Las Vegas Market Watch

Optimistic Housing Outlook

May 02, 2016
By Jodi Snyder
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Las Vegas Market Watch

NEW HOME FACTS

    Year To Year Increase
March Sales 688  
1st Quarter Sales 1,533 131 Sales or 9.3%
Median Price $312,509 Including Condos  $305 = Less Than 1%
Median Price $316,990 Without Condos $6,465 = 2% Increase
New Permits 2,049 YTD 200 Increase = 10.8% 

 

Overall there is good news for New Home Builders.  However, the consumers are resisting price increases thus slowing an increase in sales for the Over $300,000 level.  Most sales are still between $200,000 and $299,000.

 

Home Builders Research, Inc produces the "Las Vegas Housing Market Letter". They created this chart to show the market share of new home closings priced under $300,000 has declined since 2013.

New Home Prices

 

Many Las Vegas New Home Builders Are Featuring Contemporary Developments. 

Check out the new home inventory on my web site Click Here

Las Vegas Contemporary Home

 

RESALE HOME FACTS - Single Family and Condos

 

    Year to Year Increase
March Sales 3,973 884
1st Quarter Sales 9,776  559 increase = 6%
Median Price $190,000   $10,000 increase = 5.6% increase

 

The consumers are resisiting price increases since the median price has not moved significantly.  The number of listings is shrinking for single family homes. Realtors are reporting that many sellers want to list their homes higher than the market will bear.  For the sellers who price their homes based on the comparable sales, their homes are selling within 30 to 45 days.  The MLS shows that 49% of listings are selling within 30 days.  

 

Las Vegas Holding Values

NATIONAL MARKET WATCH

National News Opinion says the the Home Market looks Optimistic based on numbers across the USA.

 

New Home builders confidence holds steady even though sales fell slightly last month.  Overall optimistic outlook for new homes and resales.  The National Association of Home Builders sentiment index remained at 58 for the last 3 months.  On their scale that means conditions are good.

 

Solid job creation and low mortgage interest rates will sustain continued gains in the single family housing market in the months ahead.

 

"It's not always easy for homeowners to keep their finger on the pulse of their equity.  This data shows homes have continued to increase in value since the depths experienced after the last recession.  Those increases mean far fewer Americans have negative equity in their homes.  This increases their mobility and is a positive development for all segments of the housing market." said Bob Walters, Quicken Loans, Chief Economist.

 

HOME SALES

There is a year to year increase of 3.6%

 

MEDIAN HOME PRICE

March 2016 = $204,000 which is the same as March 2015

National Homes Prices Are Flat

 

DAYS ON MARKET

The average days on the market is 71 days which down 7 days from March 2015.

 

NUMBER OF HOMES FOR SALE

The average is down 13.3% from March 2015

 

House and Money

 

 Click Here for the realistic value of "Your Home" based on the actual facts. 

This market value is based on the GLVAR Multiple Listing Service accurate data.

You will be emailed a complete report!

May 02, 2016
By Jodi Snyder