An overview of the housing market in Las Vegas during January 2020 residential real estate activity shows everything is within healthy and stable conditions. Housing supply is still under three months on the market.
Shyla Magee, GLVAR Board of Directors Member, stated that while home prices increased by 1 percent, it’s still within normal limits, particularly during fall. To better get a sense of the market, you have to look at the year-over-year prices, which shows that rates have actually increased by 4 percent. So, the increase is what you can expect to see nationwide. An increase of 3-5 percent is still normal. The Las Vegas housing market is still stable last January 2020 residential real estate review.
December 2019: Residential Real Estate
Las Vegas is showing a slow down of home sales approaching the last quarter of the year compared to last year, based on the latest data provided by the Greater Las Vegas Association of Realtors (GLVAR). These numbers, however, should not be a cause for worry. GLVAR President Janet Carpenter says the market is still stable. In fact, they are a lot better as prices are less volatile, with gradual appreciations, regarded as healthy and within normal limits for the real estate market.
Carpenter shares, “We realize that many prospective buyers still face challenges finding homes that are both available and affordable for them. But at least buyers are benefiting from more stable prices, more homes on the market than we had at this time last year and historically low mortgage interest rates.”
November 2019: Residential Real Estate
The housing market saw stable price growth and fewer overall home and new home sales.
Stable home price. According to GLVAR President Janet Carpenter, the current housing market is stable, a first for the Las Vegas housing market in 27 years. There’s a 3% year-over-year increase in the price of homes.
Decreased sales of homes. Compared to 2017 and 2018, there were fewer homes sold this year. As per the report of GLVAR, about 7,770 houses remained unsold by the end of August 2019, which denotes a 33.5% increase compared to last year. Carpenter attributed the decline in home sales to buyers becoming more cautious.
October 2019: Residential Real Estate
Nothing much is new in the Southern Nevada’s local housing market because the growth is slow and the prices are stable. Fewer houses are available in the market. The median housing price is a thousand dollars higher for this month. There is also a 5% year-over-year appreciation, which is good news.
According to Janet Carpenter, Greater Las Vegas Association of Realtor’s President, “3-5% appreciation year-over-year is what we want to see.” “We’re stable in a long time,” she added. GLVAR is expecting fewer homes to be sold this year compared to 2017 and 2018. After all, the market has less than 3-month’s supply of homes, which is still good as per Carpenter.
September 2019: Residential Real Estate
The housing market of Southern Nevada has been showing signs of stability in the supply-demand department. There’s nothing new to report monthly because metrics are unchanging. Residential real estate has been stagnant as seen in the past months. There is appreciation over the past 7 years at just 1.7% yearly.
GLVAR President Janet Carpenter said that there are more homes in the market. The inventory is high due to the number of expired listings. Furthermore, nobody is interested in the seller’s price. This is good for the buyers because:
1. There are more homes to choose from.
2. The rate of annual appreciation has been slowing down.
3. Interest rates have been dropping noticeably.
Sales have a slow start this year. The figure may not be on par to last year.
May 2019: Residential Real Estate
The prices of local homes advanced to the $300,000 mark last month. More homes were on the market now compared to last year. The median price for sold existing single-family homes stays at $300,000, which is 1.3% higher than in February and 7.1% higher than last year. There is also an increase in the median price for the selling of local condos and townhomes compared to last month and last year. The prices of local homes are still appreciating but at a slower rate.
The number of houses sold increased by 7.8% compared to last month’s -14.9%. This is the same with the number of condos sold which is currently at 12.4% compared to -6.6% last month.
As per GLVAR President Janet Carpenter, “We’ve been hovering around $300,000 since September but it has dropped below and it has not gone above. Sales have been slowing down since September. They’re lingering on the market.”
April 2019: Residential Real Estate
Houses are remaining in the market much longer. The sales of the houses and condominiums decreased as compared to previous months. A decrease in sales and a reduction in the price of the houses are also foreseen this new quarter.
According to Greater Las Vegas Association of Realtors’s President Janet Carpenter, home prices have been going up faster over the past year than almost anywhere in the country but it has been slowing down lately. She also added that there are signs that Las Vegas may see a slower spring selling season from the previous years.
Cash buyers and investors are still prevalent in the housing market because 26.2% of local properties sold in February 2019 were paid in cash. It was 32.4% the previous year.
March 2019: Residential Real Estate
January 2019’s median price for existing single-family homes in Las Vegas was $300,000, which was an increase of 13.2% from $265,000 in January 2018. For condos, it was 13.4%, up from January 2018. January 2019’s median price was $170,000. These are from GLVAR’s new report released last February. GLVAR President Janet Carpenter said, “It’s
interesting to see the median home price go back up again.
The last time our median home price hit $300,000 was in September. Before that, you have to go all the way back to 2007 to see a median price that high. We usually see local home prices and sales decline in January, which is traditionally one of the slowest months for the local housing market”. Watch out for the trend this year, which is the recently rising housing supply.
Opendoor Las Vegas
Selling and buying are getting easier as time goes by. Just post something on the Internet and within the day, you’ll receive an offer. This type of business has been going on for decades.
Time and Effort in Selling a Property
Selling a house takes around 60-90 days and only 10% of negotiations show that the sale will go through. A lot of time and effort are being put into selling a property. The state of anxiety is also endured because not all transactions are successful.
Opendoor is a company that started in 2014 and has been operating in 17 cities including Las Vegas. They have been recognized as the most innovative company in real estate by Inman, the industry’s leading source of real estate information, for the past three years. They have over 700 employees across their markets.
Opendoor envisioned buying and selling a real estate as easy as buying anything from the Internet like Amazon. Simple and instant are two words that Opendoor live by.
They want you to leave the hard part of the actual buying and selling to them.
Las Vegas Market
Las Vegas is experiencing decreased home prices at present. Opendoor believes that it is a great time to be in the market. It is a transient city where people buy and sell their houses every three years. This is quicker than other cities in the country.
Las Vegas is also a hospitality city, where people work 12 hours a day so when they do check out houses, there’s not a lot of time for them. Opendoor is the perfect avenue where you can buy or sell a house. How does it work?
As a Seller
You request an offer.
Your home expert prepares an offer with market data and the unique information you provide.
You review your offer and associated fees. When you’re ready to sign your contract so is Opendoor.
Schedule your free home assessment. If repairs are needed, Opendoor can do the work post-close. They’ll simply deduct the costs from your proceeds.
Get paid in a matter of days and move on to your next home stress-free while they get the home list-ready.
As a Buyer
Visit Opendoor homes on your schedule and access them using the Opendoor app.
Once you fall in love, they’ll guide you through making an offer.
Every home comes with a 30-day satisfaction guarantee, so you can purchase with confidence.
You close and settle into your new home.
Opendoor is not your typical business model. Direct buying makes everything easy. For fast-paced lives of Las Vegas residents, this is one tool that they can look into in buying and selling a home.
Greater Las Vegas Home Prices Dip
This is a good time to buy a property in Las Vegas as local home prices dipped last October according to the Greater Las Vegas Association of Realtors. There are more homes in the market and fewer buyers as opposed to the previous year.
GLVAR President Chris Bishop said that the market has changed. Inventory levels are up. The condo market prices, however, have gone up again. Affordability is a major issue in Southern Nevada.
There’s a problem in finding entry-level homes that is why the prices of the condos are going up. A challenge of the members is marketing the homes for a longer time.
In January, there were 3,800 homes and by this time, it has increased by 3,000 homes totaling to 6,000 to 7,000 homes. For traditional homes, it should be 10,000 to 12,000. It’s still considered as a seller’s market.
The important thing for the agency is to be still aggressive in finding people who want to sell their homes. There are issues with appraisals because homes are overpriced. There are financing issues too. It’s the skill of the realtor that gets to help the clients with the process.
The number of inventory increases in January. Buyers would want to show the home in December because it’s the perfect time to showcase their property to family and friends when they are present for the holidays. Agents take a leave in November and December because they think that it’s a off-season for selling homes. It’s actually not. Hard work during the last months of the year will lead to great 1st quarter results.
As of now, GLVAR’s President Chris Bishop is getting ready for Janet Carpenter’s installation as the new president. The two of them spent a lot of time together in the board. One of the things the organization has done is that the decision syndicate is now in the hands of the broker. The decision should be in the business practice of the broker. This is to give the brokers more power, knowledge, and ability to do what they do best, which is to sell homes.