We recently found a great home at a great value in the Willows in Summerlin on the west side of the valley. Its elevation provided great curb appeal. Its layout included 5 bedrooms and other spacious details. The price was reasonable for a Summerlin home of its size.
People are finding that Las Vegas real estate is a great buy at this time. Many anticipate a strong market trend in the following months.
FREE Las Vegas Relocation Guide
Las Vegas really is a great place to live. The social, night scene is certainly an attraction for many be it is also a family-friendly city with quiet suburbs and calm communities. It has been resilient to many of the market affects in recent months and many experts see its strong future potential. What's left for people who may potentially relocate to the Valley is to explore it and then pays us a visit. Many important questions come up when relocating to a new city. Darren Hildreth and his team will provide you with a complimentary Las Vegas relocation guide.
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Las Vegas Home Listings Decrease
Like most markets, the Las Vegas real estate market is cyclical. Listings across the valley began to decline in November just like in other years. We have seen a relief from the consistent increase in listings. Based on the trend from previous years we will see a decrease through January and then the listing numbers will begin to increase again.
According to the Las Vegas Review Journal, this month's GLVAR statistics include activity through the end of November. This month's highlights include:
According to GLVAR
President Linda Rheinberger, the inventory of homes on the market in the Las Vegas area appears to have peaked, which is a good sign for the local housing market. It is likely that many of the listings have expired this past month. A low number of homes sold and the typical number of listings entered the market. However, the overall number of listings dropped considerably in certain areas. Many people have decided to just hold off through the holidays and school year.
According to the Las Vegas Review Journal, this month's GLVAR statistics include activity through the end of November. This month's highlights include:
The median sales price of a single-family home sold in the Las Vegas area in November was $308,000. That's down $2,000, or .06 percent, from last month. This is also down .06 percent from the same time last year.
For local condos and townhomes, the median sales price in November went down slightly to $199,950, from $200,000 last month. That is down less than 1 percent from last year.The total number of local homes sold in November was 1,547, down 8.4 percent from October and down 36.6 percent from one year ago. For condos and townhomes, 324 units were sold, down 9.2 percent from the previous month and down 46.1 percent from the previous year. Through November, 53.6 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days.
That's down slightly from October, when those percentages were 54.4 percent for homes and 56 percent for condos.
How Does New Real Estate Record in New York Affect Las Vegas and the West?
News articles today announced the record setting purchase of an office building in New York.
A New Jersey real estate family, the Kushners, will buy 666 Fifth Ave. from Tishman Speyer Properties for $1.8 billion, beating a $1.72 billion record that Tishman Speyer set in buying the MetLife Building a few streets over.
How do purchases like these affect cities in the west, particularly Las Vegas?
Las Vegas is in a Manhattanization stage. As land becomes more expensive developers build upward. The strip is already known for impressive theme based structures. Residential towers have popped up by the dozen in recent years. Huge trade centers have also been built. As Las Vegas changes from an entertainment focused city into a more diverse hub more buildings of considerable size will replace older properties. As the valley ages it will trend toward the record setting real estate deals seen in older parts of the country.
Keep an eye out for huge real estate deals in the next decade here in the Las Vegas Valley.
Las Vegas Housing Affects Other States
It seems as though the I-15 serves as a directional line for the transfer of housing equity. It begins with the state of California and ends at the state of Montana.
California's housing market cycles just like any other housing market. When it enters its growth period it affects all of the other markets located on the I-15. People cash out of the California market and move to Nevada communities. People cash out of the Nevada communities and move north to Utah. People there move to Idaho causing equity increases in Montana.
As people cash out of one market and move north they are able to pay a large amount of cash for their homes and moving is easy. Demand for homes in those areas goes up and in time so does the value of homes.
Watch as the next cycle comes within the next couple of years. It will only be a short time before the other markets rise in value in Las Vegas and other areas.
California's housing market cycles just like any other housing market. When it enters its growth period it affects all of the other markets located on the I-15. People cash out of the California market and move to Nevada communities. People cash out of the Nevada communities and move north to Utah. People there move to Idaho causing equity increases in Montana.
As people cash out of one market and move north they are able to pay a large amount of cash for their homes and moving is easy. Demand for homes in those areas goes up and in time so does the value of homes.
Watch as the next cycle comes within the next couple of years. It will only be a short time before the other markets rise in value in Las Vegas and other areas.
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