According to Forbes, Las Vegas is the 11th fastest growing metropolitan area. High-Rises and vertical living spaces are becoming increasingly popular and attracting a diverse crowd of residents.
Many Californians find it more cost-effective to move to Las Vegas. Every weekend we greet residents from San Diego, Los Angeles and San Francisco who are looking to relocate.
I’m happy to report that the market has less and less distressed sales. Finally, we are back to more traditional sales and as the Greater Las Vegas Association of Realtors reported, local home prices and sales continue to grow.
According to GLVR Housing Statistics, April and May has surprised many with a house shortage and continues price increases. How do they determine that? Well, a balanced market is supposed to have a six-month supply of homes available for sale; currently, we have less than a two-month supply. Most metro areas are now facing this issue and Southern Nevada is having a bigger issue. The reason is simple, we continue to have monthly increases in population while the demand for housing is greater than in most places.
Prices continue to rise! The median price of a single-family home increased by 3.3 percent in April to 13.3 percent in May 2016. Local condos and townhomes sold are up 12.2 percent from April and 15.1 percent from May 2016.
According to GLVR President David J. Tina, we are getting to the point where we can call this a housing shortage. By the end of April, Las Vegas had 30.9% less houses listed for sale compared to last year! As for condos and townhomes, we have witnessed a 71.4% decrease from last year. Las Vegas had a 32.4 percent decrease compared to one year ago when single-family homes were listed for sale. For condos and townhomes, this situation is even more drastic; we are experiencing a 71.8 percent drop from a year ago.
If you like numbers, you’ll enjoy learning that the total value of local real estate transactions on MLS was almost $821 million for homes and the number for condos, high-rise condos, and townhomes was $93 million in April. If we are to compare these numbers to a year ago, we see that sales volumes are down by 19.7% for condos and up by 15% for homes.
If we look at May we will see that total value of local RE transactions for homes was more than $1 billion. It’s 46.4 percent higher than a year ago. The number for condos, high-rise condos, and townhomes is more than 114 million, which is 1.5 percent less compared to a year ago.
Statistic shows that homes and condos are selling faster than last year. Last year, 70.8% of all homes and 68% of all condos and townhomes were sold in 60 days. April of this year we see that 79% of all homes and 86.4% of all condos and townhomes were sold within 60 days.
In May, 81.6 percent of all existing local homes sold in 60 days, last year that number was 71.2. Local condos & townhomes had 87.3 percent in May sold in 60 days, compare to last year that number was 67.7.
MANDARIN ORIENTAL
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 38 | $1,692,655 | 759 | 17% |
| 2016 | 22 | $1,948,909 | 838 | 10% |
| 2017 | 14 | $1,962,607 | 862 | 6% |
TURNBERRY TOWERS
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 49 | $420,797 | 345 | 18% |
| 2016 | 71 | $422,082 | 328 | 11% |
| 2017 | 17 | $406,046 | 318 | 3% |
VDARA
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 14 | $421,168 | 479 | 1% |
| 2016 | 10 | $338,645 | 475 | 1% |
| 2017 | 8 | $445,969 | 557 | 1% |
TRUMP
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 41 | $320,463 | 461 | 3% |
| 2016 | 58 | $273,836 | 428 | 5% |
| 2017 | 27 | $300,959 | 463 | 2% |
PANORAMA TOWERS 1
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 26 | $440,195 | 291 | 8% |
| 2016 | 26 | $410,904 | 270 | 8% |
| 2017 | 7 | $375,929 | 247 | 2% |
PANORAMA TOWERS 2
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 18 | $478,357 | 288 | 6% |
| 2016 | 31 | $579,584 | 272 | 9% |
| 2017 | 11 | $430,651 | 304 | 3% |
PANORAMA TOWERS 3
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 42 | $487,016 | 334 | 11% |
| 2016 | 29 | $589,293 | 336 | 8% |
| 2017 | 9 | $498,889 | 353 | 2% |
NEW PORT LOFTS
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 11 | $290,182 | 214 | 7% |
| 2016 | 6 | $280,000 | 201 | 4% |
| 2017 | 8 | $249,182 | 191 | 5% |
ALLURE
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 17 | $288,397 | 220 | 4% |
| 2016 | 29 | $228,808 | 209 | 7% |
| 2017 | 8 | $457,150 | 228 | 2% |
OGDEN
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 50 | $334,590 | 286 | 18% |
| 2016 | 48 | $327,281 | 283 | 17% |
| 2017 | 24 | $353,238 | 293 | 9% |
JUHL
| Year | Sales | Avg Price | Avg $ Sqft
| Turnover
|
| 2015 | 1 | $135,000 | 236 | 1% |
| 2016 | 0% | |||
| 2017 | 3 | $340,900 | 333 | 1% |
These GLVAR statistics include activity through the end of May 2017.