homes. Days on Market increased 32.4 percent for Single Family homes and 62.1 percent for Townhouse/Condo homes. Months Supply of Inventory increased 57.9 percent for Single Family homes and 61.1 percent for Townhouse/Condo homes.

The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.


Current as of March 4, 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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