Realty One Group - Shannon Smith Group


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March Update

With Clark County reaching a population of 2.25 million, more and more people have been moving to Nevada.  High taxes and cost of living are some of the main reasons for leaving California.

At latest check, the estimate for a rental truck from San Francisco to Las Vegas is around $2,000. But going the other direction, it’s only about $120.

Last month (February) 2,059 homes sold.  Only 9 of those properties sold for below $100K but there where a whopping 41 homes that sold for over $1 million.  The most expensive home was an Estate in Southern Highlands that sold for $7,250,000 to one of the Maloof brothers.  This is the most expensive resale home on record in the past 10 years.

In comparison, in 2011 2,954 homes sold.  1,063 sold for below $100K and only 12 sold for above $1 million.

The influx of Californians is contributing to the housing market in Vegas to rapidly appreciate.  One of the biggest problems we have right now is supply. As we see more buyers exit California and come to Las Vegas we can expect prices to continue to move upwards.

As of today there are:

 Single Family Homes 

3,696 Single family homes for sale

3,574 of those homes are “Regular Sellers”

90 are Short Sales,

32 are Bank Owned

4,124 Homes that have contingent or pending offers

9,411 Sold in the past 120 days.

The median home sale price for last month was $277,000 or $152 per square foot. 

Condos & Townhomes

731 Condos & Town homes for sale 

712 of those properties are “Regular Sellers  

12 are Short Sales,

6 are Bank Owned   

903 Condos & Town homes have contingent or pending offers

2,342 Sold in the past 120 days.

The median Condo and Town home sale price last month was $150,000 or $131.7 per square foot.

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!!