LAS VEGAS
Nobody knows for sure what the future brings, but the best way to analyze the future of real estate is to look back and compare. Interest rates went up and that will affect homebuyers, as 95% of first time homebuyers require financing. As millennials are approaching a life stage that motivates a home purchase, they are presenting a massive demographic wave for the next 10 years in the real estate market, but increased interest rate might slow that down.
The trend for more traditional sales continues in Las Vegas this summer. Southern Nevada still shows a shortage of homes available for sale and that is even more true for condos and townhomes. The difference between the amount of sales and availability in the market keeps supply rather tight. As you will see below, sales keep increasing!
That situation is different for the luxury market with properties above $750,000. In this category luxury homes remain in relatively the same patterns of price and demand. Total sales in 2017 are higher then in 2016. Let’s look at some numbers.
High rise market is showing increase in demand and prices. The Strip is still becoming a point of focus for many investors with NHL game season coming up and with the Raiders relocating in a couple of years.
Sold
Single–family homes, condos and townhomes: In July 2017 – 3,798. Compared to July 2016 was 3,447.
Luxury Homes $750k+: 350 homes in June 2017, up by 45% compared to June 2016.
Dollar Value of Sold properties in July 2017
Single–family homes: $952,649,322, up by 21.7% compared to July 2016.
Condos and townhomes: $103,840,675 up by 38.6% compared to July 2016.
Median Sold Price in July 2016,
Single –family homes: increased to 260,000 and it’s up by 10,2 % compared to July 2016.
Condos and townhomes: sold in July was $138,000, up by 20% compared to July 2016.
Luxury Homes $750k+: $1,150,000 in June 2017. Down by 3% compared to last year.
Listed for July 2017
Single –family homes: 4,995 homes. Compared to July 2016 this number is down by 31.9%.
Condos and townhomes: 625 properties. Compared to July 2016 this number dropped by 48.4%.
Luxury Homes $750k+: 881 properties in June 2017. This number is down by 0.2% compared to June 2016.
CALIFORNIA
In July 2017 California home sales continue increase and show highest sales since 2013.
MEDIAN SOLD PRICE OF SINGLE FAMILY HOMES, JULY 2017
| State/Region/County | Jul-17 | Jun-17 | Jul-16 | Price MTM% Chg | Price YTY% Chg | Sales MTM% Chg | Sales YTY% Chg | ||
| CA SFH (SAAR) | $549,460 | $555,410 | R | $511,420 | R | -1.1% | 7.4% | -4.9% | 0.9% |
| CA Condo/Townhomes | $443,160 | $451,450 | $421,830 | R | -1.8% | 5.1% | -12.1% | 1.4% | |
| Los Angeles Metropolitan Area | $506,000 | $500,000 | R | $465,000 | R | 1.7% | 8.6% | -22.3% | -2.5% |
| Inland Empire | $340,000 | $345,000 | R | $317,950 | R | -0.7% | 7.4% | -19.7% | -0.9% |
| S.F. Bay Area | $898,880 | $908,740 | $810,510 | -1.1% | 10.9% | -16.4% | 0.3% |
CALIFORNIA CONDO SALES & PRICES
| July-17 | Median Sold Price of Existing Condos and Townhomes | Sales | |||||||
| State/Region/County | Jul-17 | Jun-17 | Jul-16 | MTM% Chg | YTY% Chg | MTM% Chg | YTY% Chg | ||
| CA Condo/Townhomes | $443,160 | $451,450 | $421,830 | -1.8% | 5.1% | -12.1% | 1.4% | ||
| Los Angeles Metropolitan Area | $405,540 | $412,260 | $391,450 | -1.6% | 3.6% | -12.6% | 0.4% | ||
| Inland Empire | $261,490 | $271,760 | $253,310 | -3.8% | 3.2% | -19.9% | 10.3% | ||
| S.F. Bay Area | $667,030 | $674,680 | $621,820 | -1.1% | 7.3% | -4.5% | -7.5% | ||
CALIFORNIA CONDO’S * TOWNHOMES PRICES PER SQ FT
| July-17 | Price per Square Foot | Sales Price to List Price Ratio | ||||||||
| State/Region/County | Jul-17 | Jun-17 | Jul-16 | Jul-17 | Jun-17 | Jul-16 | ||||
| CA Condo/Townhomes | $375 | $377 | $352 | 100.0% | 100.0% | 100.0% | ||||
| Los Angeles Metropolitan Area | $345 | $345 | $328 | 100.0% | 100.0% | 99.1% | ||||
| Inland Empire | $212 | $209 | $194 | 99.3% | 99.2% | 98.6% | ||||
| S.F. Bay Area | $540 | $543 | $502 | 102.7% | 102.7% | 101.9% | ||||
SINGLE FAMILY HOMES. Price per Square Foot & Sales to List Ratio
| July-17 | Price per Square Foot | Sales Price to List Price Ratio | |||||||||
| State/Region/County | Jul-17 | Jun-17 | Jul-16 | Jul-17 | Jun-17 | Jul-16 | |||||
| CA SFH (SAAR) | $270 | $269 | $251 | 100.0% | 100.0% | 99.2% | |||||
| CA Condo/Townhomes | $375 | $377 | $352 | 100.0% | 100.0% | 100.0% | |||||
| Los Angeles Metropolitan Area | $284 | $282 | $270 | 99.2% | 99.4% | 98.8% | |||||
| Inland Empire | $178 | $180 | $165 | 99.6% | 99.5% | 98.7% | |||||
| S.F. Bay Area | $500 | $506 | $457 | 102.2% | 102.4% | 101.0% | |||||
*Los Angeles Metropolitan Area is a 5-county region that includes Los Angeles County, Orange County, Riverside County, San Bernardino County, and Ventura County.
*S.F. Bay Area has been redefined to include the following counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma.
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