Las Vegas Real Estate Market Update July, 2017

As we move to hot July, real estate market is heating up. Our inventory is still decreased, but demand and median home prices continue to grow.

If you are looking for lower price homes, be ready to be more aggressive and more competitive, and put an offer right away on a property of your choice. Market supply is still experiencing shortage and homes under $300,000 are in high demand.

Luxury market houses over $750,000 remains quite stable and doesn’t reflect many changes.

Highrise market shows signficant increase compared to June of 2015- they are in demand and prices reflect that. That tendency will be continued. Las Vegas strip continues to attract investors’ attention with new players in the picture, like the NHL with their season approaching.

Everyone is asking about interest rates. Our current market trend rates did go up and will continue to grow. Years of low interest rates are gone with the wind. Buckle up and try to move in to your important real estate investments as soon as possible!

Cash SalesShort SalesBank Owned salesHomes,condos, tonhomes salesTotal sold homesTotal condos soldMedian Price for a sigle family homeMedian Price Single Family

Home

2013 February59,5%
2016 June27%4.4 %5.9%3,957
2017 June27.2 %3.4%2.9%4,368Up 17.8% compare to last yearUp by 29% compare to junelast year$257,373Up 9,5% compare to june 2016

*These GLVAR statistics include activity through the end of June 2017. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners.

Here is what has happened in each tower since June 1st:

Mandarin Oriental – 5 Sales (high of $3.4M, low of $700k) 5 units are in Contingent status. 13 units are for sale (high of $4.995M, low of $739,800).

Veer Towers– 9 Sales (high $1.95M, low $270k) 7 are contingent. 44 units are for sale ( high $1.953M, low $265k).

Vdara – 2 Sales ($515k, $460k) 1 is contingent. 5 units are for sale (high $579k, low $419,888).

Panorama Towers – 8 Sales (high $728k, low $267,800) 14 are contingent. 25 units are for sale (high $3.5M, low $232k)

The Martin – 6 Sales (high $830k, low $322k) 3 are contingent. 13 units are for sale (high $3.95M, low $269,900).

Turnberry Towers – 10 Sales (high $580k, low $241,500) 3 are contingent. 25 units are for sale (high $749k, low $249k).

Turnberry Place – 9 Sales (high $4.5M, low $345k) 3 are contingent. 56 units are for sale ( high $5.6M, low $299k).

Sky Las Vegas– 4 Sales (high $485k, low $354,900) 8 are contingent. 25 units are for sale (high $3M, low $195k)
Trump Las Vegas – 7 Sales (high $415k, low $235k) 0 are contingent. 34 units are for sale (high $3.2M, low $209,888).

Metropolis – 2 Sales ($600k, $465k) 1 is contingent. 5 units are for sale (high $864k, low $300k).

Allure Las Vegas – 5 Sales (high of $370k, low of $220k) 5 units are in contingent status. 25 units are for sale. (high of $1.7M, low of $224k).

The Platinum – 3 Sales ($349,888, $115k, & $149k) 3 units are contingent. 3 units are for sale. ($145k, $139k, $135k).

Palms Place – 12 Sales (high $365k, low $170k) 3 units are contingent. 18 are for sale (high 2 for $549k, low $205k).

Newport Lofts – 3 sales ($302,500 & $355k & $189,900) 2 are in contingent. 5 units are for sale (high $650k, low $240k).

The Signature at MGM Grand – 13 sales (high $521k, low $195k) 7 are contingent. 23 units are for sale (high $545k, low $189,888).

The Ogden – 11 sales (high $384,900, low $249,900) 0 are contingent. 9 units are for sale (high $634,900k, low $309k)

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