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Category: Real Estate News

Rare real estate project taking shape in central Las Vegas

Las Vegas’ vacant land is heavily concentrated in its outer areas, and projects there are generally easier to develop than in urban neighborhoods, real estate pros have said. Moreover, there is no shortage of homebuyers in the valley’s outer-ring areas, which typically commands higher home prices than older neighborhoods.

Las Vegas-based Harmony, however, is banking on offering lower prices at its townhouse complex compared to the rapid runup in home values lately.

Prices at the project, Arcadia, are expected to start in the low $200,000-range, according to Catania.

 

“We want to make it affordable,” she said.

By comparison, the median sales price of newly built attached homes in Southern Nevada in April was more than $309,800, and the median sales price of newly built single-family houses that month was $415,900, Home Builders Research reported.

Excerpt of article in Las Vegas Journal 6/22/2021

 

 

Las Vegas Home Sales Strong in December 2019

The year 2019 has come to a close with great news if you plan to sell your home in Las Vegas, Henderson or North Las Vegas. Home prices continued to rise in 2019. In fact, the December 2019 MEDIAN price was up 5.4% from December 2018. Better yet, December sales volume rose over 22% from a year earlier.

There are at least two prominent reasons for this. First, our state continues to be a destination for those fleeing states with ever higher personal income tax. Nevada has none. Retirees are giving us a good look as we have many existing 55-plus communities as well as new ones in development.

Second, in December the FHA loan limits increased from $314,827 to $345,000. That allows buyers with strong incomes to buy more expensive homes with as little as 3.5% down. As an aside, interest rates for 30-year mortgages remain very low. We expect these trends to continue.

If you are looking to buy a resale (existing) home in Henderson, North Las Vegas or Las Vegas, there remain some hurdles. Inventory continues to be tight and many homes (60%???) are overpriced. What indicates that? The number of price decreases each week remains strong. Fortunately, for buyers, the inventory and selection should increase as the holiday season has ended.

According to statistics provided to the Greater Las Vegas Association of REALTORS® by Applied Analysis, a prominent Las Vegas data collection firm, the 776 new home sold in November 2019 was down about 8% November 2018, and the median price for new homes slid just 1% to $382,687. Homes are being built in 221 subdivisions throughout the valley, so, if you’re looking for a new home, you have quite a selection.

Las Vegas Home Sales Up in August 2019

The prices of resale homes continued its slow rise in August, with the median price rising to $307,000, the highest level since March of 2007. Sales were also up from August 2018.

Many feel this reflects the lower interest rates that now seem to have bottomed out. Inventory of available homes on Sept. 15, 2019, was down 10.7% from two months ago, as back-to-back months of 3,000+ closings ate into inventory. The median price is up 3.72% year over year, but only up 1.3% since January.

Home Prices Increase in Every Price Range

Home Prices Increase in Every Price Range | Simplifying The Market

Price appreciation can differ depending on your price range. CoreLogic analyzed four individual home prices tiers and shares the increase in each one.

CoreLogic’s Home Price Index (HPI) Report revealed,

National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.

They also analyzed four individual home-price tiers, showing the increase in each.

Here’s the breakdown:

Home Prices Increase in Every Price Range | Simplifying The MarketTo clarify the methodology, CoreLogic explains,

“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”

What does this mean if you’re selling?

Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value, so you can price it competitively for today’s market.

6 Graphs Showing the Strength of the Current Housing Market [INFOGRAPHIC]

6 Graphs Showing the Strength of the Current Housing Market [INFOGRAPHIC] | Simplifying The Market

6 Graphs Showing the Strength of the Current Housing Market [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home.
  • Mortgage rates remaining near historic lows and houses selling in an average of only 29 days are just two key elements driving the strength of today’s market.
  • With the national data shown here, make sure to also determine what’s happening in your local market so you are fully informed when you’re ready to make your next move.