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Where are the most homes selling in Las Vegas?

According to “Where are the most homes selling in Clark County?”Las Vegas Review-Journal

ZIP code 89135 led the way with most homes sold. This area is located in Summerlin South Las Vegas, Nevada with $45.9 million sold as of early 2024. 

The area encompasses Summerlin South, below state Route 159, and is home to ultra-affluent communities such as The Ridges, a guard-gated community with a current average list price of $7.4M and a max list price of $21,5M, and The Summit Club, with prices starting at $7,9M and up to $30M.

The Las Vegas housing market exhibits resilience and adaptability, and prices have continued to rise in the face of the ever-evolving economic landscapes. Specific segments, particularly single-family homes, have experienced substantial growth in median prices, while the luxury market has remained relatively stable. 

Las Vegas has about a two-month supply of available homes for sale, indicating relatively low inventory. This low inventory can lead to increased competition among buyers and potentially result in higher returns for sellers.

Market stats also show a 12-month change in months of inventory is down 20.7%, which means the market is tightening because the supply of homes for sale has decreased significantly over the past year. This trend suggests that it is a seller’s market. 

This decrease in inventory can further drive up prices and ultimately create a seller’s market as more and more out-of-state buyers from high-priced markets such as CA are still relocating for the generous tax benefits and still reasonable real estate price points. 

The median number of days homes are on the market in Clark County is 18 and 15 days for Las Vegas.  In Summerlin South, 89135, the median days on the market is 15, which has increased 6.7% Month Over Month. 

The Median Sold Price in this area is $740,000, indicating that homes are selling quickly. This quick turnover time can be attributed to the low inventory and high buyer demand.

The list-to-sold price percentage is 99%, showing that homes typically sell very close to their list price. This high percentage indicates strong buyer interest and competition, leading to sellers receiving offers close to their asking price.

The Median Sold Price in Las Vegas is $473k, reflecting a strong demand for homes in the current market. With homes selling quickly and close to the list, sellers can expect a good return on their investment.

This correlation between these real estate metrics paints a picture of a market with limited inventory, high demand, quick sales, and firm prices. 

Buyers should be prepared to act fast and potentially pay close to the asking price. Sellers expect to see strong offers and a quick sale. 

Contact me directly if you are ready to sell or buy real estate. All my information is in the description of this video. As always, thanks for watching. I hope you enjoyed this video, which provides more Las Vegas real estate updates and home tours. Be sure to subscribe to my channel.

Sources:

Las Vegas Review-Journal – By Patrick Blennerhassett Las Vegas Review-Journal February 13, 2024 GLVAR Las Vegas REALTORS, 2024

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MARKET UPDATE (NEW CONSTRUCTION BOOM, BUYER & SELLER MARKET STATS)

Susan Marques

Let’s begin by discussing the current supply of inventory in our market. Presently, we have a 2.12 months supply of inventory. This figure represents the estimated time it would take for all available homes on the market to be sold, based on the current rate of sales. It’s worth noting that this is a tight market!

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Months Supply of Inventory: -39.6% 

Now, here’s the fascinating part – over the last 12 months, we’ve observed a significant decline of 39.6% in the month’s supply of inventory. This indicates a high demand for homes in Las Vegas, contributing to a more competitive market. As a seller, this is fantastic news for you!

List to Sold Price: 98.5%

 Speaking of sellers, let’s discuss the list of sold price percentages. Currently, we’re looking at a list to sold price ratio of 98.5%. This means that, on average, sellers are achieving close to their initial asking price. If you’re considering selling your home, now may be an excellent time to capitalize on this robust market and potentially maximize your profits.


Median Days on Market

Now, let’s examine the median days on market. Presently, homes in Las Vegas are spending just 19 days on the market before being sold. That’s less than three weeks! This clearly demonstrates the high demand and competitiveness of our market. As a buyer, it’s crucial to be prepared and act swiftly when you come across a home you love.

Median Sold Price: $404,995

Lastly, let’s delve into the median sold price. As of September 2023, the median sold price for homes in Las Vegas stands at $404,995. Remember, this is purely an average figure, and prices can vary based on factors like location, size, and condition. However, it does provide an overall understanding of the market trend.

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Are There Actually More Homes for Sale Right Now?

Are you in the market to buy or sell a house? If so, you must stay informed about the current supply of homes in your area. In this article, we’ll provide an update on the current inventory of homes for sale and its implications for buyers and sellers.

Historically, there has been a shortage of houses for sale, making it challenging for buyers to find suitable properties. However, recent national data from Realtor.com suggests that there has been a slight increase in housing supply in many parts of the country. Last month, the country’s housing supply rose by 5%.

While this news might seem promising for potential buyers, it’s important to note that the current inventory remains significantly lower than typical levels. The graph below illustrates the present active listing counts in comparison to the most recent “normal” years in the housing market (2017-2019). As you can see, there is still a long way to go before inventory levels return to normal.

It’s crucial to remember that the housing market is highly local, and therefore, a trusted real estate agent is vital to get an accurate assessment of your specific market. If you’re looking to buy a home, your agent can provide a more comprehensive understanding of the inventory situation and offer essential strategies that other buyers have successfully used to navigate the low housing supply.

📊 Here’s a Market Snapshot:
📅 Date: October 2023
📍 Location: Las Vegas, Nevada

📈 Housing market is on the move! Here’s a snapshot of the latest market trends:

✅ Currently, we have a low 2.25 Months Supply of Inventory, indicating a competitive market for buyers. It’s crucial to act swiftly to secure your dream home in this fast-paced market.

📉 Over the last 12 months, the Months Supply of Inventory has decreased by 39.35%. This reduction shows a trend towards limited inventory, leading to increased demand and potentially higher home prices.

💲 Looking at the numbers, the List to Sold Price percentage stands at an impressive 98.6%. This indicates that sellers are receiving strong offers close to their asking prices, making it an advantageous time to sell your property.

⏰ Homes are not staying on the market for long! The median days on market is just 18 days. If you’re considering selling, this statistic highlights the desirability of Las Vegas properties and the potential for a quick sale.

📈The median Sold Price for homes in Las Vegas currently stands at $405,000. This figure showcases the value and growth potential of properties in our vibrant city.

For sellers, the rise in housing inventory should not discourage you. Despite the slight increase in the national inventory, available homes on the market remain significantly lower than usual, and some areas may have an even lower supply. A skilled agent can offer essential tactics to help you sell your property effectively in this competitive market.

Keeping up to date on the latest real estate market trends is essential whether you’re looking to purchase or sell a home. Don’t hesitate to reach out to our experts for guidance in navigating the continuously evolving world of real estate.

As your trusted REALTOR® I am here to guide you through the ever-changing market conditions and help you make informed decisions. Whether you’re buying or selling, don’t hesitate to reach out for personalized advice tailored to your unique situation! 🤝

Email me directly at: [email protected]

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The Truth Behind Home Prices: What You Need to Know Before Investing in Real Estate” (Las Vegas, NV)

 
Buying a home is, for many, the biggest investment they’ll ever make. It’s not just a place to live, but an asset that can appreciate over time and generate wealth. Tt’s not surprising that homebuyers have become increasingly cautious when it comes to making this decision, especially in times of uncertainty.

Unfortunately, much of the media has contributed to this insecurity by spreading rumors and speculation about the housing market. These alarming headlines and clickbait articles may harm the industry by driving potential buyers away and prolonging the recovery process. But before giving in to fear and panic, it’s essential to take a closer look at the facts and listen to the people who know the market best: real estate professionals.

According to Fannie Mae’s latest report, more than one in five Americans still believe that home prices will decline over the next year. This perception is not necessarily based on reality but rather on misleading information that has been circulating in the media for months. Experts agree that the slight dip in housing prices last year was temporary and that the market has already rebounded in 2023.

In fact, the latest forecasts from various organizations confirm that home prices are expected to increase this year, instead of falling as some sources have suggested. The Fannie Mae forecast, for instance, has been revised from 3.9% to 6.7% appreciation for the year, highlighting the confidence experts have in the market.

While some may still feel skeptical about the housing market’s recovery, it’s crucial to keep in mind that the real estate industry operates differently from other markets. Unlike stocks, for example, which can plummet overnight, the housing market is relatively stable and follows predictable patterns.

Moreover, buying a home is not always about timing the market to get the best price. It’s about finding the right property that fits your lifestyle, meets your needs, and aligns with your long-term financial goals. In other words, while it’s essential to stay informed about the market trends, it’s even more crucial to focus on your personal situation and what you hope to achieve by purchasing a home.

If you’re feeling unsure or worried about the housing market, the best thing you can do is to talk to a real estate professional who can provide you with accurate and up-to-date information. An expert can also help you navigate the complex process of buying a home, from finding the right property to securing financing and closing the deal.

In conclusion, don’t believe everything you read or hear about home prices. Instead, rely on trusted sources, consult with professionals, and focus on your personal goals. Rest assured that the housing market is on a positive trajectory, and many opportunities await those who are ready to take advantage of them.

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There’s Only Half the Inventory of a Normal Housing Market Today

Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.

You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. This graph from Calculated Risk can help put that into perspective: 

As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10% – and it was already considered low at that time. But, if you look further back, you’ll see inventory is down even more significantly.

To gauge just how far off from normal today’s inventory is, let’s compare right now to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.

The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there just aren’t enough homes to go around. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more normal year. That means your house will be in the spotlight if you sell now and you may see multiple offers and a fast home sale. 

Bottom Line

With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.

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Sellers: Don’t Let These Two Things Hold You Back

Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles.

Challenge #1: The Reluctance to Take on a Higher Mortgage Rate

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical 30-year fixed mortgage rate offered to buyers is closer to 7%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.

The Advice: Waiting May Not Pay Off

While experts project mortgage rates will gradually fall this year as inflation cools, that doesn’t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And, right now home prices are back on the rise. If you move now, you’ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.

Challenge #2: The Fear of Not Finding Something to Buy

When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That’s going to keep inventory low. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.”

Even though you know this limited housing supply helps your house stand out to eager buyers, it may also make you feel hesitant to sell because you don’t want to struggle to find something to purchase.

The Advice: Broaden Your Search

If fear you won’t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types including condos, townhouses, and even newly built homes can help give you more to choose from. Plus, if you’re able to work fully remote or hybrid, you may be able to consider areas you hadn’t previously searched. If you can look further from your place of work, you may have more affordable options.

Bottom Line

Instead of focusing on the challenges, focus on what you can control. Let’s connect so you’re working with a professional who has the experience to navigate these waters and find the perfect home for you.

👉 Whether you’re looking to buy or sell, Susan Marques, your dedicated REALTOR®, is here to guide you through the dynamic Las Vegas real estate market.

Contact her today to discuss your goals and make the most of these favorable market conditions.

📞 702.816.1002

🌟 [email protected]

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August Market Report & Metrics Explained

Whether you are a buyer or a seller, understanding real estate metrics is crucial in making informed decisions in the housing market. So, let’s dive right in and explore the correlation between these real estate indicators.

Months Supply of Inventory

Did you know that currently there are only 1.9 Months Supply of Inventory? This means that demand is high, and the market is favoring sellers. Over the last 12 months, we’ve seen a -16.3% decrease in Months Supply of Inventory, indicating a tightening market.

Months Supply of Inventory metric represents the number of months it would take to sell all the available homes on the market if no new listings were added. A lower value indicates a seller’s market, where demand exceeds supply, resulting in potentially higher prices. With a months supply of inventory of 1.97, we can conclude that the market leans towards a seller’s market, indicating a high level of demand.

12-Month Change in Months of Inventory

Next, we have the 12-Month Change in Months of Inventory, which is at -16.88%. This metric showcases the percentage change in the months of inventory over the past year. In this case, the negative value indicates a decrease in the number of months it would take to sell all the available homes. This further supports the notion of a seller’s market, as the decrease suggests a tightening supply and increased competition among buyers.

Median Days Homes are On the Market

Median Days Homes are On the Market, stands at a mere 20 days as of August, 1st 2023. This metric represents the average number of days it takes for a home to be sold after being listed. A lower value suggests a faster-paced market where properties are in high demand and attract eager buyers. With a median of only 20 days, we can infer that the real estate market is highly active, with properties being snatched off the market relatively quickly.

List to Sold Price Percentage

List to Sold Price Percentage, currently stands at an impressive 98.6%. This metric illustrates the percentage of the listing price that a property ultimately sells for. A higher percentage indicates that sellers are receiving offers close to their asking prices, reflecting a strong market where buyers are willing to meet sellers’ expectations. With a list to sold price percentage of 98.6%, we can conclude that sellers in this market have been successful in negotiating deals close to their asking prices.

Median Sold Price

Median Sold Price, which is at a substantial $443,250. This metric represents the midpoint of all the sold prices in a given area, providing insight into the overall pricing trends. With a median sold price of $443,250, we can deduce that the market is experiencing healthy price levels, reflecting strong demand and value in the housing market.

In summary, the correlation between these real estate metrics paints a promising picture for both buyers and sellers. The low months supply of inventory, coupled with a decrease in the months of inventory over the past year, suggests a seller’s market with high demand and potential for increased prices. The short median days homes are on the market further reinforces this notion, indicating a fast-paced market where properties are selling swiftly. Additionally, the high list to sold price percentage signifies that sellers are achieving their desired prices, while the substantial median sold price suggests a healthy and valuable market.

With these metrics in mind, buyers can approach the market with a sense of urgency and be prepared to make competitive offers, while sellers can expect strong demand and potentially favorable selling conditions. As always, it is crucial to consult with a trusted real estate professional to navigate this dynamic market successfully.

👉 Whether you’re looking to buy or sell, Susan Marques, your dedicated REALTOR®, is here to guide you through the dynamic Las Vegas real estate market.

Contact her today to discuss your goals and make the most of these favorable market conditions.

📞 702.816.1002

🌟 [email protected]

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