May and June Confirm It Is a Seller’s Market in Las Vegas. Supply and Demand

The trend is continuing with increased demand and less supply. The result is multiple offers on any reasonably-priced property below $170k. List prices are also on a steep incline. Even with the increased competition for homes, buyers are still getting bargains compared to several years ago. The key is getting your offer accepted. See below for the latest market data:

Las Vegas Housing Supply and DemandThe blue line above represents available listings of  Single Family Residences (SFR) of all price ranges. Notice that our inventory has dropped to about 1/3 of what it was one year ago. The pink line represents a small part of the demand. It shows the homes with accepted offers. However, it doesn’t show the thousands of people looking to buy a home right now who don’t have an accepted offer yet. Even excluding that latter number, the sales demand is far greater than the supply.

Inventory Days of Supply

In this graph, you can see the affects of the high demand and low inventory. The days of supply is just over a week. Or, from a practical standpoint: Homes get multiple offers on them within days of them being listed.Median Prices Increasing in Las VegasAnd, of course, when supply is low and demand high, prices go up as evidenced by the expected list price sellers are bringing their homes to market at. Luckily there are still good deals to be had. But if you aren’t an all-cash buyer with an aggressive offer, your chances of getting a home in the $170k price point below are challenging.

Need help navigating the Las Vegas market? I’m here to help. 702-808-9816

New and Existing Homes, Foreclosures, 2013, Las Vegas

New and Existing Home Prices, Foreclosures – December 2013

February, 2014. According to National Title of Nevada, 534 New Homes were sold in December, 2013 at a Median Sales Price of $300,469. Sales of existing homes was 3,453 units at a median sales price of only $160,000. Expect the price gap between new and existing to narrow as this wide of a gap is […]

Las Vegas Population and Job Growth Up.

Las Vegas Population and Economic Growth

3/27/2014. According to the Las Vegas research firm Applied Analysis, Clark County is one of the fasting growing areas of the country. Further, employment is up as is consumer confidence. TweetPin It

Eblana Explority Well Rig Near Tonopah

Nevada’s Underground Oil Potentially Bigger Than Texas’

Many may not know that Nevada historically was quite a productive oil-producing state. Now there is news that there may be more oil in the center of the state than all of Texas. If you think Williston, North Dakota is a boom town, just wait to see what the Hot Creek Valley in Nevada will […]

Take Two Adding Jobs in Las Vegas

More High-tech Jobs Coming to Las Vegas. Take-Two Interactive.

Las Vegas is starting to look more like ‘Silicon Desert.” Most people know that downtown Las Vegas is home to Zappos.com and a burgeoning start-up/incubator tech culture. Today it was announced that Take-Two Interactive, makers of the video game hit Grand Theft Auto and many other titles are negotiating to lease an office in Las […]

Clark County Schools

Voting: Clark County Question #2

Clark County School District Capital Projects Funding Question I’ve seen some confusion on how this tax is calculated; On what basis it is calculated. I did some research and then confirmed that the math works by examining 420 properties. Firstly, in the voter guide, the “new” home description is a misnomer. It is “a” home, […]

Las Vegas Housing Economics

Appraisals Coming in Low? Pendulum Swings But Fails to Hit Some People in the Head

In last Friday’s article at “The Real Deal,” http://therealdeal.com/blog/2012/06/22/are-too-low-appraisals-preventing-some-markets-from-recovering/, they ask if appraisers are “scared” to value homes at higher prices in hot markets like Las Vegas. My answer is “yes” in many cases. They are not reflecting the market conditions. In Las Vegas, most reasonable properties under $200k have multiple offers with many contract prices above […]