Las Vegas Real Estate Snap Shot

 

The Las Vegas real estate market continues to show a return to "normalcy".  What is "normalcy"  based on the current population, a normal market will have about 8,000 homes on the market at any given time which is roughly a 3-4 month supply.  Prices have stabilized and with the heat of the summer, modest price reductions are plentiful.  Here are just a few of the most recent numbers:

7,625 Single family homes available as of 6/30/14
1,359 Condos available as of 6/30/14
597 Townhouses available as of 6/30/14

14% of sales are Short Sales

Where are the best deals?  Depends on what is important to you.  In the Las Vegas valley, North Las Vegas will get you the best price per square foot and this even includes newer neighborhoods, north of Ann Road.  Henderson as a city remains the most expensive but the master planned community of Summerlin remains the highest priced neighborhood.  It is all in supply and demand.  Summerlin has the least amount of homes currently available and they are typically selling within 30 days on the market.  If you are willing to purchase an older home built prior to 1990, these homes are the best deals many times as there is a notion in Las Vegas if it wasn't built in the last 5 years, it is old.

What about brand new homes?  Home builders have been charging a premium which is left over from last years tough buyers market in resale.  The home builders were able to provide a home without having bidding wars as a result the builders too advantage of the situation and raised prices.  Most builders now are offering great incentives such as including upgrades, special financing and landscaping packages.  One builder is even negotiating on the base price on homes already built in certain communities.  If you want to wait for your new home to be built and get it exactly like you want, there are still great incentives too.

To search for your new home search here for all homes currently available in Las Vegas, Henderson and North Las Vegas.

Desert Shores on Neighborhoods to Watch List

It's not the crime protecting "Neighborhood Watch" list, it is better than that.  Each year the National Association of Realtors puts out a list of 10 neighborhoods in the United States that have potential to see large increases in home values due to market demand, new business coming in or redevelopment within the area.  For 2014 one neighborhood in Las Vegas made the list, Desert Shores.  Desert Shores was #5 on the list with a median home price of $179,525 in 2013, it is also the only community in Nevada that made the list.  I can assure you the median price on single family homes is significantly more but National Association of Realtors also accounts for condominiums which there are 2 complexes in Desert Shores. 


What makes Desert Shores so great?  The 3 lakes and the swim club of course.  The Desert Shores community sprouted up out of the desert floor in northwest Las Vegas in the early 1990's.  With the recession many of the homes, like all of Las Vegas, went into foreclosure.  With the homes in Desert Shores averaging just over 2,000 square feet, most of the homes in the community were purchased by people that actually wanted to live in the homes compared to Las Vegas as a whole where investors swarmed in.  While people picked up the Desert Shores homes at a reasonable price, they put additional money into upgrading the interiors with new floors, cabinets, countertops and a new coat of paint.  Many of the homes in Desert Shores appear new and upgraded giving a great appeal to buyers, especially with the landscaping that has matured over the past 20 years.  Desert Shores took shape before Summerlin but with the close proximity to all the shopping and dining options Summerlin features, it is a great location.


Desert Shores is a beautiful community to live and play in, you truly feel away from the desert when lined up along the shore near Regatta Drive.  But be careful, there are ducks and geese around too.


Click here to search homes in Desert Shores neighborhood.