Nathan Watanabe

REALTOR

My Blog

Las Vegas Real Estate Trends and Area Housing Market Report for December 2016

1/21/2017

Las Vegas Real Estate Trends and Area Housing Market Report for December 2016

1/21/2017

 

The Southern Nevada’s housing market ended the year very strong with month-to-month improvements in various areas. The housing supply still remains tight.

 

GLVAR President David J. Tina, a longtime local REALTOR® who became GLVAR president on Jan. 1, said he was “pleasantly surprised” to see home sales increasing in December by 4.6 percent compared to the previous month and by 1.3 percent compared to the previous year. Condo and townhome sales were even stronger, increasing by 18.9 percent from the previous month and by 12.4 percent from the previous year. He cited a combination of factors driving local home sales, including an improving local economy and a population that is growing by about 2 percent per year.

 

“Even with the tight housing supply we had in 2016 and even with home prices appreciating at a healthy rate, I think people are still seeing the opportunity here,” Tina said. “Our population is increasing again because the economy is improving and people want to move here for all the reasons that have always made Southern Nevada an attractive place to live, from our warm weather to our relatively low taxes and entertainment offerings and more. Plus, our home prices are still a bargain compared to cities in places like Northern and Southern California.”

 

The medium price for Single Family Homes for December 2016 was $235,000 down 2.1 percent from November 2016 medium price of $240,000 and up 8.3 percent from December 2015, which was $217,000.

 

Sales increased for December 2016, the sales volume for Single Family Homes was 2,720 up 4.5 percent from November 2016 which was 2,603 and up 1.5 percent from December 2015 which was 2,679.

 

According to GLVAR, the total number of existing local homes, condos and townhomes sold in December was 3,402, up from 3,290 in December 2015. According to GLVAR, a total of 41,720 such properties were sold in 2016. That was more than the 38,577 properties sold during 2015. It was also more than in 2014, but fewer than during each of the previous five years.

 

The effective months of inventory for December 2016 was 2.4 months, down 11.9 percent from November 2016 which was 2.7 months and down 2.7 percent from a year ago which was 2.7 months.  A six-month supply of homes would be considered a balanced market. So, we are still in a sellers’ market.

 

The medium price for Condominiums and Townhomes for December 2016 was $112,600 down 4.6 percent from November 2016 medium price of $118,000 and down 4.5 percent from December 2015 which was $117,900.

 

Sales volume for Condo/Townhomes for December 2016 was 687 up 18.4 percent from November 2016 sales volume of 580 and up 12.4 percent from a year ago which was 611.

 

The effective months of inventory for December 2016 was 1.4 months down 21.9 percent from November 2016 which was 1.8 months and down 58.4 percent from a year ago which was 3.4 months.

Distressed sales, 4.8 percent of all sales were Short Sales that’s down 6.8 percent from a year ago. Another 6.2 percent for December were Bank-Owned down 6.9 percent from a year ago.

Cash sales, 28.7 percent of sales for December were purchased with cash, up 28.4 percent from a year ago. So investors are still active in the Las Vegas Area residential sales.

 

Housing Statistics

 

December 2016 Housing Video

 

“Around the Las Vegas Valley, master-planned communities offer housing, parks, retail, schools and other components. And after the economy crashed last decade, these sprawling projects were derailed with practically everything else in the real estate industry.”  — Master Planned Communities in the Las Vegas Area making a steady comeback: CADENCE – INSPIRADA – SKYE CANYON  – SUMMERLIN

 

“The region hosted a record 42.9 million visitors in 2016, a 1.5 percent increase from the previous year, according to preliminary statistics released Tuesday by the Las Vegas Convention and Visitors Authority. The authority forecasts a modest half-percent increase in 2017 to 43.2 million.”  Las Vegas hosted record 42.9M visitors in 2016

“Nevada’s nine-year low meant a 5.1 percent unemployment rate reported in December, according to Department of Employment, Training and Rehabilitation data released Tuesday.” — Nevada’s unemployment rate tumbles to 9-year low

 

The Market is HOT and now is the time to sell! I will help you find serious buyers in this market. Find out what your Home is worth now, and call me if you would like to know more about selling your house TODAY! (702) 763-1117 or visit my website. Or, If you looking to Buy a Home in the Las Vegas Area. We will help you find a Home! Find Newly Built Home from a New Home Builder. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one Nathan Watanabe.com or call me at 702-326-7473.

Las Vegas Real Estate Trends and Area Housing Market Report for November 2016

12/16/2016

The Southern Nevada’s housing market continues its theme of “stability”. The housing supply still remains tight.

 

“It’s a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “Last November, prices were flat. In past years, home sales usually saw a slight dip in prices heading into the holidays. I’m pleased to see more homes selling this year. It might be because people want to buy before the end of 2016. I hope that trend continues, even with mortgage rates going up a bit lately.”

 

The medium price for Single Family Homes for November 2016 was $240,000 up by 3.4 percent from October 2016 medium price of $232,000 and up 9.1 percent from November 2015, was $220,000.

 

Sales decreased slightly for November 2016, the sales volume for Single Family Homes was 2,603 down 0.7 percent from October 2016 which was 2,621 and up 31.9 percent from November 2015 which was 1,973.

 

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in November 2016 was 3,244. That was up 30.0 percent, but up from one year ago. Compared to the same month one year ago, 31.8 percent more homes, and 31.2 percent more condos and townhomes sold in October.

 

So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes than during 2015 and during 2014, but fewer than during each of the previous five years.

 

Homes have also been selling faster this year. Compared to one year ago, the number of days single-family homes stayed on the market before selling during November decreased 32.3 percent, from 62 days on the market in November 2015 to 42 days in November 2016.

 

The sales pace was faster for condos and townhomes, which saw a 35.7 percent decrease in the number of days these properties stayed on the market during October 2016 compared to the same month one year ago, going from 70 to 45 days on the market.

 

The effective months of inventory for November 2016 was 2.7 months, down 9.0 percent from October 2016 which was 2.9 months and down 32.2 percent from a year ago which was 3.9 months.  A six month supply of homes would be considered a balanced market. So, we are still in a sellers’ market.

 

The medium price for Condominiums and Townhomes for November 2016 was $118,000 up 0.9 percent from October 2016 medium price of $117,000 and up 1.7 percent from November 2015 which was $116,000.

 

Sales volume for Condo/Townhomes for November 2016 was 580 up 1.6 percent from October 2016 sales volume of 571 and up 15.3 percent from a year ago which was 503.

 

The effective months of inventory for November 2016 was 1.8 months down 16.4 percent from October 2016 which was 2.2 months and down 59.8 percent from a year ago which was 4.5 months.

 

 

Housing Statistics

 

Investors are still buying houses, but less so these days. “The margins are just getting thinner and thinner,”

 On the unemployment front:

Nevada’s unemployment rate falls to lowest since 2007

 

The Market is HOT and now is the time to sell! I will help you find serious buyers in this market. Find out what your Home is worth now, and call me if you would like to know more about selling your house TODAY! (702) 763-1117 or visit my website. Or, If you looking to Buy a Home in the Las Vegas Area. We will help you find a Home! Find Newly Built Home from a New Home Builder. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one Nathan Watanabe.com or call me at 702-326-7473.

 

 

 

Las Vegas Real Estate Trends and Area Housing Market Report for October 2016

11/18/2016

Las Vegas Real Estate Trends and Area Housing Market Report for October 2016

 

The Southern Nevada’s housing market, the housing supply remained tight with respectable sales volumes and continued appreciation on a year-over-year basis.

Leaders of the Greater Las Vegas Association of REALTORS® (GLVAR) and UNLV’s Lied Institute for Real Estate Studies aren’t buying into recent news reports wondering if the housing market could be headed for another bubble.

 

Dr. Ed Coulson, PhD, Director of the Lied Institute for Real Estate Studies and Professor of Economics at UNLV, cited three major factors that make a housing bubble unlikely.

 

First, he told a group of GLVAR members during a Nov. 8 meeting at the association, Southern Nevada has a very tight housing supply, unlike market conditions leading up to the Great Recession and the housing downturn that accompanied it. Secondly, he said local home prices have been stable for many months, not rising rapidly like they were during the housing boom a decade ago. Finally, mortgage interest rates are near historic lows, helping housing affordability.

 

Coulson sees “no price bust or price boom.” Rather, he said, “Everything in Las Vegas is in an equilibrium.”

 

GLVAR President Scott Beaudry agreed, saying GLVAR’s local housing statistics paint a picture of unprecedented stability.

 

The medium price for Single Family Homes for October 2016 was $233,250 down slightly 0.1 percent from September 2016 medium price of $233,500 and up 6.0 percent from October 2015, which was $220,000. Sales decreased for October 2016, the sales volume for Single Family Homes was 2,545 down 13.1 percent from September 2016 which was 2,927 and up 4.4 percent from October 2015 which was 2,438.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in October was 3,225. That was down slightly from September, but up 5.5 percent from 3,057 one year ago. Compared to the same month one year ago, 6.7 percent more homes, and 6.1 percent more condos and townhomes sold in October.

So far in 2016, Beaudry said Southern Nevada is on pace to sell more existing homes than during 2015 and during 2014, but fewer than during each of the previous five years.

Homes have also been selling faster this year. Compared to one year ago, the number of days single-family homes stayed on the market before selling during October decreased 20.7 percent, from 58 days on the market in October 2015 to 46 days in October 2016.

The sales pace was faster for condos and townhomes, which saw a 35.7 percent decrease in the number of days these properties stayed on the market during October 2016 compared to the same month one year ago, going from 70 to 45 days on the market.

The effective months of inventory for October 2016 were 3.0 months, up 2.5 percent from September 2016 which was 2.5 months and down 3.4 percent from a year ago which was 3.4 months.  A six-month supply of homes would be considered a balanced market. So, we are still in a sellers’ market.

The medium price for Condominiums and Townhomes for October 2016 was $117,550 up 2.2 percent from September 2016 medium price of $115,000 and up 12.0 percent from October 2015 which was $105,000. Sales volume for Condo/Townhomes for October 2016 was 554 down 9.8 percent from September 2016 of 614 and down 4.8 percent from a year ago which was 582.

The effective months of inventory for October 2016 was 2.2 months up 18.8 percent from September 2016 which was 1.9 months and down 43.5percent from a year ago which was 4.0 months.

Housing Statistics PDF

October 2016 Housing Statistics Video

On the Unemployment front:

The employment department reported last month the state had recovered all 186,400 jobs lost during the recession and surpassed total employment prior to the recession.

The Market is HOT and now is the time to sell! I will help you find serious buyers in this market. Find out what your Home is worth now, and call me if you would like to know more about selling your house TODAY! (702) 763-1117 or visit my website. Or, If you looking to Buy a Home in the Las Vegas Area. We will help you find a Home! Find Newly Built Home from a New Home Builder. Or find a resale Home For Sale in the Las Vegas Area. We will help you find one Nathan Watanabe.com or call me at 702-326-7473.

 

 

Page:  of 000  |