It’s a brisk real estate market in Las Vegas- this means it’s a great time to sell your home! There are 9,216 available Homes for sale in the greater Las Vegas Area; 6,634 are under contract as a contingent and pending status. Of the 6,634 homes are under contract, 2,209 are contingent and pending short sales, which means over 66% or 4,425 are not short sales, and that shows equity sales are up. Because so many homes are under contract, and there are few on the market, these numbers show us an effective 10 week inventory. Anything less than a 6 month inventory of homes, is clearly a favorable seller’s market. A 10 week inventory means that if no additional homes went on the market, we would be sold out completely in 10 weeks. A balanced market would be 6+/- months of inventory. A buyer’s market is when there is more than 6 months of inventory. There were 3,370 sold properties in the Greater Las Vegas area just last month.
We are seeing fewer and fewer cash sales, indicating investors are a smaller portion of the market right now, with only 837 cash sales last month. Conventional sales make up the greatest part of our home sales in Las Vegas with 1,221 Conventional loan types, followed by 942 FHA Loans, and 309 VA Loan types. This means it’s much easier for first time home buyers to enter the market because there are fewer competing bids in the lower spectrum markets.
Interest Rates & Affordability
It’s hard to say exactly what is going to happen with the Federal Reserve raising interest rates, it is likely there will be some type of interest rate adjustments in the near future. When rates are low, affordability increases and your opportunity to get into a property with lower payments or qualify for a higher priced home of your dreams is greater.
The New Home Construction market is doing very well, with lots of new developments popping up around town. There is standing inventory available, which means quick closings are possible, and a lot of “builder close out inventory” being offered at discount prices with many incentives in neighborhoods where the available lots have all been sold.
Master Planned Communities
One of the newest Master Plan Communities in the area is Skye Canyon. Pulte Home and Woodside Homes just celebrated their grand opening event earlier this month, and that community has great plans with some awesome features and area parks in Skye Canyon area; all planned for future development near the 95 and Horse Road.
We love Downtown Summerlin, and there is a lot happening there, with Pancho’s restaurant coming soon, and new stores and other restaurants opening underway. Public School 702 is a new hot spot, with a great patio and upbeat atmosphere.
Out of more than 10,000 real estate agents in the greater Las Vegas and Clark County area, Dave Radcliffe ranks among the Top 1% of Realtors as number 101 during the second quarter of 2015. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office. Dave has a team of top producing agents and ranks consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas because he is all about customer service and utilizing the best resources in the real estate business. The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.
As a retired police officer, Dave is passionate about giving back to the service community and dedicates much of his time giving and supporting the Las Vegas Metro Police Department, Firefighters and Military at Nellis Air Force Base. Military, Fire and Law enforcement never pay a full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.
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Written by Nickel Lowman
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest