June 2020 Real Estate Data

The Good News:

June 2020 Real Estate Data for Las Vegas continues to show how strong our market is. The bad side of these numbers continue to show us that our supply is extremely low at 2.5 months of supply. In May, our supply was at 3.10. 8,523 units are currently for sale on the MLS as of this Blog post on 6-2-2020. This includes Single Family Homes, Town Homes and Condos here in the Las Vegas Valley.

The Bad News:

Inventory continues to fall and new inventory is not catching up to demand. This senario may indicate that pricing may come up at some point over the summer time. Simple supply and demand will determine the outcome as to how our summer market will affect prices. Summer usually is the busy season for buying and selling homes here in Las Vegas.

Review-Journal Article About New Home Construction:

Interesting Article that was published in the RJ on June 27th indicates that new home builders are seeing an uptake in new home building permits pulled. New home construction is still off however the continued trend is showing a bounce back and that buyers are now getting back into the home buying season.

Check out the link to this article here: https://www.reviewjournal.com/business/housing/las-vegas-homebuilders-see-sales-uptick-amid-pandemic-for-now-2062803/

Buyer traffic has been strong since May according to the article. 289 sales in June compared to 38 sales for the entire month of April. Building permits were up to 417 in May but that number was still half of what it was in May 2019. Still, the article is cautious about the future pointing out if a second outbreak of Covid-19 happens, no one can tell what will happen to the local economy.

Thanks to Eli Segal of the RJ for the information obtained for this blog.

The Other Numbers:

Inventory numbers for May 2020 were at 10,291 units on the MLS. In June, that number dropped to 8,523. A difference of 1,768 less units for sale. This can be in combination of homes sold, homes taken off of the market or expried listings that may have left the market all together. The numbers do show a massive drop in standing inventory for the entire MLS.

Closed Sales May/June 2020:

In May, we saw 2,177 sales. In June, we saw 2,877 sales. A difference of 700 sales. In this state we are in economically, that is a good sign. An uptake in sales and demand will continue to show a strong interest in Las Vegas Real Estate. If the numbers stay positive, I think pricing will continue to rise and demand will be strong.

In closing, the June 2020 Real Estate Data is strong. If you are on the fence so to speak about buying a home, here is my advice: If you are strong financally, I would suggest buying now while pricing is moderate. If you continue to wait out the market thinking it will come down, there are no indicators of that right now with the above listed data. Most people in Las Vegas are in an equity situation with their homes. This means if they lost their jobs now, they can sell and make a profit rather than short sale or foreclose. There are government forebarance programs to help people as well. All of these factors indicate that the housing market locally is strong and stable. Call me anytime if you have any questions about my data and this blog. 702-768-2552.

Steve Wynn lists his home 1717 Enclave Court in Summerlin

Casino owner and billionaire Steve Wynn lists his home for $25,000,000.00 in Summerlin. 1717 Enclave Court is located near Vegas Drive and Rampart Blvd. It is considered to be located on “Billionaires Row” and has recently gone through a massive $16,000,000.00 renovation.

Home Facts:

6 Bedrooms

6 Dens

7 Baths

13,5982 square foot home

Built in 2001

61,420 square foot lot

4 car garage

Pool and Spa

The home sits on 1.5 acres of land and has a home movie theater inside, European Villa theme to the home, massive upgrades through out the home. A private backyard with a pool and spa.

One of the most expensive listed homes in Las Vegas and Summerlin. Will Steve Wynn get $25,000,000.00 for his Summerlin home? That is something we will all have to wait and see.

Check out the virtual tour link here: https://www.propertypanorama.com/instaview/las/2204874

If you are in the market for a luxury home in Summerlin, Las Vegas or Henderson, now is the time to buy. As our local inventory drops, pricing may start to come back up. The $1,00,000.00 + pricing point seems to be doing very well in sales this year. New home construction in this pricing field is still not as strong as it was in years past. New home builders such as Toll Brothers are having success in gaining new buyers to their newest projects. Still, the Las Vegas Valley has a smaller selection of available luxury homes for sale.

As your luxury Realtor here in Las Vegas and Summerlin, my job is to seek out what you would consider pure perfection in a new home.

For more information about this home or any other home in Las Vegas, Summerlin or Henderson, please contact me anytime. 702-768-2552.

Check out my Summerlin Community pages here: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

April-May 2020 Las Vegas Housing Data

Here is the April-May 2020 Las Vegas Housing Data pulled directly from the Las Vegas MLS system:

The market saw 744 brand new listings added to the already small supply of homes here in the Las Vegas Valley. With everything going on with Covid-19, this is a good indicator of housing units being added to the inventory supply.

Homes For Sale April-May 2020

Homes for sale in April were at 10,250 units. In May that number dropped to 9,574. A difference of 676 units. The good news with this data indicates that there is still a demand for housing in this market.

Closed Sales April-May 2020

Sales of existing homes dropped by 422 sales from April to May. In April, there were 2,521 sales compared to May at 2,099 sales here in The Las Vegas Valley. This would be expected with the current situation. Demand for housing is still there but it was at a decrease in the 2 months that I am talking about right now.

Housing Supply April-May 2020

The housing supply still remains low. Right now, we are looking at a 2.8 month supply which is down from April’s 3.0 month supply number. For housing prices to drop, we will need to see a drop in pricing through out the market. So far, we are not seeing pricing drop due to demand for homes still being seen in the market.

Are we in a buyers market? Are we in a sellers market? In my opinion, above all, I think it’s house specific and pricing point specific.

Inventory is still droppping and remains low. The above listed picture shows the numbers continues to drop. In May, I had 2 sales and I was able to get both of my buyers good deals as well as get them closing costs and some other extras added into the transaction. In conculsion, If higher demand continues and inventory remains low, I think we will see things stay the same into the summer months with the poetential of pricing going up.

If inventory picks up, we could see pricing fall a little if there is more competition between sellers. Right now with the inventory being as low as it is, we will continue to see homes that are over priced remain on the market for more than 30 days. Homes that are under $350,000.00 and are priced correctly will continue to see strong demand and quicker sale times.

As always, If you have any questions about the April-May 2020 Las Vegas Housing Data, please feel free to contact me anytime. Also, be sure to check out my communities page for more information about certain areas in Las Vegas.

https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

In addition, you can also check out The Las Vegas Review Journal’s Real Estate page with current article about housing:

https://www.reviewjournal.com/business/housing/?page=1

Is It Time to Upgrade Your Small Home to a Bigger Home?

Is a Bigger Home Better?

Is It Time to Upgrade Your Small Home to a Bigger Home? Since we all have had to stay locked down the past few weeks, I am starting to see a patern develop. People are now calling me asking me to sell their current home so that they can upgrade to a bigger home. In addition to all of this, keep in mind that our local inventory is still at a low level. It’s simple supply and demand right now.

Do you need more bedrooms, a bigger backyard, more square footage? Do you want a single story instead of a two story? Relocate to another part of town? These are just a few reasons to read on!

You got Questions, I got answers!

The question I get though is it the right time to sell? What about the local economy? How about housing prices? If you were in my situation, what would you do? Great questions! Here is my response:

First off, if you are scared of the economy, do you have equity in your current home? If so, how much? Let’s sit down together and plan this out. If you have over $50,000.00 in equity, is it time to payoff some of your monthly bills? Payoff a car, credit card debt or Payoff student loans?

Keep in mind that everyone’s situation is different. The first thing is to determine your budget, and how much equity you have in your home. Call me today so we can set up an appointment and figure all of this out together! I can provide you with a free market analysis on your home.

As for the local economy right now, there is a lot of unemployed people right now that The State of Nevada will have to deal with. There is still a lot of demand from local buyers as well as out of state buyers. Pricing is still not bad, I personally feel that each home will be specific to see if there is a deal to be made or not. If people are not selling their homes, inventory will remain low with demand still high.

Can you afford a bigger house payment?

Chances are if you bought your home 10 years ago you paid a lot less than current home prices. This means you will have a bigger house payment! If this concerns you, put more money down. Check out this mortgage payment calculator for more information:

https://whatsmypayment.com/conventional/

If you can payoff monthly debt and afford a bigger mortgage payment, you may be saving more money than you think. When you payoff your monthly debts and have a bigger mortgage payment, you may also be able to get more of a tax credit from the interest you are paying on your monthly mortgage too.

Create a Monthly Budget!

Time to sit down figure out all of your debts, all of your savings and do you have a 6 month emergency fund if you lose your job or have a loss of imcome! Create a work sheet so that you know what to pay off and what to expect if you have a bigger house payment. Calculate all utilities, credit card debt, student loans, insurance, health insurance costs, car payments, and any other debts you have. This way if you figure out that paying off all of these debts will actually allow you to afford a bigger mortgage payment and still have less costs than before.

In conclusion, call me anytime if you have any questions about your current homes value and is it a good time to sell! Is It Time to Upgrade Your Small Home to a Bigger Home? I hope this article gives you some ideas.

Be sure to check out my communities pages too: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

Las Vegas Housing Market April 2020

This month I want to focus on the Las Vegas Housing Market April 2020. This is an important blog because I want to use data along with facts to show what our local real estate market is doing.

Supply of Homes:

Currenty, there is a 2.8 month supply of homes which means that we would run out of homes to sell in less than 3 months if no new homes hit the market for sale. This number is not bad, and it’s not good. It’s in the middle for right now. In my opinion, I think there is a lot of junk listings out there that are over priced. This means some buyers may see a good deal out there and get some extras out of the deal. Don’t be affraid to ask for a lover price and maybe closing costs too from the seller. Anything over 30 days on the market and you need to ask yourself…. WHY?

New Homes Coming Into The Market:

In April we saw 3,387 new MLS listings hit the MLS compared to 5,023 in March. This is a small down turn in listings (-1,636) added to The MLS due to the Covid-19 threat. In a way this is actually a good thing for the market. It keeps the inventory small while demand is still there. This also helps to stablize pricing in the market since people are not willing to settle for a huge price reduction. We may see some pricing go down but not that much. Buyers still may find that they are either paying list price or close to list price on homes that have a huge demand for them. If a home has been on the market longer than 30 days, there may be a chance of a price reduction.

April Real Estate Sales in Las Vegas:

Sales were also down in April. Sold transactions were 2,413 compared to March sales of 3,619. (-1,206) They were also affected due to limitations of travel, government restrictions, lack of open houses, and the ability to show homes in person. Also, we saw a lack of new inventory that came into the market place that also impacted sales as a whole.

My Thoughts On The Current Market:

9,577 homes, town homes and condos are currently for sale on the MLS. Usually a buyers market would be around 11,000 to 14,000 homes, town homes and condos. We are way under that number right now. This is making some homes that are in demand due to pricing, location and availability more than likely they will get list price or close to it. If the home has been on the market longer than 30 days, you may see a price reduction or a lesser than listed offer. I personally feel that some homes will be a sellers market and some homes will be a buyers market. There is still a lot of demand from buyers right now. If the local economy picks up by June or July things will improve. If not, we may look at a down turn in the market that could have long lasting affects.

Las Vegas Housing Market April 2020

The good news is that inventory is low and will remain low for the next few months. If people lost their jobs, they have zero reason to sell. The government housing forebearance programs will allow someone to stay in their home for awhile. This means they are not motivated to sell. Demand will still be strong as well as we move into the summer market. This is usually a very busy time of year in real estate. If you are a buyer right now, think about your finances and job situation. If you can pay for a home and hold on to it for the next 3 years, you should be ok. If not, do not buy right now. Wait out the market and economy.

If you have any qustions about the Las Vegas Housing Market April 2020, please contact me anytime at: 702-768-2552.

Check out my community pages for housing information! https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

All of the above data has been provided by https://www.showingtime.com/marketstats/

Las Vegas Home Prices Went Up In March 2020

Las Vegas home prices went up in March 2020. Even with the Corona virus closing up almost everything in Las Vegas, we saw our average home price go up from $316,000.00 to $319,000.00.

Last year at this time the average home price in March 2019 was $300,000.00. Our inventory still remains low. This could be a reason for home prices going up again.

According to the article from Fox Five Vegas, Las Vegas Home Prices Went Up In March 2020. https://www.fox5vegas.com/coronavirus/las-vegas-sets-home-price-record-despite-coronavirus-pandemic/article_005c8c72-78cc-11ea-9bc1-63610e21bd98.html?utm_source=FOX5%20Vegas&utm_medium=referral&utm_campaign=Breaking%20News sales went up as well.

We still do not know what the long term affects will be with this nationwide shut down however, the Las Vegas market is still in good shape.

Keep in mind that real estate is a cycle. It goes up and it goes down. With inventory being this low, we do not know when it will pick back up. If people decide to stay in their homes, inventory will remain low.

When people also take advantage of the Forebearence program, that could also keep people in their homes longer.

If you are thinking of buying a home, contact me first with your questions. Let’s look at this situation logically and see if it’s the right time for you to buy a new home. Loan Programs if you are financing have changed as well. Please contact your loan officer for more information. You may need a higher than normal credit score to obtain a home loan.

Do you want to sell your home in Las Vegas? Now might be the time to sell. Inventory may come up some this month. Despite the Corona Virus situation, I am seeing new listings hit the market and MLS.

Contact me for a FREE home evaluation today. Just visit: https://search.lvrealty4sale.com/idx/homevaluation

Check out my community pages too! https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/