MORTGAGE RATES CONTINUE TO CLIMB… POPULATION IS BECOMING MORE DIVERSE… WE ARE WITNESSING HISTORICAL CHANGES
In the past 3 years we have witnessed quite steady increase in prices. Las Vegas March prices kept blooming. Home & condo prices grew faster than last year.
Spring is in the air and we are finally enjoying the sun & good sales.
The median price of local condominiums and townhomes sold in March was $160k, up by 30.1% compared to last year this time.
We are still dealing with shortage of inventory, with only a 2-month supply. With that in mind, when you find a house that you like, make sure to put an offer right away and make sure it’s a good one. Otherwise you’ll regret losing that lovely home that could be yours, as multiple offers are still competing for a property in the market of $250k and less price range.
We are back in the healthy real estate market and distressed sales are now a scarcity. 25% of all sales in March were cash sales and that’s less than in March of last year. In February 2013 cash sales peaked to 59.5%, that’s when investors played a big role in the market, but not anymore.
If you are looking for short sales and foreclosures, then you need to know that only 2.9% of all home sales n March were in this category. March of last year that number was around 10%. Here again we can see how market is become more traditional.
Altogether total value of real estate transactions by end of March was $1 billion, that’s 14.9% higher than last year and $126 million for condos & townhomes, that’s 33.5% higher than last year.
Total Sales in March:
Homes, Condos, Townhomes – 3,886
Available Inventory by the end of March was 30.1% less than last year this time:
Single Family Home – 3,835
Condos & Townhomes – 761
PAST 60 DAYS SALES in HIGH-RISE MARKET
Mandarin Oriental – 24
Veer – 16
Turnberry Towers – 4
Turnberry Place – 9
Trump International Hotel & Residences – 10
Sky – 9
Signature MGM – 14
Panorama Towers – 8
California prices also blossomed this Spring, jumping in March reaching an eight-month high, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
March’s statewide median home price was $564,830, up 8.1 percent from February and 8.9 percent from March 2017. In Bay Area prices increased 18.1% compare to last year. That jump was consistent in six out of nine counties where growth was more than 10%.
Alameda, Marin, San Mateo, Santa Clara, San Diego, and Orange counties all hit a new peak price at $955,000, $1,392,500, $1,615,000, $1,454,500, $625,400, and $824,450, respectively.
The housing market performed solidly throughout the state in March, especially in the San Francisco Bay Area, which led the way with six of nine counties posting sales increases and the median price surging by double-digits in seven of nine counties,” said C.A.R. President Steve White. “On the other hand, sales in the Southern California region have cooled for the past five months, even in the more affordable Riverside and San Bernardino areas.”
South California market continues experiencing decline in sales of 6.4%., especially in San Diego by 10,4% and Los Angeles counties by 7.6%.
California is also experiencing inventory shortage especially in the market of $200k and under. However, in the luxury market of $2 million and above they have increased by 33%.
Prices in the High-Rise market in California also continue to be on the rise.