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

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/

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction-read below for more information.

Taylor Morrison Savannah at Redpoint Summerlin Starts Construction…Currently, there are 4 single story model homes that are being built. There will be 170 lots in this community. Pricing will start around $550,000.00 and go up to $650,000.00. These prices are for the base of models and do not include options and additional features. Pricing may change. Be sure to check out my Redpoint Summerlin page for more information:

https://lvrealty4sale.com/community/redpoint-summerlin-village/

Their website for Savannah can be found here:

https://www.taylormorrison.com/nv/las-vegas/las-vegas/savannah

Here is a video of the model homes that are currently under construction:

Square Footage:

Square footage will start around 1,900 all the way up to 2,500 square feet. 3 car garages will be included in some of the homes as well as a multi gen feature too. 3 and 4 bedrooms will be available in these homes.

Model Homes:

According to my sources, the model homes should be ready and open in fall 2020. More information will be passed on once I receive it. Right now, these are the first model homes to be in the stud phase of construction in Redpoint Summerlin. Several other builders will be breaking ground, or are under construction right now. By the end of the year, Redpoint Summerlin should be up and running with plenty of choices for home buyers.

The Area and the new village:

Redpoint Summerlin and Redpoint Square Summerlin are Summerlin’s 2 newest villages that make up Summerlin. Both communities will focus on town homes, and single family homes. A massive vareity will be on full display in these 2 new villages. The goal is to connect these 2 villages to the Summerlin Parkway and the 215 beltway. Close to Downtown Summerlin, casinos, restaurants, recreation areas and much more! This is going to be an amazing addition to Summerlin!

Incentives:

The builders represent themselves. They do not represent your best interests. As a full time Summerlin Realtor since 2004, my job is to represent your best interests. Contact me today and ask me about my $2,000.00 incentive if you use me as your Summerlin area Realtor. Right now I am offering this incentive on all homes priced above $350,000.00 in Summerlin. Call me today for more information-702-768-2552.