The most accurate analysis and predictions about Las Vegas real estate market
Las Vegas real estate market updates that you read in news publications or other Realtor sites are from the Realtor Association’s monthly publication. However, this report is incomplete and often misleading which we discuss in significant errors in GLVAR’S real estate market reports-video. So we do our own research and publish an update when necessary.
In the past 14 years, we have witnessed the whole spectrum of Greater Las Vegas housing market activity from rocketing prices of 2003-2006, real estate crash of 2007-2011 and mind-boggling recovery of 2012-2016. Since mid-2016 we have entered a biblical kind of active listing famine.
Active listings are those that are not under contract and their severe shortage resulted in significant to eye-popping median price gains for homes, townhomes, and condos since January 2016.
We don’t even mention foreclosures and short sales in our latest market updates as their effect on the market is negligible.
Mastery of the Las Vegas housing market allows us to warn our buyers about quickly rising prices way before they happen or when a sharp downturn is underway.
Why we don’t publish a Las Vegas housing market update every month
Check out the last few reports, since mid-2016 all we have been talking about is rising prices due to inventory shortage to varying degrees. There are only so many ways of saying the same thing over and over again. So we publish an update when necessary.
Las Vegas real estate market reports:
Rocketing prices in a strange Las Vegas real estate market-Video: While the number of home and condo listings in the late spring should rise appreciably from January, the exact opposite has happened this year and active listings have dropped by 35%-50% since then. At the same time demand has gone up significantly. We explain how long we expect these price hikes that are based on an abnormal market to go on because at least when single-family homes are concerned, affordability becomes an issue.
Buying Las Vegas homes in July could cost 10% more than now-video: In this video, we warned buyers that waiting to buy a home that is priced below the FHA loan limit in July 2017 will cost at least 10% more than January and advised them to buy before March.
We not only talked about when price appreciation will come but by how much. Our prediction was right and if someone gets an offer accepted at 10% higher than 2016 for a house that is priced less than $287,500 they have done well.
Overview of Las Vegas real estate market in 2017-Video: We were the first and only to predict at least a 10% price gain for less expensive homes, condos and town homes. We did this video in December when we thought that we would get more active listings inventory that not only didn’t come, they were significantly reduced by summer while demand escalated.
We also discuss why median price gains do not apply to all price ranges equally. The days on the market before going under contract for luxury homes is 3-4 times that of cheaper homes, and competition among buyers is not as intense. So it is a great mistake to raise the price of a luxury home by the same percentage as the median price gain. Listing agents who raise asking list price by the same amount as median price gain fail to sell their listings due to incorrect asking list price because they have ignored this fact.
GLVAR doesn’t publish any high-rise condo market updates so ours is unique to this site and can’t be found anywhere else.
Overview of Las Vegas high-rise condo market in 2017-Video: The only formal high-rise condo market report available online. We take a look at the median price of all units sold in high rise condo towers since the recovery of 2011. Contrary to what you read in news articles and other Realtor sites, we prove that our high rise condo market is a buyer’s market.
In the subsequent video, we look at the median price of all units sold in each individual tower since recovery and margins are wide, from 76.2% median price appreciation for Metropolis, to 11.3% for a couple of condo hotels.
How is the market affecting buyers and sellers-Video? In this, we talk about how the low inventory of active listings and escalating prices that are affecting buyers and sellers. If you plan to buy or sell, watch this video.
Las Vegas housing will not see any price gains for now-Video : in this video, we show that median prices of single family homes escalate in February through July and stay flat and even going down a bit in late November or December before escalating in February again.
For older posts please click the blog category, you will find all of our Las Vegas housing market reports there.