ARE YOUR READY TO MAKE A MOVE? Check out home sales data in Las Vegas and Henderson for June 2017:
*Closings of Real Estate is up 4% month to month.
*New listings on the market are up 24% from last month.
*New listings over $500,000 is up 11% compared to prior month.
*New listings over $1,000,000 is down 5% compared to prior month.
*Average Sales Price is down 1% from prior month and up 7% from June 2016.
*Inventory is up 1% from last month and down 33% since June 2016.
NEW HOME CONSTRUCTION IS BOOMING!
New home construction market continues to improve, with new homes closings through May showing an increase by 162 percent. May had 779 new homes close throughout Clark County, putting the total for 2017 at 3,435. This is an improvement of 746 (28 percent). Median price of new home closings in May was $343,372 showing a month to month gain over 4 consecutive months. Since January, that is a 3.9 percent increase.
May RESALE home closings were 4,962 throughout Clark County (total closings year-to-date are 19,870). This is the highest month closings we have had since the summer of 2005! Median price of May resale closings was $225,000. Since January, the resale median has increased by $20,000 (9.7 percent).
New home sales are the perfect alternative to the Las Vegas current sellers’ market. As inventory is still at record lows, any inventory under $300,000 is very slim and very competitive. We are still seeing multiple offers with offers over lists price and concessions over appraisal price. Although new home prices start right around the $300,000 range, most builders are offering nice incentives.
APPRECIATION STRONG IN THE UNDER $300,000 PRICE RANGE
Appreciation in 2017 compared to 2016 shows an increase in almost every zip code. Strongest zip codes with appreciation over 10% year to year include 89131, 89031, 89032, 89030, 89011, 89123, 89139, 89012 and 89147. Appreciation statistics drop dramatically in the price range of $250,000 – $699,999. Very few zip codes had any appreciation at all. Strongest zip codes include; 89085, 89086, 89130 and 89115, all in North Las Vegas. In the luxury range, $700,000 up to $1,000,000, almost all zip
codes remained flat year to year. Over one million in value showed no appreciation at all or in some cases depreciation.
Resource: The Las Vegas Housing Market Letter
PLEASE CONTACT ME IF YOU ARE READY TO MAKE A MOVE!