The monthly Market Update for southern Nevada and Las Vegas.
As you’ll recall from last month, we were cautiously optimistic that the inventory increases being observed might actually be a longer-term trend. We are happy to announce that the fever has broken on the Las Vegas inventory flu as we enjoyed a 19% in the float of residential properties for sale in just one month. 12% more homes came to market than in July. Yet year to date, we remain flat compared to 2017’s low inventory market. New sales experienced an almost 10% reduction from last month and were a noteworthy 17% behind August of 2017. House sales, however, recorded a much more modest decline from July. Remaining 4% lower than 2017 year to date.
Even at this lower closing pace, we still have only a two month supply of homes for sale. Which most economists would still consider a healthy seller’s marker. The median sales price has been hovering between $290,00 and $295,000 for the last few months. Indicating a leveling of the rampant appreciate we’ve been experiencing. Which, year to date, remains at 14%. The average days on the market increase by one in August yet remains at a brisk 29 days.
What’s it all mean? If you’re a buyer, there’s a slight increase in the number of homes from which you can select. If you’re a seller, competition is reducing the likelihood of selling your home from more than previous sales can justify.
What this also means is that the agent selection process which you engage is more important now than it used to be. Be sure to ask the tough questions and for examples of how your agent will effectively negotiate on your behalf. Your Coldwell Banker Premier Realty sales professional is up for that challenge.
The Las Vegas Water Plan
One of the most consistent and rational questions we hear from buyers moving to Las Vegas, usually having flown over Lake Mead and observing the white alkaline stains on the surrounding mountains is “when will Las Vegas run out of water”. Last month the Latin Chamber of Commerce held an event with a feature presentation being “The Future of Energy, Water, and Transportation.”
The general manager of the Las Vegas Valley Water District, John Entsminger, effectively walked the tightrope of emphasizing the importance of continued conservation while also reassuring attendees of the long-term availability of water for Southern Nevada.
Southern Nevada Water Authority has had the foresight to create plans that are constantly revised to ensure water availability 50 years into the future. Las Vegas leads the nation in water conservation and has cut actual water usage by 38% during the same period that our valley’s population grew by 625,000 people. The Water Authority has created a very informative 66-page online water resource plan. We are now leveraging to address the concerns of our relocating buyers and existing residents alike.
Buying in the 4th quarter of the year.
Each year approaching the fourth quarter, new home builders with the goal of closing their books and impressing Wall Street with year-end numbers are cutting a deal for opportunistic buyers. From lowered sales prices to lot premium reductions or upgrade packages and financing incentives. There is not a better time to negotiate with a builder than when you are capable of closing before the end of 2018.
For Mike McNamara Team at Coldwell Banker Premier Realty, it’s our job to maintain professional relationships with all the builders of our community so that we can help you make the most informed and best deal possible. It doesn’t cost you a thing because the builder pays us. Thank you for making us your real estate company of choice.