Las Vegas Home Prices Set a New Record For June 2020

Las Vegas Home Prices Set a New Record For June 2020 coming in at $325,000.00 as the average sales price. This figure is acording to Tom Blanchard President of Las Vegas Realtors Association. Inventory remains very low at a 2 month supply of homes for a population of 2.5 million people here in Clark County.

Sales however have been cut in half due to Covid-19 but the real estate market in Las Vegas reamins strong. Demand for homes comes as interest rates remain at all time low levels. Buyers think that their buying power and affordability make it a strong case to buy a new home.

Pricing Up from June 2019

Prices compared this time from June 2019 indicate that overall prices are up 6.9%. With strong demand, and low inventory most homes being sold will be in a sellers market. This means sellers are getting to get top dollar for their homes or close to it.

Is now a time to sell or buy? That will depend on your specific needs for real estate here in Las Vegas.

Las Vegas Home Prices Set a New Record For June 2020 indicates that our market is strong, people are able to afford a new home. As the economy picks up, more demand will be seen here in Las Vegas for homes.

What Does This Mean For Buyers?

If you are on the fence waiting out the market to buy a new home, you may want to rethink this. Therefore, If demand continues to rise and supply continues to shrink, pricing will continue to go up. This will make it harder to find a home within your budget. If you can afford to buy a home and pay for it for the next 3 years, now is the time to buy. In addition to this, if you have job security now is the time to buy. If you are concerned about your job, do not buy.

What Does This Mean For Sellers?

If you have been waiting to sell your home, take advantage of the low inventory market. Now may be the time to sell your home. Getting top dollar for your home depends on demand and market conditions. If you need help selling your home, call me today. I can provide you with a free market analysis and show you how I can help you get top dollar for your home.

Check out the Fox 5 article here: https://www.fox5vegas.com/coronavirus/southern-nevada-home-prices-set-record-though-fewer-homes-sold-amid-pandemic/article_55fe5eba-c04f-11ea-a779-c749ef0c9ac3.html

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/

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/

Las Vegas Housing Market Update 4-3-2020

With everything that is going on in the world right now, how is the Las Vegas real estate market? Great Question! Here is my response:

Right now Las Vegas Realtors Association MLS is reporting 8,981 units for sale. This means that there are 8,981 single family homes, town homes and condos for sale right now. With 2.5 million people in The Las Vegas Valley, that’s not a lot of properties for sale.

Is it a buyers market or is it a sellers market? That is a tough question to ask and respond to but here is my response. First, it depends on the home that you want and if the seller(s) really need to sell. If the home has been on the markert longer than 90 days, I think a buyer can get a good deal if the seller accepts the offer. If a home is brand new on the market, the seller(s) may want to wait things out and see if our national economy picks up.

Right now the good news is that pricing has not come down a lot due to the virus and job loss situation. If people are able to stay in their homes due to a forbearance situation with their servicer or lender, then the housing shortage in Las Vegas will continue.

The best advice I can give to a buyer(s) is this: If you have job security right now and if you know that financially you can survive, then it’s a good time to be a buyer. If you can stay in your new home, pay your mortgage for the next 4-5 years then YES it’s a good time to be abuyer. If your job is on the line, please do not consider buying a home right now. Wait things out.

Call me anytime at: 702-768-2552 with your questions and be sure to check out my blog page for other sources of information!