Is there a shift in the Las Vegas real estate market?
The Las Vegas real estate market has been a hot topic for a number of years. It’s come a long way from the recession with a recent increase in sales, developments, and buyers all over the city. At the moment, the market discusses is thriving.
In April of this year, an article from the Las Vegas Review-Journal stated that there has been a 35 percent increase in new home permits, new home sales rose 17 percent in Clark County, and Las Vegas saw an eight percent increase in median sales price. In June, the Review-Journal also stated that the local housing market reached levels more heated than ever before. According to the article, “Home prices are rising at one of the fastest rates in the country, builders are selling the most houses in a decade, and developers are opening more and more apartment complexes.”
According to the Las Vegas Sun, Las Vegas is poised to be the market it used to be. “At the rate we’re going, with prices going up by nearly $5,000 a month, it’s possible that local home prices could finally get back to their all-time peak sometime later this year,” said local realtor Chris Bishop, according to the article.
Recently though, there was an article indicating that the market is slowing down and there is a decrease of offers being made. But what does that mean, and how will the market continue to change? With the help of local real estate agent Ray Glasser, Neighborhoods.com broke down these changes to reveal what you should know about the Las Vegas real estate market.
The Market has Shifted
For the last few years, low availability and strong demand for property have made home rates higher than usual in the city. But according to the Review-Journal, everything is easing up a bit. It states that as of June, over 4,000 single-family homes were listed without offers, the number of available homes increased 7.9 percent from April to May, and the number of homes on the market without offers has recently risen.
According to the article, “if the recent changes persist, they could signal the beginnings of the latest shift in the valley’s ever-fluctuating market and provide some relief to buyers.”
Prices Should Stay Put All Over the Valley
The changes in the market are great news for those interested in buying a home. It means there shouldn’t be as much stress and competition when house hunting. It also means that prices should level off.
Ray Glasser explains, “Things are really holding steady. As for the next several years, as long as inventory remains low, I think prices will hold firm. We may be done with double-digit gains for a while, but I happen to think prices will hold up.”
There are Still Local Neighborhoods That are Hot
One of the reasons why the market is calming down is due to of the type of houses that are on the market. According to the Review-Journal, Lawrence Yun—chief economist of the National Association of Realtors—says buyers are frustrated not only by rising prices but also by the “lack of exciting choices.”
One neighborhood that’s still booming, however, is Summerlin. As Glasser mentions, “I would also add that South Summerlin is quite hot right now, with resales and new construction leading the way.” This is no surprise as Summerlin is an in-demand location, with a median sales price in the high 300s.