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.

Brand New Homes On Sale!

Here in Las Vegas, last year was crazy in the real estate market for a good part of the year.  With multiple offers on homes everywhere in Las Vegas, Henderson and North Las Vegas, the home builders decided to take advantage of the situation.  Home buyers were able to buy a brand new house without the fight by purchasing a brand new home from a builder but the buyer had to pay the price.  Home builder raised the price of their homes and cut back on incentives.  How times change...

Home builders seem to change fairly quick with the housing market.  As the market has cooled in the winter months, I have received numerous notifications of added incentives, down payment assistance and even price reductions from several Southern Nevada home builders.  If you are in the market for a brand new home, there are great deals.  Contact Mike for the latest information and free buyers representation on your new home purchase.  Remember, the sales agent at the home sites work and represent the builder, not you the buyer.