As we enter fall, there are a few things that we typically observe. One is a buildup in inventory which is often the result of slower sales rates. Another market feature that we often observe is an increase in days on market. This market mechanism, which manifests as strong seasonal patterns, often results in more moderate price changes during the fall months, as demand softens and available supply expands. August figures, which are revealed be... read more
Looking year-over-year, the number of single family escrows opened and homes closed have been more than respectable. Closings are up nearly 20% year-over-year when measured in July and the year-to-date numbers are solid also. Price increases have moderated and we believe this is a welcome pause after the consistency in vibrant price increases. We have already experienced more price amplification than we expected back in Ja... read more
So far 2015 is looking a lot like 2014 in terms of closings. Both single family homes and condominiums are very close to 2014 levels between January and May. However, the type of buyer has been shifting with prices ratcheting higher during the past year. Investors now make up a relevant but declining share of closings and the higher prices have likely tempered some first-time buyer interest although low interes... read more
REVIEWING THE MARKET
LIFESTYLE, BEAUTY & VALUE
The Luxury single family home market in Las Vegas continues to show relative strength. The year is starting off relatively well and should be similar to last year in which the market reflected strong interest in high quality homes in prime locations. 2013 was certainly stronger, but that reflected a very solid year.
Prices continue to trend upwards but we still view the market as having significant value across three key areas, lifestyle, replaceme... read more