Embed Size (px)
DESCRIPTION
Las Vegas Real Estate Update looks at the current inventory along with what sold in March. It reports on trends such as how many distress sales are available, how many sold last month. How many homes are being purchased with cash and how many with mortgages. Also includes the three most expensive homes sold in March.
Citation preview
The Mand arin re co rd e d the mo st e xp e nsive sale inMarch – $ 3,030,000 fo r a 3980 sf p e ntho use .
Las Vegas Real Estate Update – April 2014thelasvegasluxuryhomepro.com /las-vegas-real-estate-update-april-2014/
Las Vegas is heating up. By mid-week The WeatherChannel predicts highs of 91 degrees. The housingmarket is also heating up. A recent CNN report“Homebuyers Getting Priced Out in Cities AcrossU.S.” had Las Vegas in the No. 1 spot of the top tenhot markets. We’re not as alarmed by the priceappreciation as CNN. You can still buy a home f orless than you can rent. There are still nice homesf or less than $200K.
The Greater Las Vegas Association of Realtorsreports that the median home price is now at $195K,up 21.1% over this t ime last year.
The median price of a home is rising andinterest rates are likely to rise by the end of theyear. Buying sooner rather than later is our advice.
Homes For Sale – Our MLS currently has 6436 single f amily homes listed without accepted of f ers.We have 2364 condos and town homes f or a total of 8800 homes f or buyers to consider. 1209 ofthe listings are short sales. 631 of the homes listed are f oreclosures. That leaves 6960 homes f orsale that are tradit ional listings.
Sold in March – Call it Spring Fever or March Madness but we sold more homes in March than inJanuary or February. A total of 3007 homes closed escrow. That’s an increase of more than 500homes sold f or the month.
Only 322 of the homes sold in March were f oreclosures. Another 392 of the homes sold were shortsales. Distress sales only accounted f or 23.7% of the closings.
Financing – Cash deals accounted f or 1307 of the transactions. That’s down to 43% of the market,much lower than close to 60% cash we saw at the height of the investor f renzy. FHA, Homepath andVA loans f inanced 756 of the purchases. Conventional mortgages f inanced 896 of the purchases.
Active Days On the Market – 1405 (46%) of
Luxury Ho me s that Se ll Quick – Summe rlin saw 3 ho me sp rice d b e twe e n $ 1 and $ 2Mill io n se ll in le ss than 15 d ays
in March. Inc lud ing a $ 1.3M ho me in the Rid g e s and a$ 1.9M ho me in Re d Ro ck Co untry Club
The Estate s at So uthe rn Hig hland s g o lf co urse co mmunityhad the two mo st e xp e nsive c lo s ing s fo r e state ho me s in
March.
Active Days On the Market – 1405 (46%) ofthe homes that sold were on the market f or 30days or less. 983 of the homes sold were onthe market days or less. This shows that pricinghomes to sell will get them sold quick.
We had a f ew high end homes that sold in lessthan 15 days. This month’s quick sales in theluxury market were in Summerlin. 409 Club Ctwas a 4897 sf home in Canyon Fairways listedf or $1,399,900 and closed f or $1.325M. 20Cross Ridge in The Ridges of Summerlin listedf or $1.4M and sold f or $1.330M. 11447 MorningGrove in Red Rock Country Club listed f or$1.995,990 and sold f or $1.77M.
Luxury Homes For Sale -
We have 404 homes and high rise condos f or sale with a list price of at least $1 Million. In March, wesold 25 single f amily homes and 4 high rise condos listed f or $1M plus. In February, only 13 singlef amily homes sold f or more than a mil. March was almost double that.
Top 3 Luxury Home Deals in March:
The Mandarin Oriental where penthouse 4503with 2 beds/4 baths in 4980 sf sold f or$3,030,000. This was also the most expensiveprice per square f oot at $761/sf .
Southern Highlands took the #2 and #3 spotf or most expensive deals in March. 26 VintageRidge, listed f or $2.699M sold f or $2.5M. Itof f ered 6 beds/7 baths in 10,175 sf of livingspace with a 4 car garage, pool and spa.
35 Vintage Canyon had a list price of$2,499,000 and sold f or $2.4M. This estateof f ered 5 beds, 6 baths in 9254 sf with a 4 cargarage, pool and spa.
Las Vegas Real Estate Update –April 2014
Summary: Buyers have 8800 homes to choose f rom today. If we continued selling 3007 per month,at this rate we’d be out of the current inventory in 2.92 mos. Over the past year, the average numberof homes sold per month has been 3080. Our Winter lull has ended and sales volume is returning toour twelve month average.
We’re seeing more homes on the market but the increased sales volume means we’re back to a 3month supply of inventory. That puts us into a seller ’s market. In the lower price ranges, buyers canexpect bidding wars and competit ion f rom cash buyers. Buyers still have some bargaining power inthe luxury home market and the high rise market. Even in the luxury market, well priced homes that
show well sell quick.
The Las Vegas Real Estate Update is written by Debbie Drummond. Ready to buy or sell your LasVegas home? Call (702)354-6900 or email [email protected].
