Las Vegas Real Estate Trends
Las Vegas homebuyers are still snapping up properties faster than inventories can match demand, although there has been an increase in homes coming on the market. All-cash sales and short sales also continue to dominate Las Vegas Real Estate trends.
What are some Las Vegas real estate trends today? The market is certainly hot: Prices are rising, more homes are hitting the market, and cash buyers remain a prominent factor in the marketplace. In addition, buyers continue gravitating toward master-planned communities located all over town, maintaining a long-standing Las Vegas Real Estate trend for these desirable neighborhoods.
Prices Rising — But for How Long?
Home values have continued their 19-month run of rising prices, according to the August 2013 report from the Greater Las Vegas Association of Realtors (GLVAR), released in September . The median price for a single-family home in August was $182,000 — climbing steadily since it sank as low as $118,000 in January 2012. That’s still gone up even as more houses are hitting the market, said GLVAR President Dave Tina, who added that he expects prices to level off in the near future — but not drop.
Demand is still greatly outstripping supply, Tina said, but overall, the Las Vegas real estate trend is toward greater stability.
We Still Love New and Master-planned
Three Las Vegas master-planned communities offering new construction proved popular with buyers, according to data compiled by real estate advisory firm RCLCO. Summerlin, as well as Providence in the northwest and Mountain’s Edge in the southwest, all came in amongst the top-selling master plans in the country for first half 2013, illustrating a continued valley trend for buying in a master plan.
Cash Still King
One Las Vegas real estate trend that might make you reach for your piggy bank — or wish you had a larger one: About half of all buyers in Las Vegas pay in cash, according to the GLVAR. Investors started rolling in to the market more a couple years ago, buying up a lot of inventory without the burden of a mortgage, and they’re still around. In August, cash buyers accounted for about 52 percent of all transactions, down from the nearly 60 percent of such buyers in February.
Most buyers are investors who snatch up properties at the asking price, which is good news for sellers. That trend has some buyers finding it tougher to get a good deal, but others say the investor dollars have done a lot to stabilize the local market.
Short Sales Still Selling
Tina predicts that short sales will remain a local market trend, at least through the end of the year, when the Mortgage Forgiveness Debt Relief Act is due to expire. Many Las Vegas Real Estate Agents have expertise in this type of transaction, which requires approval from all lienholders to settle for an amount less than original mortgage loan value.
With proper guidance and expertise, buyers can find great values and succeed in purchasing them. So don’t be afraid to put your chips down on a Las Vegas home today.