Archives for the month of: October2012
Low inventory in Las Vegas is driving up home prices
Posted by New Home Resource on October 19, 2012 in
The lack of resale housing available in Las Vegas has caused all out-frenzy to buy, perpetuating a steady increase in pricing over the past year.
The GLVAR (Greater Las Vegas Association of Realtors) reported earlier this month that the median price of single-family homes is up almost 14% since September 2011, and some sources that believe prices have increased as much as 20% from one year ago! GLVAR reports that condominium prices are up 24% from this time last year.
Almost half of the Las Vegas market is comprised of short sales; foreclosure activity has slowed to barely a crawl since the inception of AB284, whose effects are still be greatly felt throughout the state. This tight supply of homes is responsible for pushing up pricing from all types of home-sellers, who are taking advantage of the lack of inventory.
This increase in pricing is being felt in the appraisal arena (see my blog from 9-25-12) because comparable sales can’t keep up with the fast-rising pace of the newly listed properties. Even new construction homes are suffering with low appraisals.
Some reports are showing sales volume is actually down from a year ago. One must wonder if this surge in pricing isn’t keeping many buyers out of the arena.
When this will end is anyone’s guess. For home sellers, NOW is a great time to sell your home for top dollar!! For buyers, you need a professional agent who knows how to work well within this unique market. Contact Denise Moreno, Heather Brockhurst or Joanna Piette with New Home Resource today at 702-365-1000!