In the recession of 2010 Nevada was in the deepest hole since the Great Depression. The highest foreclosure rate in the nation. The highest bankruptcy rate in the nation. The highest unemployment rate in the nation. Now 140,000 jobs have been restored of the 170,000 jobs lost. Watch this video and see more about how Nevada and Las Vegas has emerged victorious and what is in store for 2016 in Las Vegas.
New Industries and jobs will make for an exciting real estate market in the years to come. Here is the scoop on the Las Vegas Housing Market in 2015.
The Las Vegas Valley home prices are remaining remarkably stable. Stable and predictable are a good description for a healthy market.
Las Vegas had quite a roller coaster ride over the past decade. Las Vegas was ground zero for the Foreclosure Market. Foreclosure homes now are only 4% of the available inventory. Foreclosure sales are down 6% from 2014.
Short Sales are approximately 10% of the inventory, down 4% from 2014. Lenders are no longer in control of the majority of the sales transactions. Cash sales make up 27% of the homes sales. Cash buyers and investors are more active here than in other parts of the country.
The Las Vegas market is certainly trending to a traditional market. Good news for everyone.
THE NEW HOME MARKET
There were 556 new home permits issued for builders in October which puts our 2015 total at 6,562 which is a good year to year increase of 815 or 14.1%
Lennar led the top 10 subdivision new sales through November 8, 2015 with 133 homes sold at Tapestry located in the Northwest. Tapestry is now SOLD OUT! Summerlin was on the top of the heap for the Master planned communities with 523 sales.
Lennar is marketing Heritage, their new age restricted planned community located in Henderson. Development just started and Lennar has not announced when models will be ready.
Baby Boomers + Affordable Homes = Las Vegas
The baby boomer segment of buyers is expanding and Las Vegas is very affordable for those who are retired or will be retiring soon.
The median price of a new home is $316,825. New home prices have been increasing since January 2014 when the median price was $300,000. Land costs have been the main reason for the increase.
THE RESALE MARKET
36,600 resale homes were sold in 2015 through October. The yearly increase over last year is 3,683 homes. That is a good increase of 11%
The median price of the resale single family homes in October was $220,000 which has remained consistent over the past 6 months. The median price of condominiums and townhomes, including high rises sold was $119,000.
The resale median price has increased $18,000 this year to date over last year. Las Vegas usually follows the trends in Phoenix where home sales continue to increase this year.
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THE REAL ESTATE SALES HAVE A MAJOR IMPACT ON OUR ECONOMY
Our local Multiple Listing Service (MLS) tallied the homes sold in September at $700,000,000. The MLS shows $82,000,000 of condominiums, high rises, and townhomes were sold in September. Homes are selling within 60 days of being listed if priced to sell on the MLS.
What Lies Ahead?
Jobs, Industry, and a Healthy Real Estate Market!