September 2019 Las Vegas Real Estate Market Update

September 2019 Las Vegas Real Estate Market Update


Hi I’m Steve, and I’m Kristen Thomas and
we’re the Thomas Group, your local Las Vegas and Henderson Realtors we’re here
to bring you your 2019 Las Vegas and Henderson real estate market update for
the month of September. Hey guys so we are here today in the
District which is a really really cool little shopping center associated with
Green Valley Ranch Inn in Henderson. If you haven’t been here come and swing by
it’s got a really lovely ambiance, there’s a loads of great shops, bars,
restaurants, tree-lined streets. It’s got really nice landscaping and it’s
attached to the casino at the end so if you want to go in maybe test your luck
after your wife spent all your money go ahead and you know test your luck down
there in Green Valley Ranch. Hey and also we are getting a Sephora here
which I’m super excited about. Sephora, what is that? I won’t be visiting that but you might
find me in the casino when you’re in there. All right so let’s get into the
numbers then. Sounds good! Okay so the median home price last month inched up just a little bit up to three hundred and five thousand. Good! Yeah it’s
good. It’s actually up three point four percent from last year so again we
are seeing very slow and steady growth and that’s a sign of a healthy market
what you want right we don’t want to be on that rollercoaster path. I mean it’s
nice getting those you know multiple digit appreciations but it’s not
necessarily healthy. Market still seems to be pretty strong but level. Yeah
exactly and for those of you that are interested in the condo and townhome
numbers the median sales price last month was $177,000. Again, up just a
little bit from last month and up 4.1 percent from last year.
We’re seeing some great steady appreciation. Now our current inventory,
so the homes that are on the market that you would be looking at if you were
shopping, are up 33.5% from last year. This is what we’ve been
seeing throughout the whole summer. They’re really up. And for our
condos and townhomes the inventory is up 57.1% We’ll get into this in
a few moments but this is a really great time for buyers. You know typically for
sellers, you know the spring time is really great. But moving up into
the winter months is awesome for buyers and you know with having more inventory
on the market just gives you more option gives you more you know wiggle room when
you’re negotiating. But we’ll we’ll dig a little bit deeper into why it’s a good
time to to buy you know right now in a few moments. Yeah absolutely so
along the same lines and this is just going to prove to you why it’s good
for you as a buyer: currently the units sold for single-family homes (it’s pretty
stagnant from last month) but is up 3.1% from last year so
we’re not seeing…if you can imagine the inventories up 33% but the actual
sales are only up 3%. That’s a big discrepancy and that’s why you have
a lot more homes to pick from. For our condo and townhome peeps we are up 5.9% from last month on units sold so we saw a little bump but
from last year the sales are down 5.1 percent. Which is interesting.
Yeah we saw we saw…it’s been strange this year I feel with condo and townhome
sales it’s been peaks and troughs. Yeah. But you can
really see then why it’s a great time to buy with all the extra inventory,
interest rates — we talk about this every month. I was gonna mention that later you
know in another reason good reason to buy, but as you met actually hit on it…
Yeah we might get interest rates going lower they might go higher
who’s got a crystal ball but all we can tell you is they’re as low as they’ve pretty much ever been right now, so it’s a really really good time to take advantage of that.
Absolutely and then I thought that this was a really interesting statistic too…
because you know I LOVE numbers This past month 22.7% of all local properties were purchased with cash. Down just to touch from from last year but two years ago sorry but in February
2013 when we were really at the the peak of the crash
purchases were making up 60% of all sales so when we’re seeing the 22% of
all of all properties being purchased in cash I think that’s really healthy a lot
of those are investors, right? Yeah I’d say the majority are probably
investors which just shows you that when investors have faith in
putting their money into the Las Vegas real estate market and
they’re showing it just with the you know the cash the cash buyer’s there.
That’s pretty healthy. If they weren’t, they’d be getting a little worried maybe. Right, yeah, absolutely, and then one more interesting indicator that I found is
distressed sales are near historically low levels. Foreclosures and short sales
accounted for just 2.1% of all sales last month. So that’s really low. We
were seeing that number really spike during the recession so
that’s a great indicator. A couple more things I wanted to talk about
before Steve gets into the interesting stuff, is days on market. For
single-family residences., we’re seeing that at 46 days on average and condos
and townhomes 49 days on average.. That’s up from last year but pretty
pretty stagnant from what we’ve been seeing throughout the whole summer. Okay now the one last thing is months of inventory. The months of inventory,
as we always talk about, is a good indicator of if if the market
favors buyers sellers right? And so we are seeing for the market as a whole 2.6 months of inventory and just for those of you that might be
wondering what that means… two point six months of inventory…if we kept
selling the houses at the same rate that we’re selling them, and you know we
didn’t list anything else, all of the inventory will be gone in 2.6 months. Yeah and for those of you that are
wondering what a balanced market is, it’s between about four and six
months. They it say neither really favors that buyer nor the seller. So this
is still on a whole favoring the seller right? But you know real estate is very
local so what really caught my eye, Kristen, when I was looking
at these numbers was the fact that the lowest amount of inventory in any of the
communities is two months. So that’s really heavily favoring the seller. And
the most is 25 months. And so it’s like 10 times as much. But when I look deeper
into that…those communities, just so you know if you’re
interested, are McDonald Highlands and McDonald Highlands here in Henderson. The average sales price there is like 2.1 million dollars ,so that’s a luxury
market and you know there isn’t the same amount of buyers in that market as there
are in the 250 to 300 and thousand dollar range. For me it’s gonna be really
interesting in seeing what happens you know coming into the winter months. Because historically it’s not you know the best time to sell a house. But as I
was mentioning before is the best time to buy. So yeah one of the reasons it’s
great time to actually buy a house right now is because well first of all there’s
not as much competition as there has been throughout the
summer months and through spring. But those homeowners that have put their
house on the market needing to sell it in the springtime in the summertime and
they overpriced it quite frankly. And it’s sitting on the market they’re not
getting any offers they’re not getting any attention and they’re getting
nervous and you know as you know an aggressive agent we leverage that and
you know we can really try and capitalize on that and you know make
sure that we get you the best value as possible so that’s definitely a really
really great time for a buyer right now. Absolutely. And then Steve, you’d come up
with some interesting articles that you came across this week, right? Yeah! In
North Las Vegas it used to be known as they used to have a bit of a bad
reputation. There was crime, drug dealing and stuff like that. And it’s
really really turned around. Now I’m not saying that there’s, you know, every area
is perfect. There’s bad places as you know every place right but what’s really
interesting about north Las Vegas is the amount of builders that have moved up
have really driven a lot I is up there right and taking a lot of buyers out of
other communities in like the southwest where there was a lot of new
construction and now they’re driving them off to North Las Vegas because
you’re getting a lot of bang for your buck and the reason that they can
give you a lot of bang for your buck is because land prices are approximately 25
percent cheaper up in North Las Vegas than they are down in the southwest what
is also interesting is that the mayor of Las Vegas he’s actually really
like being proactive in changing the I guess the whole of the city itself
right and he streamlined the process for all of the builders for their
applications to you know get permits to build so he’s making it made it really
really easy that’s driven a lot of the builders up there but the really
interesting fact that I found was that for every community that sold out in the
southwest currently the building another community one for one right up in North
Las Vegas for every community sold there’s nine communities being built it’s
really is developing fast then you know I think that I mean again who’s got a
crystal ball but I think that for the most bang for your buck, for you
know, further value down the road North Las Vegas is a place that you
should really consider Aliante as an example that’s been ranked the number
fourth master-planned community in the whole of the United States that’s up
North Las Vegas so absolutely check that out speaking of bang for your buck what
was that number that you compared for home prices new builds… yeah so if you
take let’s just say you take the same house in in the southwest and then you
put the same house up in a community in North Las Vegas difference in price
is going to save you about 50 grand yeah you know if you don’t have to be in a
certain area you know because of the school district or you know for
work-related purposes then you should absolutely consider it and if you want
any more information on North Las Vegas just reach out and we’d love to send you
everything that we’ve got the very last thing that we’ll mention that I’d like
to talk about just very briefly before we wrap up the the market
Update is you may have heard about this already…Bluetech Park you heard about
this Kristen I have it sounds so cool isn’t it pretty wild
so Bluetech Park is a 7.5 billion dollar investment that’s going to be happening
now they haven’t actually at the time of this recording of the video told us were
there going to be breaking ground but we’ve heard on the grapevine that it’s
going to be south of the strip just south of the South Point Casino there
and it’s over a hundred acres and this Bluetech Park development is going to be
the first of its kind in the whole world where it’s going to have they call it
net zero emissions so basically it’s it’s self-contained this is going to be
like a community I can’t even say it to building because inside of it they’re
going to have luxury residences they’re going to be having shops with the
offices and buildings but listen to this this…this is really crazy
– two really crazy things: the floor as you walk on the floor it creates energy that
powers the rest of the building right yeah I don’t even understand that and the
thing that I don’t even understand is this listen to this tell m e if you
understand this it’s built with self-healing concrete what does that even mean so we’re going to
find out but this is gonna be totally wild google it you guys the the blutech
Park in Las Vegas it’s gonna be really really interesting to see so
it’s lots of cool development going on here in town really exciting time to be
you know a member of the community here and yeah if you’ve enjoyed our
market update we would absolutely love it if you give us a like and and hit the
subscribe button down there we’ll continue to bring you some information
on living in Las Vegas Las Vegas real estate and if you’ve got any you know
topics that you’d like us to cover any areas of town of interest then by all
means let us know and we’ll go out there and we’ll we’ll put something together
for you thank you so much for watching guys we’ll see you next time bye bye

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