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Thank you for choosing Summit Properties to help you through your home buying and/or selling experience. We are dedicated to providing you with all of the information you need as we walk with you all the way from the start of the process through the final closing.

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Summit Properties Blog

Las Vegas Home Sales Up Again

Sales of new and existing homes in the Las Vegas area continued to be strong in September. The numbers in the chart have been adjusted to show all single family homes in the valley. Previously, only detached single family homes have been included. The numbers do not include townhouses or condominiums.

September saw the number of sales of existing homes drop about 1% from September 2016, but the MEDIAN PRICE continues to rise, up 13.6% from September 2016 to $266,000. The last time we saw a median price that high was December 2007, when prices had begun to plunge from their all time high median price of $310,000 in February 2007. They plummeted to a low of $118,000 in January 2012.

According to the Sept. 28, 2017 Las Vegas Review Journal, quoting numbers from Home Builders Research, new home sales and prices in Las Vegas, Henderson and North Las Vegas have soared as well. In August, builders closed 808 new homes at a median price of $342, 973. About 5800 NEW homes have been sold in the first eight months of 2017, up 19% from 2016.

Factors that drive the demand are the favorable tax environment of Nevada compared to California, Illinois and New England. The fact that the Oakland Raiders were able to con local and state politicians into paying over $750,000,000 toward a new stadium complex shows how gullible and naive our leaders are, thus encouraging more large employers to relocate here after receiving huge tax concessions. However, these tax benefits apply to individuals as well, as there is no personal income tax in the state, so retirees and small business owners find it a great place to live.

Several large construction projects are headed our way, from the north Las Vegas Strip growth to the Raider Stadium to revamping and updating of Strip hotels to Steve Wynn's lake project. Job growth and strength seems good for the foreseeable future. We are waiting to see what the Genting Group Resorts World does across the Strip from the recently purchased, and soon to be renamed, Fontainebleau Hotel. If we ever see one or both of those projects start up, that will mean thousands more construction jobs followed by thousands of permanent jobs.

Total existing home sales for the first nine months of 2017 are up over 8% from 2016, passing 26,000 on the Multiple Listing Service. The MEDIAN PRICE has risen over 9% since January of this year. The two dangers to continued price increases are the lack of inventory (less than two month supply) and the expected rise in interest rates by the end of the year. Experts predicted this year's interest rates boosts would harm mortgage rates, but the impact has been minimal, so, with little inflation, the likelihood of large interest rate increases is minimal. However, there comes a point where buyers SHOULD resist bidding ever more for the limited number of homes on the market. Supply and demand meets at price. Buyer desperation cannot last forever.

Las Vegas Home Sales and Prices Rise

How many times can we say, "Prices are rising, and we need more homes to sell"? Again, August 2017 produced strong numbers in the Las Vegas resale market for single family homes. The number of homes sold was 3030, up 9.3% from 2016. Even more impressive was an 11.8% increase in the median price compared to a year earlier.

That we continue to sell so many homes is remarkable in light of the very tight inventory of homes available that are not under contract. As of August 14, 2017 the MLS showed only 4673 single family homes available, a 1.54 month supply at the current rate.

New homes continue to sell well, with a median price right around $340,000. 

The Oakland Raiders are coming in 2019 - construction of the stadium starts this Fall. The Las Vegas Golden Knights are here now. The Fontainebleau, currently an unfinished hulk lurking over the north Strip area, just sold to developers with ideas! Resorts World, the massive and long delayed casino development by the Genting Group, will start full bore construction....some day(!), and the Wynn is starting its new lake feature soon.

That means more jobs, more wages and more demand for housing in Las Vegas for the foreseeable future.

Want a home? Call us now!

Want to sell a home? Call us now.

Want to rent your home? We also manage 140 properties in the valley. Call us now. Rents are rising as well

Las Vegas Home Sales and Prices Continue to CLIMB!

As we head toward the end of summer, the SELLER MARKET continues. The median price for single family detached houses in the Las Vegas has risen to $261,000, up more than 10% over July 2016. But inventory is extremely low. Today, we have just 4828 homes available that are not under contract, about a 1.6 month supply. 

WE NEED MORE HOUSES TO SELL. I recently listed a fixer-upper in Rhodes Ranch. We were in escrow with an offer for full price in one day. The investor knew of all the needed repairs. I would imagine he is now hard at work, getting ready to flip the home as soon as possible.

New homes continue to sell as well. The Las Vegas Review Journal reported on July 25, 2017 that 4267 new homes have sold in 2017, up over 22% from 2016. The median price of new homes was $339,603. New homes, however, are selling at only about half the rate as the year 2000, and about one-quarter the rate as the first six months of 2006.

If you are an investor with rental properties in Las Vegas, you might want to call now to see what your home might sell for. Call Evans Small, REALTOR/Broker at 702-510-4831 for information. 

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Summit Properties
5510 S. Fort Apache Rd. Suite 33
Las Vegas, NV 89148
Phone: 702-856-7433
Email: SummitPropertiesLV@gmail.com

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