Las Vegas real estate market was hot this August. We have seen the most million-dollar transactions, since February 2008. We can say that Luxury market is rocking.
When we look at real estate market, we should understand that the market trends change based on price point, as I’ve shown in my previous reports. For example, in the market, homes under $250,000 are still experiencing high demand. Market also shows changes based on area and zip code as seen in graph below.
Foreclosure inventory is still shrinking with only about 4.5 percent of listed properties being a distressed sale.
Las Vegas is still a popular place for flipping. Atom Data Solutions reports indicated that Las Vegas flippers earned average $55,600 with return on investment of 35.8 percent. National average is 67,516 with return of 48.4 percent. (Prof its were estimated after the purchase price was subtracted from the sale price and doesn’t include remodeling costs.)
Homes that are ten years old and are upgraded now look quite standard. Resale is competing with new homes in the range of $250,000 and above, which are coming with more interesting floor plans, upgraded cabinets and appliances.
We are still experiencing shortage of inventory, as you will see we have less new listings and less active listings. If you are looking to sell it’s definitely a good time to re-evaluate your home price.
HERE’S A SNAP SHOT OF THE MARKET – AUGUST 2017
SINGLE FAMILY RESIDENTIAL
New Listings 3,856, down by 5.9% compared to August 2016
Closed Sales 3,376, up by 6.2% compared to August 2016
Active Listings 5,526, August 2016 had 9,726
New Listings 634, up by 7.8% compared to August 2016
Closed Sales 519, up by 10.4% compared to August 2016
Active Listings 848, August 2016 had 1,443
New Listings 321, up by 9.2% compared to August 2016
Closed Sales 296, up by 2.4% compared to August 2016
Active Listings 309, August 2016 had 465
|Total Sold Dollar Volume||$1,128,141,883||up18%||up2.4%|
|Median Sold Price||$240,000||up12.7%||0%|
|Average Sold Price||$269,182||up10.8%||-3.1%|
|Median Price per Sq Foot||$138||up12.2%||+1.5%|
|Avg Sold to Orig List Ratio||98.2%||up1.5%||-0.1%|
When we look at CA market, prices drastically change based on the area. This is what July 2017 looked like here for Single Family Residential homes.
San Francisco Bay Area still shows as the most expensive price per square foot
San Francisco $1,065
San Mateo $720
Santa Clara $595
San Diego $365
Los Angeles $340
Santa Cruz $466
Santa Barbara $434
San Luis Obispo $342
San Joaquin $153
Now lets look at Condo & Townhomes median sales and prices in the same area.
San Francisco $1,181,250
San Mateo $816,500
Santa Clara $735,000
San Diego $405,730
Los Angeles $401,730
Santa Cruz $539,000
Santa Barbara $545,450
San Luis Obispo $475,000
San Joaquin $167,500
Would you like to find out the value of YOUR home? Send me an email and I will be happy to check the value of your home for you.
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