The chart above indicates the number of resale single family homes DECLINED 10% from June 2017, however prices rose 13% over the previous June. But that is a small part of the story. Inventory of all homes in the valley is a VERY tight 1.4 months (traditionally, a 6 month supply is considered normal). Worse yet, if you are a buyer looking for a home below the MEDIAN PRICE of $293,000, you have only a 20-day supply. And worst of all, those looking for $250,000 and below, you have only a 15-day supply! That means you must act quickly Multiple offers are the norm in this price range and GOOD HOUSES are sold in a matter of 3-4 days!
Why is the Las Vegas housing market so hot? Compared to the median price of $850,000 a San Francisco Bay Area home, our $293,000 median for resale homes is a steal. Our $370,000 median price for NEW homes is a bargain as well. Yet, when you PAY over a million dollars for a home here, you can end up with a newer, OR NEW, highly upgraded home with a pool, not a clapped out 1960’s era home with easy acces to a one hour commute to work!
Our inventory is low because we who live here love the city and valley and do not want to move. The lack of a personal income tax and low property taxes make this an affordable city with great roadways, low congestion and a fabulous mix of retail, culture (yes, don’t snicker), sports, outdoor life, bicycle and hiking trails and restaurants. My wife and I just drove 3 hours to Brian Head, Utah, to spend a weekend hiking and ATV’ing though the mountains, complaining only about the chilly evening temperatures. Easy drive, wonderful weekend, easy drive up and an easy drive home. No bridge tolls, no 10-20 mph bumper to bumper traffic!
A recent article written by Eli Segall (July 10, 2019) in our Las Vegas Review Journal pointed out that four of the master planned communities in the Las Vegas Valley rank in the top twenty communities nationwide in the number of NEW HOMES sold! Those are Summerlin and Skye Pointe in Las Vegas, Inspirada and Cadence in Henderson. Each of these communities is reporting huge double digit gains over the previous year. I highly recommend you get a copy of that newspaper and give it a read.
Summit Properties real estate agents are busy! In fact, our listings are going under contract so0 quickly, we frequently have only one current listing available! Check us out at www.SummitPropertiesVegas.com . Our agents are also managing to help their buyers win in multiple offer situations, often without being the highest price offered. We are also PROTECTING our bvuyers from exposing themselves to the dangers of “overbuying”, such as committing to pay an obscene amount over the appraised price. We use the appraisal to protect our buyers. We lived through 2006 and 2007!
So if you want to escape California and Las Vegas is a possibility, contact us through our website. We are here to assist and support you in your move to Henderson, North Las Vegas or Las Vegas.
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