January 2021 Housing Data and Stats

Housing Market Update January 2021

Welcome to a new year! Housing in the Las Vegas Valley is still going strong! January 2021 Housing Data and Stats will be listed below, but first here is what is going on in our market:

Demand is still strong from out of state buyers. These buyers can afford to spend more than the average person that is already living in Las Vegas.
Inventory continues to remain low. The average single family home inventory is less than a 1 month supply.
New home construction continues to set record sales and usually most new homes will take 6-8 months to build from dirt.
Anything under $400,000.00 will continue to see huge demands from buyers. Competition is high so think about that when writing up an offer.
Acting sooner rather than later is usually a good idea. Not that I want to pressure you into buying, but we have to act quickly so that your competition remains low.

Inventory will not change…

With less than a 30 day home supply, low interest rates and increased rents will be driving the buying frenzy we contiune to see. Foreclosures and Short Sales continue to be a topic of discussion but since most people that bought a home in the past few years have equity in them, this may not be a short term problem but a long term problem that may hit our market in 2022 or 2023. Evictions are now starting in Nevada so will that free up homes for investors to sell? Will our inventory increase because of investors not wanting to rent to people anymore? These questions and more will be on everyone’s mind this year.

Be sure to check out my communities page to search for homes:

Communities

Here is a great article from the Las Vegas Review-Journal about the 2020 housing market:

Las Vegas’ housing market ended 2020 with surge of sales

The Numbers:

Average Sales Price: $345,000.00

Average Supply: Less than 30 days of Single Family Homes for 2.5 million Clark County Residents, not including people moving into the state.

In closing, please call me anytime at: 702-768-2552 if you have any questions about Las Vegas real estate.

New Home Construction in Las Vegas Sets a New Record

New Home Construction in Las Vegas Sets a New Record for average sales price in November. That price was at $415,000.00 according to a report in the Las Vegas Review Journal. Home Builders Research based in Las Vegas came up with those figures for the RJ’s article. That article can be found here: https://www.reviewjournal.com/business/housing/prices-for-new-las-vegas-homes-set-another-record-2199866/

Resale Market Stats and Data:

Las Vegas Real Estate — New Home Construction in Redpoint Summerlin

7,120 homes were for sale as inventory homes on the MLS. This number is still considered very low for a normal buyers market which would see at least 11,000+ homes for sale on the MLS. 3,917 sales were completed on the MLS for November compared to 4,114 sales in October. Usually we see a slip in sales and activity due to the holidays and the end of the year also sees less people selling and buying homes.

3,788 homes hit the market in November as new listings. 4,966 new homes hit the market in October which continues to show a massive decrease in inventory for resale homes in Las Vegas. The market continues to see a huge decrease in supply which means for 2.5 million people in Clark County, there remains a 45 day or less supply of homes. This also does not include demand from buyers from other states such as California and states back east as well.

Covid And The Real Estate Market:

The on going Covid situation continues to affect Las Vegas as a whole. Layoffs continue and restaurants struggle to keep open at 25% capacity. Real Estate in Las Vegas remains a hot bed for buyers as well as sellers too. The limited supply cannot keep up with the massive demand from buyers. If this demand continues into 2021, you will see a rise in the average sales price as well as a shrinking inventory.

A lot of my clients keep waiting for either the inventory to pick up or pricing to come down. At this time, there are no indications that either will happen. If you think about things this way: 1) If foreclosures rise which might happen in a year or so then we could see more inventory hit the market. 2) If demand continues, pricing will continue to rise. It will not come down unless we get to a pricing point that people refuse to pay. At that point, we would see a slight pricing correction. It’s hard to say what the pricing correction would be. None of the factors from the 2008 crash are currently present in our real estate market place. 3) Interest rates will continue to be absurdly low at least until 2023 according to the FED. When money is cheap to lend, people that are renting may think twice about staying in a rental when they can be saving money by buying a home and reap the tax benefits.

Are You Looking to Buy Now?

If you are looking to buy a home, it may be a challenge for you. On the other hand, it might be pretty simple. Either way, you need a Realtor that will fight for you, be proactive and has knowledge of the market and the conditions you will face. With over 16 years of experience, I can help you find your perfect new home. Call me today for a free phone consultation. 702-768-2552. Be sure to check out my communities page https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/ for more information about Las Vegas, Summerlin and Henderson real estate.

Redpoint Summerlin and Redpoint Square Summerlin Video Page

Redpoint Summerlin and Redpoint Square Summerlin Video Page. Brand New Redpoint Summerlin and Redpoint Square Summerlin Model Tour Video Page! Click the image on the left to check out all of the current videos!

This youtube page will be updated all the time! Be sure to subscribe to my channel!

Taylor Morrison Savannah and Cascades are now open!

Taylor Morrison Savannah Redpoint Summerlin

Taylor Morrison just opened Savannah and Cascades today! There are now 4 single story models that I have created video tours for this single story community. Pricing starts around $550,000.00 and goes over $635,000.00 for the base model homes. Options, lot premiums and additional items will cost more on top of the base price.

Cascades Taylor Morrison Redpoint Square Summerlin

Cascades will feature 2 and 3 story homes starting off around $397,000.00 and will go up to $475,000.00. These prices are for the base models. Options, lot premiums and additional items will cost more on top of the base price.

Richmond American-Moro Rock Townhomes:

Richmond American Moro Rock townhomes are 55% sold out. Their models are now open as well. You can check out my videos of their models at the top of this blog page. There are 2 models the Chicago and the Boston. Both are aroun 1,500 square feet and have a 2 car garage.

Redpoint Summerlin and Redpoint Square Summerlin:

Redpoint Summerlin and Redpoint Square Summerlin are off to a great start. Demand for new homes is huge since our resale inventory is at an all time low. Right now, there is only a 45 day supply of homes for over 2.5 million people that live in Clark County. This does not include people from other states that are moving here too.

Be sure to check out my youtube.com page for all of the video model tours and current information about Redpoint Summerlin and Redpoint Square Summerlin.

Also, I am offering a $2,000.00 buyer incentive to all of my Summerlin Buyer clients. Call me today at: 702-768-2552 before you visit a new home builder. Remember, they do not represent you, they represent themselves. It’s my job to make sure your transaction is smooth and easy!

Las Vegas Real Estate Market Stats for October 2020

On this blog post you will find information about the Las Vegas Real Estate Market Stats for October 2020. The numbers in our inventory of availalbe homes continues to fall to new lower levels. This is not a good thing if you are in the market to buy a new home.

With the lack of quality inventory and the increased demands we are seeing from buyers coming into the county, supply is not keeping up with demand. Currently, The Las Vegas Valley is seeing a 1.4 month of supply for homes. Low interest rates along with demand from California buyers is putting a huge strain on the housing market in Clark County.

Las Vegas Real Estate Market Stats for October 2020

Single Family homes are now seeing the average sales price up to it’s highest in almost a decade at $340,200.00. This figure represents a 10.8% increase in pricing from September 2020. The average new listing coming onto the housing market is listed at $350,000.00. This figure is up 7.7% from September.

Demand is also higher now for new home construction as well. Builders are now building homes in new communities without having a buyer for them. Redpoint Summerlin for example has several communities that have not yet opened up to public sales yet home building is clearly visable from these communities. Home builders are aware of the limited supply of homes on the resale market and will take full advantage of this decline in inventory.

If you are in the market to buy a new home keep in mind it may take several months now to find your perfect home. It’s a strong sellers market so do not expect great deals, closing costs or other perks you would get in a buyers market. Still, with this in mind, I love to negociate for my clients! I am not saying that there is not a great deal out there, but have realistic expectations of this housing market.

Make sure you have a plan and can act on it as a buyer. This means having your proof of funds letter sent off to your Realtor if you are a cash buyer. If you are financing, make sure you are pre-approved. Better yet, get full under writting approval from your lender. This makes you look like a strong buyer.

Target a Certain Location to Find a Home

If you want better results and are on a certain time frame, ask your Realtor to target certain areas for you that you are interested in. This includes automatic MLS email searches that notify both of you ASAP for new results. Do not wait several days to act on a new listing. You and several thousand other people will be looking for a home too. Stand out in the crowd. Have all of your ideas ready to go as to what you want in your new home. Talk to your Realtor and let that person know what you are looking for.

If you are new to Las Vegas, be sure to check out my communities page to help you find that perfect area in Las Vegas or Henderson for you to live! https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

If you have any real estate questions, please contact me anytime at: 702-768-2552 direct.

Pardee Homes Joins “The Party” At Redpoint Summerlin

Pardee Homes Redpoint Summerlin

More development of Summerlin West continues upward with new communities being discovered all the time.

Located at the future intersection at Sky Vista Drive and Redpoint Drive, Pardee Homes has a permit to build on 46.5 acres at Redpoint Summerlin. No further information is available right now. Sky Vista Drive will eventually connect to the Summerlin Parkway.

Be sure to check out the Summerlin West page for more information: https://summerlin.com/summerlin-west/

*As of November 12, 2020 ground breaking has begun. The site is now being graded.

The Views Looking West:

Depending on what the future brings to this new subdivision, the views right now are truly amazing. You can see most of The Las Vegas Valley from Sky Vista Drive. Redpoint Summerlin will offer a vast amount of home choices as well as new homes and town homes that Summerlin has not seen before.

The Las Vegas Valley View:

This picture highlights the possible views from the Pardee Homes location. It also showcases the views that Redpoint Summerlin and Redpoint Square Summerlin will possibly have.

When I get more information to pass on about what Pardee will actually be building here, I will update this post.

If you have any questions about the developments that are coming soon to either Redpoint Summerlin or Redpoint Square Summerlin, please contact me anytime. Be sure to ask about the $2,000.00 incentive I am offering on the purchase of any new home above $350,000.00 in Summerlin.

Redpoint Summerlin and Redpoint Square Summerlin Information Page:

Check out everything Redpoint Summerlin at my web page: https://lvrealty4sale.com/community/redpoint-summerlin-village/

Savannah Taylor Morrison Redpoint Summerlin Update

Savannah Taylor Morrison Redpoint Summerlin Update

Savannah Taylor Morrison Redpoint Summerlin Update as of October 2020. Currently the models are still under construction. Progress has been made and the models should be opening soon. Base Model home prices will start around $539,000.00 and go past $630,000.00 for their top base model.

Square footage starts around 1,981 and goes up to 2,574 square feet. Additional information has not been released at this time. Check back here for more information.

About the community:

Taylor Morrison Savannah Redpoint Summerlin Models

This subdivision will feature 170 lots with 7 different floor plans. Currently, Talyor Morrison will be modeling 4 of the 7 different homes once they open. This community will feature all single story homes. There are several homes with a 3 car garage option as well. The design looks like a very modern approach to their models.

Pictures of the models so far:

Be sure to sign up here for your $2,000.00 buyers incentive if you buy a home in Summerlin with me as your Summerlin Realtor. Click here for more information:

Redpoint Summerlin Contact Page

If you are in the market to buy a new home in Summerlin, these homes will be worth checking out when they open.

You can also check out my Redpoint Summerlin and Redpoint Square Summerlin page for more information: https://lvrealty4sale.com/community/redpoint-summerlin-village/

You can also check out Taylor Morrison’s web page about Savannah Redpoint Summerlin here: https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah-in-summerlin/available-homes

For additional information about Taylor Morrison Savannah at Redpoint Summerlin, please call me anytime at: 702-768-2552.

Las Vegas September 2020 Housing Market Stats/Update

Here are your Las Vegas September 2020 Housing Market Stats/Update! Currently, Las Vegas is still seeing a massive shortage in housing inventory for buyers. Sales remain strong as well as interest in the housing market. Below you will find data from the MLS as to how our market performed in September 2020.

Supply of Homes:

Currently, Las Vegas has a 2.3 month supply level of homes. This is very low going into the end of the year. Usually, I want to see at least a 3 month supply of homes which would help both buyers and sellers find a good deal. In this market with inventory being tight, it favors the seller. In August, the supply of homes was at 2.7 months. I will discuss this trend in a below paragraph. The chart to the left indicates that inventory continues to remain low and that demand is still driving the market. Interest rates per the fed will remain low for the next several years and will continue to be low until 2023. Check out CNBC’s article here for more information: https://www.cnbc.com/2020/09/16/fed-meeting-decision-interest-rates.html

Closed Sales:

4,169 sales closed in September compared to 3,744 sales in Agust. A positive difference of 425 additional sales in September. Demand still remains high as we close out the summer sales period heading into the fall sales season. This is good news for the real estate market as well as helping out our local economy even though we are still seeing the casinos struggle with getting tourism back up to numbers before Covid.

New Listings:

5,261 new listings are currently on the MLS compared to August where we had 5,368 new listings hit the market. This indicates that supply is low due to a lack of new inventory hitting the MLS and the market. New home construction inventory is also down as well. If you build a new home now, you are looking at a 6 month build out time from dirt.

Active Listings:

Currently, there are 8,180 active listings on the MLS. This includes single family homes, town homes, and condos. In August, there were 9,101 active listings a difference of 921 homes have been sold or are off the market. Once again, this is indicating that our inventory is seriously low due to huge demand.

Las Vegas September 2020 Housing Market Stats/Update-In conclusion, I believe that demand will continue to remain strong into the new year and after the elections in November. Unless investors in the stock market lose confidence in the overall economy and rebounds from Covid, Las Vegas real estate will continue to see higher than normal demands. Right now, I am still seeing a lot of out of state buyers mostly from California. If this trend continues, 2021 should be another solid and great year in Las Vegas real estate. Call me anytime if you have any questions about this blog or Las Vegas real estate in general.

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded

Las Vegas Housing Market Update September 2020 — welcome to fabulous las vegas neon sign

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded- The Las Vegas real estate market continues to see pricing rise as well as demand for homes. Sales did fall from 2019 numbers due to the lack of inventory. Supply of homes did drop to around 2.4 months compared to a supply of 3.9 months in August of 2019.

Currently, the average sales price is at $335,000.00 up from $330,000.00 in July. Demand is still very strong from California buyers as well as out of state buyers. Local buyers are cashing out equity and upgrading to bigger homes. Several of my clients have cashed out their smaller homes that the bought 5-10 years ago to buy a bigger home that they now can afford due to the amounts of equity they have in their smaller home. In addition, I am also seeing more first time home buyers hitting the market. With interest rates still under 3%, renters are now able to get a great mortgage deal and save a lot of money on their new mortgage payment.

Inventory and Demand:

Las Vegas Home Prices Continue to Rise With Lower Sales Recorded

Inventory still remains very low and is a concern for me. I am getting a lot of questions from buyers as to possible foreclosures hitting the market and having some type of pricing correction. Here is my response to this question. 1) Inventory is very low. 2) Demand is still very high. 3) If the supply is low and demand is high, this means that pricing will continue to go up. 4) If pricing comes down, it’s because demand is no longer there. It also means that our market would need to add another 5,000 to 10,000 units for sale in a short period of time. In 16 years of doing this business, I have NEVER seen that happen. 5) The state of Nevada still has an anti-foreclosure law on the books right now which means no bank or servicer can foreclose on a home.

Foreclsoure Process:

The foreclosure process in Nevada could take at least 6-8 months or longer from the period of when the State of Nevada allows foreclosures again. This means that banks and servicers will have to work with the home owner to avoid foreclosure. 6) Most people will have equity in their homes so why would you not sell your home and cash out your equity? This makes no sense to me. You would give up your home to foreclosure? The only people that would face foreclosure are the people that just recently bought a home within the past year.

In conclusion, I am not saying that the market will never come back down. I welcome some type of pricing correction to happen in the future. I cannot predict the future but I can use facts and data to see that the Las Vegas real estate market right now is strong and is helping people upgrade to new homes and it’s relocating a lot of people from other states to Las Vegas. When you buy a home, you are buying a place to live in. You are not buying a home as an investment. Investors buy into real estate with cash and then do not have to worry about a mortgage payment. They are able to make money on that home as an investment over the long term. As a buyer for a home, you are buying a home for the tax benefits, the pride of ownership as well as future equity results not short term gains.

Information Links:

Check out my foreclosure information page if you need help to avoid foreclosure. Currently, there are plenty of government programs to help you. Here is the link to that page: https://lvrealty4sale.com/how-to-avoid-foreclosure-in-las-vegas/

If you are a buyer looking to purchase a new home, check out my communities page here: https://lvrealty4sale.com/communitiy-pages-in-las-vegas-and-summerlin/

Here is the Fox 5 news article about our current market conditions: https://www.fox5vegas.com/coronavirus/southern-nevada-home-prices-set-all-time-record-though-fewer-homes-sold/article_98563dfe-f29b-11ea-b857-07ebdd3a490d.html?utm_source=FOX5%20Vegnkas&utm_medium=referral&utm_campaign=Breaking%20News

How Do I Move Out Of California?

How Do I Move Out Of California? This seems to be the question that I am getting asked a lot so far this year. As someone that was born and raised in The Golden State, there seems to be a decline in quality of life, taxes, crime and of course traffic conditions. These were the reasons I left California over 17 years ago and headed to Las Vegas.

I am seeing that 40% of my clients this year are from either The Bay area or in Southern California. The biggest issue for most of the people that want to relocate seems to be affordability. Real Estate in California continues to be unaffordable for most people. Taxes are also a huge factor. I am writing this post to address the questions that I am getting a lot of. Read on and if you have other questions that I have not addressed below, feel free to call me anytime. 702-768-2552.

What is the average sales price of a home in Las Vegas?

As of August 2020, the average sales price is around $330,000.00. It will also depend on the location of the home. Summerlin and Henderson seem to be at a premium now. This means that home prices in these areas are going to be 20% higher than most of The Las Vegas Valley. If you are looking into these areas for a home, I would have a budget of at least $400,000.00 and above. If you are looking for a town home, budget around $330,000.00. Keep in mind, Las Vegas is very affordable! What you might pay for a condo in Los Angeles that’s 1,000 square feet for $600,000.00, that will get you a 2,500+ square foot home in Henderson or Summerlin with money left over!

Check out my home search page here: https://search.lvrealty4sale.com/idx/search/basic

What type of real estate market is it right now?

Due to a lack of inventory right now, I would say we are in a sellers market. This does not mean that you cannot get a great deal, it’s just going to be house specific. Right now, we have a 2 month supply of homes for 2.5 million people. Consider new home construction as well which may take 6-8 months for a new home builder to build you a home. I can help you with new home construction as well. There are still plenty of homes for sale but some homes may require work or customization.

What are your favorite areas of Las Vegas?

For me, I love Summerlin. Not only do I work here, I live here. Check out: www.summerlin.com for more information about the area. I love the area because everything is around you that you need without the traffic and congestion. Restaurants, shopping, casinos, great freeway access, outdoor activities and much more make Summerlin a family friendly part of town and just a great place to live and play. If you are a Henderson person, Henderson is also good too. It is at the valley floor meaning that it’s 1,700 feet above sea level. Summerlin is around 3,000 feet above sea level. In Henderson, it tends to be hotter, more traffic and more population.

Henderson has approximately 320,000 people where Summerlin has around 180,000 people. Henderson is closer to the airport and is in the flight path. When you come out here, ask me to drive you around both places so that you can make a logical choice as to where you would like to live. Be sure to visit: www.lvrealty4sale.com and check out my community pages for more information about all of the great areas here in Las Vegas! Check out The City of Henderson’s website for more information: https://www.cityofhenderson.com/

Las Vegas Strip at night — **Aerial view of The Las Vegas strip in nevada**

What is it like to live in Las Vegas?

It’s like night and day from Los Angeles. I grew up in LA during the 80’s. What a great time to be a teenager! After I got out of High School, things changed. More traffic, more smog and my quality of life got worse. Las Vegas has been a totally different place to live. First off, I have a great career that I could never have in LA. I have everything that I ever had in LA minus the traffic, the taxes, the smog, the higher cost of living! Las Vegas allows me to play on The Strip if I want to, go see an NHL or NFL game, it allows me to travel from one part of town to the other in under 30 minutes. Las Vegas is very family friendly! From outdoor activities like hiking, parks, trails, off roading, skiing, casinos (of course) world class restaurants if you are a foodie like me. Explore new places, do new things. It gives you the freedom to enjoy yourself and your new quality of life. I’m not in a rush to get some where like I was in LA. I don’t spend hours a day in bumper to bumper traffic.

How long will it take us to find a home?

Great question! It can take 20 mintues or a few months. It just depends on our timing and whats available. Make sure that you have your finances in place first before we start looking for a home. A proof of funds letter if you are paying cash or a pre-approval letter if you are financing your purchase. This helps me put in an offer right away without any delays. Escrow usually is around 30-35 days for financing and with a cash transaction I can usually close within 2 weeks.

What if I need to sell my current home in California?

Call me ASAP. From San Diego to San Francisco, I have plenty of partner agents that are licsened in California and can help you get the best offer on your home. I am only licensed in Nevada. In fact, I have several Realtors that I have worked with for over 12 years now that will do a great job for you!

In conclusion, I can help you with that hard question: How Do I Move Out Of California? If this is something you have been thinking about doing and have put it off, now is the time to act. Call my today, let’s chat. Let me share my experiences of leaving California after living there for 30 years of my life. Also, I can tell you how things are in Las Vegas and how I can give you some information and guidance for your new life in Las Vegas! It’s easier than you think. Call today and let’s chat!

Redpoint Summerlin and Repoint Square Summerlin Update 9-2020

As we see more progress develop in Redpoint Summerlin and Redpoint Summerlin Square, I thought of providing updates as to model construction and when some of these communities will start to open. Please see below for information on specific developments. Redpoint Summerlin and Repoint Square Summerlin Update 9-2020 has plenty of infomation for you below.

Pulte Carmel Cliff

Pulte has started to grade the northeast corner of Far Hills and Sky Vista. Their community is called Carmel Cliff at Redpoint Summerlin. There will be 4 two story homes so far to chose from. Square footage starts around 2,851 and goes up to 4,577. Pricing has not been established yet. You can check out there web site here: https://www.pulte.com/homes/nevada/las-vegas/las-vegas/carmel-cliff-210613

Taylor Morrison ( Formerly William Lyons)

Savannah at Redpoint Summerlin by William Lyons (Taylor Morrison)

Taylor Morrison is building an all single story home community called Savannah. There will be 170 lots available with pricing starting around $550,000.00. 3 car garages will be available. Models are currently under construction and will have 4 model homes to preview. There will be 7 different home types that will be offered at Savannah Redpoint Summerlin. Models should open by the end of the year. Check out their web site here: https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah-in-summerlin

Richmond American Moro Rock

Moro Rock started selling at the end of May and they are now 40% sold. Town homes start around $312,000.00 for around 1,500 square feet. There are two models to chose from: The Chicago or The Boston. Both plans will have a 2 car garage and have 3 bedrooms. They will expand this community next door to their current location due to high demand. Check out their web page here: https://www.richmondamerican.com/nevada/las-vegas-new-homes/las-vegas/moro-rock

Woodside Homes Cyrstal Canyon and Obsidian

Woodisde Homes currently is building models for Crystal Canyon. So far there are 4 models being built. 2 single story homes and 2 two story homes. Lot sizes look small. Pricing has not been set as of this post. No additional information is available.

Toll Brothers Acadia Ridge

No new things to chat about here. Acadia Ridge is still being graded right now. No additional information has been posted on their web site. You can check out there page here: https://www.tollbrothers.com/luxury-homes-for-sale/Nevada/Acadia-Ridge

Be sure to call me today (702-768-2552) and find out how to get your $2,000.00 buyer incentive on any home in Summerlin over $350,000.00. Check out this page to register for the incentive: https://lvrealty4sale.com/redpoint-summerlin-contact-page/