Articles

October 2019 Las Vegas Real Estate Market Update


hi everyone we have your October 2019
last vegas real estate market update coming up right now hi I’m Steve and I’m Kristen and we’re
the Thomas group your local Las Vegas and Henderson Realtors today we’re doing
our market update from one of my favorite places in in Henderson and it
is Lake Las Vegas and it is really beautiful myself I grew up in England
really close to the coast and then before I moved to America in Las Vegas
full time I was on cruise ships for eight years so I absolutely missed the
water and coming out to Lake Las Vegas it just makes me kind of feel at home
because you don’t ever think that you’re in Las Vegas here do you I mean it’s
amazing yeah whole different community isn’t it yeah yeah there’s like nine
plate nine communities in here I think that you can actually buy or rent in
yeah all from condos from in you know 100 below 200,000 yeah right the way up
to multi-million dollar properties on the lake itself and I believe Celine
Dion actually owns Vegas so if you’re looking for something cool and fun to do
in Henderson Nevada come out and shake the check out Lake Las Vegas they’ve got
a yacht that takes you around the link they’ve got all sorts cool watersports
that’s going on right now and I don’t know if you can see behind us as well
but we’ve got some bales of hay and it’s all ready for October and Halloween so
it’s really really fun but we’ll get into the market update now and talk
about some numbers okay so let’s get into it all right let’s get into the
numbers so the median sales price for single-family homes last month went up a
little bit again to three hundred and ten thousand happy about that yeah yeah
that’s great so that’s up 1.6 percent from the previous month and up three
point three percent from the same time last year
nothing to write home about but decent appreciation yes steady
better then having the negative yeah total right exactly now the number of units
sold of first single-family homes was 2,750 now from the same time last year
that is up twelve point nine percent and a little bit down though
from from last month yeah 13.2% from last month so I mean we’re up from the
same time last year we are lagging a little bit behind total sales
year-to-date sales from the previous two years but we’re starting to catch up a
little bit if we can keep this momentum going you know yeah great now for new
listings we saw three thousand five hundred and twenty three new
single-family homes come on the market last month that is actually down five
point five percent from the same time last year
and down fourteen point three percent from last month for the available
inventory of single-family homes we saw seven thousand three hundred and
thirty-four homes available that is actually up 19.3% from the same time
last year so yeah if you’re buying right now you weren’t thinking about it last
year this year you got twenty percent more homes to choose from right exactly
yeah yeah and that that inventory is down a little bit from last month last
month yeah so now along those same lines obviously we’re seeing that increasing
inventory so that affects our months of inventory for single-family homes our
months of inventory is 20.7 now if you’ve been watching our videos you
probably understand what that means for those of you that haven’t a balanced
market is indicated by a four to six months of inventory neither favors that
buyer or the seller right so at two point seven definitely favoring the
seller right now yeah but it does just aren’t just a side into that yeah it
does vary from community to community through Vegas and we’ve been talking
about that in our row that updates real estate is very local so it will change
from two point seven months all the way up to maybe eleven months of inventory
in some communities so make sure you know if it’s a buyers or a seller’s
market where you’re shopping but overall still favoring the seller exactly and
then one last thing for single-family homes is our days on market and we are
seeing that increase again as you can imagine what the numbers that we
presented before the days on markets gone up from last year and we were
seeing that number at 43 days on market now some of you had mentioned that you
want to hear the condo and townhome numbers so we’ve got those for you
as well the median sales price for condos and townhomes last month was a
hundred and seventy one thousand now that’s up just point six percent from
the same time last year a little bit slower appreciation on those and it is
down three point four percent from last month for new listings condos and
townhomes that we saw 831 new listings last month that is actually down eight
point two percent from last year and down ten point six percent from last
month so we are really seeing condos and townhomes start to slow down Hoss to you
yeah I’m not as many people listening you know I guess a lot of people got
good deals you know a few years ago they’re sitting on the properties now
wait till the appreciation goes up maybe then they up sighs downsize move out of
town right yeah absolutely and along those same lines then we’re seeing an
increase in inventory so last month we had 1830 condos and townhomes available
for purchase that is up 35% awesome last year so low yeah and down actually a
little bit 1.6 percent from the previous month
now the months of inventory is the same actually as it was for single-family
homes two point seven so again that is still favoring no favor in the seller
yeah exactly slightly and days on market for condos and townhomes was 48 and
again that is up from what we’ve been seeing previously now see something else
really interesting that I noticed was what’s been going on with the high-rise
sales it’s been really interesting so actually high-rise sales median sales
price is actually up 10% it really surprised me that quite truthfully
because I’ve been looking at the high-rise sales and they haven’t been
selling yeah as far as what I saw they haven’t really been selling so when I
when I saw that they actually overall increased in value I was pretty
surprised knowing you get that you hit the nail on the head because you’ve
noticed that but me from a numbers standpoint exactly what you said the
numbers support that so yeah the price has gone up
but the actual number of units sold is down 16.9% and along with that we’re
having a lot of a lot of extra availability there on their months of
inventory for high-rises actually 11.1 so you can just imagine heavily heavily
favoring the the buyer so if you’re buying a high-rise right now great time
great time we’ve been saying it and I’m really sick you know what maybe if a few
of these different high-rise properties actually in allowed investors yeah I
think that that might be the story might be a little bit different there because
you know not everybody wants to go stay in a hotel when you come to the strip
some people would love to stay in a really exclusive high-end you know
luxury condo right so maybe if they changed some of the rules I expect that
right change yeah totally yeah I mean just when you think about you know the
Raiders stadium it’s almost finished you’ve got the t-mobile Arena there you
know this is it’s a great it should be a great city for short-term rentals right
but of course we’ve got a plethora of hotels for people to choose from but
maybe if you’re just looking for something a little bit different and
everyone likes staying in a hotel you know that could be an option but yeah
even if you’re just thinking about buying a high-rise for yourself for a
second property totally worthwhile right now I think you can get some really
great deals some properties been on the market long time so yeah really good to
negotiate on those ones so yeah I think right now is a really good time to buy
in general not just high-rise properties right but single families as well it’s
not the best time to sell but one of the really great reasons why it’s a good
time to buy is you’ve got as we said all of this inventory on the market but
there’s gonna be very little competition and I was just doing a home inspection
yesterday where with my inspector and he was saying saying how’s business how are
you doing in stuff and I said everything’s great but what I’ve noticed
over the last four years of being in real estate is September and October
always seems to be our best year I mean our best part of the year and
he told me that what he notices is that straight after the spring and up to
Thanksgiving you know it’s busy and then between
Thanksgiving and then really February it’s dead in terms of you know active
stuff that’s happening in in the real estate market so if you’re thinking
about buying at that time totally totally take advantage of it there’s
stressful sellers there’s people that worried had their homes all over them
over the summer not getting their price need to move maybe already moved and
they’re still making mortgage payments you know on a house that’s been sitting
empty for 60 90 120 days and when I was looking at some of those numbers I
noticed that there’s actually quite a lot of overpricing yes throughout the
valley which I feel is like one of these reasons why it’s a good time to buy
because some property owners aren’t realistic and the average price that
they’ve priced their home by is 40,000 over what I should be selling for right
am i right in saying that yeah yeah that yeah it’s it’s a 65 percent over pricing
index yeah yeah so definitely take advantage of that and we can give you
all of the info if you’re thinking about buying but if you’re thinking about
selling that’s a totally different strategy itself if you you know if you
you need to sell now and you can’t wait until the spring totally different
strategy itself contact us we’re not going to talk about that in the market
update but we’d absolutely love to give you the ins and outs for how you can
actually capitalize on this slow time and sell your house for you know top
dollar with getting multiple offers in so make sure you reach out for those
that you speaking of multiple offers actually that reminds me Redfin put out
a an article or report and you know the market is slowing down but Las Vegas is
actually the second top market for multiple offers being put on a home mmm
I read that was Arizona first I believe the first was us San Francisco San
Francisco San Francisco I believe had about 28% mm-hmm of their properties
having multiple offers and Vegas was still up there so even the
markets slowing down if you are priced right it’s possible to get multiple
offers people are just shooting themselves in the foot by you know over
pricing and not and not marketing correctly you know why the mate we may
be getting so many multiple offers what what do you think
because Nevada is still number one in the population growth hold it totally
the United States number two Idaho three Utah for we’ve got Arizona and five
Florida Washington Colorado Texas South Carolina and North Carolina State right
at the bottom there so Nevada is still number one again we don’t have any state
income tax yeah weathers always great right so good reason good reason to come
here as well but I found that that was pretty interesting
another little cool fact for you because we are the number one in population
growth in the whole of the country we’ve got 132 people coming here a day works
out five point five an hour so what I’m really glad to hear is that there’s lots
of projects being planned in Las Vegas to you know make the the city the valley
a little easier to transport they play them all for the expansion they have
this something called project neon which is like a hundred 100 bit hundred
million dollar expansion of one of the one of the freeways up north that gets
congested so we’re trying to not become like la where you drive 30 minutes for
for two hours but they’re putting in they’re put in implants to to counteract
that we are also the fastest in job growth in the nation which is pretty
cool ahead of Arizona and Washington and I thought that this was really fun god I
got a little quiz for you so out of all of the people that are transferring here
who are moving here from different states you get I’ll get you’ll probably
get number one I know where do you think number one is from ding go
California California is correct okay come on sir
but to where are the where are people call me from the most okay I feel like I
should know this I want to say Arizona but I feel like we’ve Florida Florida
yeah Florida yeah Farr is kind of interesting one for me obviously a lot
of snowbirds humidity yeah I used to live in Florida
and I much prefer the dry lifestyle here to the humidity out of Florida all right
here we go last one-third who’s third we really coming from
that’s Arizona no it’s not that was we’ve got a driver’s license surrenders
by state just to see how many people are coming in and last thing that I’ll
finishing with you know talking about developments and stuff there’s a couple
of really cool developments happening around town that are slated to stop have
some have some haven’t broken ground yet so am I gonna be doing you know in a
couple of years but there’s really one really cool development that’s going to
be completed in 2025 and it’s not far from here in Henderson and it’s called
the Union village have you heard of that never heard of it
Union village Google at you guys and and to check a little bit out cuz I won’t
take too much time explaining it all but it’s basically a city within a city
outside and Henderson they’ve grow they’ve built a huge big hospital there
right now and this is kind of like the landmark for if you like because in this
I might it might be 500 acres it might be a hundred I’m just saying a large
number but but it’s in as big community and inside of this community it’s very
very health forward so there it’s all about you know maintaining lifestyle
having things to do but it’s totally different and nobody’s actually built
anything like this anywhere in the world they said so check that out that’s going
to be called a union village in Henderson and the very last project
which I thought was really fun is getting built they’re actually on the
strip and it’s called kind heaven we about this ever having alright so kind
heaven is going to be so let me tell you exactly where it is you know the big
wheel yeah the link alright so around by that area the link they’re gonna be
creating I can only call it I think they called it an immersive experience or
experiential yeah and it’s going to be a South Asian themed event that you can
walk through pass through and and on your way through it you can you can
entertain yourself with actors who are you don’t know they’re actors but
they’re doing all sorts of course the performers Roman performers they’ve got
street chefs and cooks cooking up all sorts of you know South Asian
asian-style foods and they’re yeah they’re having crazy Holograms
like built and created throughout the whole thing so that you can interact
with these performers and these Holograms
I just sounds absolutely absolutely mind-blowing but you know it’s going to
be good because one of the guys is building it it used to be a president of
Miramax the movie company one of the other gentlemen who’s involved is I
believe he’s the creator of la Lollapalooza festival and so they’ve got
lots of other really great creative minds that have come together to to
start you know building something a little unique and a little different in
in Las Vegas and they’re trying to still keep like a gambling element to it but
make it totally different so with these Holograms and stuff that they’re going
to be creating I heard that they’re gonna have guerrillas wrestling each
other and you can gamble on which guerrillas gonna win the wrestling match
so that was just a little bit of fun and there’s loads of projects going on in
Vegas right now 24 billion dollars of investment has been as been put into the
city you know slated to be completed throughout you know the next few years
but there’s loads going on great time to move here yeah and if you need any help
you know advice moving to Las Vegas any questions
about living in Las Vegas and Henderson we would absolutely love to help feel
free to reach out to us leave us a message if you think there’s anything
yeah we’d like to you like us to cover all right it was an email info at the
Thomas group LV comm know with any questions and if you are interested in
moving here or selling your home we offer free consultations you can
schedule them on our website the thomas group lv comm and we’ll take it from
there for you but anyway we hope you enjoyed our october 29 last week 2019
Las Vegas real estate market update and we’ll see you again

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top