Las Vegas Real Estate Update – March 2014
It’s official. Las Vegas has had a record warm Winter . Average high
was 52.3 degrees with a high of 81 on
February 16. The coldest day was December 10 where we stayed
at 26 degrees. After the brutal Winter much of the rest of the
Country has survived, it’s no wonder that Las Vegas made Penske
Moving Companies list of top 10 places people are moving.
In other real estate news, the Wall Street Journal has noticed an
uptick in the Las Vegas luxury home market . As WSJ observed, we
have seen an increase in California buyers thanks to Prop 30′s tax
increases. Our prices are still a bargain compared to CA and NY.
Homes For Sale – We now have 6465 Single Family Homes listed
for sale without offers. Condos, town homes and high rise condos
add another 2301 options for a total of 8766 homes available.
Current listings include 1351 short sales and 628 foreclosures.
The rest are traditional sales.
Warmest Winter on Record and Now It’s Pool Season!
Sold in February – 1954 Single Family homes closed escrow in February. Another 504 condos, town homes and high rise
properties sold during the month. Total transactions through the MLS came to 2458. This is a similar sales volume to January.
Short sales only accounted for 348 of the February closings. 274 of the homes sold were foreclosures. Over the past several
months, we’ve seen a steady decline in the number of distress sales. At a total of 622 distress sales out of 2458 closings,
distress sales still account for 25% of the Las Vegas market. This is an improvement over recent years. In a healthier market,
only 5% of the homes available would be distress sales.
Financing – Cash sales accounted for 1154 of the homes sold. That’s down to 47% of the transactions. A growing number of
homes sold with a mortgage. This is a strong indicator that investors are cutting back. FHA, VA and Homepath financing
backed 560 of the homes sold in February. Conventional loans funded 693 of the home purchases.
Active Days on Market – Of the homes that SOLD in February, 1059 (43%) were listed for 30 days or less. We’re seeing a
large number of homes going into contract in 15 days or less. 780 homes that sold in February were active less than 15 days.
The median price of the homes that sold in 15 days or less was $232K. The majority (691 or 90%) of the quick selling homes
were less than $300K. Four luxury homes priced at more than $1M sold in less than 15 days. Two were single family homes in
Summerlin. In Eagle Hills, 1909 Redbird listed for $1.69M and sold for $1.675M after 4 days on the market. In the Ridges, 8
Panorama Crest listed for $1.495M and sold for $1.3M after 9 days on the market. Two were high rise condos, one at ONE
Queensridge and one at the Mandarin.
This is a good sellers market for those who price it right. For tips on how you can sell your home quick for the best
price, read our recent blog “Selling Your Home in 30 Days or Less “.
Luxury Homes for Sale We have 294 single family homes and 76 high rise condos listed for more than $1 Million. In February, we sold 13 single family
homes and 8 high rise condos with list prices of $1 Million or more.
Top 3 deals in February :
The Ridges of Summerlin – 23 Skybird Ct. List price $3,499,900. SOLD Price $2,855,000. This home featured golf course
frontage on Bear’s Best with 7241 sf of living space. It had 4 beds/6 baths/3 car garage with pool and space on a 20,473 sf lot.
Built in 2009, listed for 240 days before going into contract.
Top Three Deals in February closed between $2.3M and $2.85M. Two of the
6990 S Pecos Rd. listed for $6.9M when it went to Auction with “no
reserves”. Final sales price was $2.825M. This was an equestrian
property with 11534 sf of living space, 7 beds/12 baths, pool, spa
and parking for 55 vehicles. It was on 3.5 acres in the 89120 zip
Tournament Hills – 8808 Greensboro listed for $2.45M. It sold for
$2.3M. This home had 6340 sf of living space. It offered 4 beds/6
baths/3 car garage and built in 2001 on a 16,988 sf lot. It went into
contract after 305 days on the market.
three were in Summerlin.
Las Vegas Real Estate Update – March 2014
Summary: We have 8766 homes listed for sale in the MLS. If we sold 2458 homes every month and no new homes came on
the market, we would be out of homes in 3.5 months. The National Association of Realtors looks at a six month supply of homes
for sale as a “balanced” market. More than that is considered a buyer’s market, less is a seller’s market. This could change if
we see a huge number of homes come on the market this Spring. Otherwise, we expect this to continue as a seller’s market
There are still great deals, but buyers should act when they see the home they want. Otherwise, someone else is likely to pick it
up. This is certain to happen if the price is right. If you’re sitting on the fence about whether you should buy now or wait, we
suggest now. Sellers may have an upside if they wait. Rising interest rates and more competition from other sellers could make
selling now a better option.
Las Vegas was #9 on Forges Magazine’s list of places to invest in 2014. The magazine gives Las Vegas a 58% growth forecast
over the next 3 years. That would bring us back to where we were at the peak of the market. It also fits what we’re seeing in the
market with continued low inventory of homes for sale.
This monthly update is by Debbie Drummond, a top Las Vegas Realtor. Debbie has over 10 years experience in Las Vegas,
specializing in luxury homes and high rise condos. If you’re considering buying or selling, call (702)354-6900 or email