Realty One Group - Shannon Smith Group

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July Update

Hi Friends,

When the country’s economy is doing well, the economy in Las Vegas does great!

Sold homes last month stayed on the market an average of only 11 days.

May marked the busiest month in McCarran International Airport’s history with more than 4.36 million airline passengers, topping the record set in previous months.

Below is from an interview with Lawrence Yun, the National Association of Realtors chief economist,
Do you think the price growth is sustainable?
I don’t foresee any price declines in the near term, meaning over the next couple of years. But I would like to see a tamer price growth of mid-single-digit appreciation. That would be much healthier and closer in line with people’s income growth.
There have been some research reports in the last year that Las Vegas’ market is overheated, and locally, there’s an ever-present concern about whether we’re in a bubble or about to enter one. Do you think Las Vegas is in a bubble or on the cusp of one?

If one was to look at the metrics like home prices in relation to income, one might say that Vegas is overvalued. However, in terms of the likelihood of a price decline, the answer is no. It’s fundamentally different from 10 years ago; we don’t have easy lending, and we don’t have an oversupply of homes. Lending standards are very tight, and we have a lack of supply.

As of today there are:

Single Family Homes
4,469 Single family homes for sale

4,322 of those homes are “Regular Sellers”

59 are Short Sales,

32 are Bank Owned

4,322 Homes that have contingent or pending offers

11,544 Sold in the past 120 days.

The median home sale price for last month was $293,000 or $160 per square foot. With an average of only 11 days on the market.

Condos & Townhomes
879 Condos & Town homes for sale

853 of those properties are “Regular Sellers”

16 are Short Sales,

10 are Bank Owned

1,054 Condos & Town homes have contingent or pending offers

2,856 Sold in the past 120 days.

The median Condo and Town home sale price last month was $167,000 or $145 per square foot. With an average of only 11 days on the market.

If you’d like an update on how much your home is worth, I’d be happy to send you a list of comparables along with a complete market analysis.

Have a great month, and please continue to refer your family and friends to me!!