Las Vegas Community Real Estate Home Values & Market Update- August 2015

The Market

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.

Financing

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.

Under Construction

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.

Check out and subscribe to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com

Written by Nickel Lowman

For Dave Radcliffe, The Radcliffe Group

Keller Williams Realty Southwest

702-379-3401

www.DaveRadcliffeVegas.com

Las Vegas Real Estate Market is Strong- Current Market Statistics

The Las Vegas Real Estate Market is very strong and in full swing; everyone is very busy and happy to help you close on your next home purchase or sale. It’s a great time to buy, sell or refinance. There were a total of 3,195 Single Family, Condo’s and Townhouses closed in the month of March, that’s a huge increase! The real estate market has seen many digital changes recently with virtulization mobile real estate search apps, drones, YouTube, Facebook and mobile changes to Google; and we are keeping up on all of the latest technology updates so we can best service you. Take a look at our YouTube Chanel to see the latest videos and featured homes for sale.

The Real Estate market is healthy with an equity resale rate of 82.1%, approximately 2,624 single family homes. With 271 Short Sales, they make us just 8.5% of the current market. REO (Real Estate Owned) often referred to as bank owned or foreclosure properties currently makes up 9.4% of our market with approximately 300 homes accounted for this past month.

The loan market is strong as interest rates are at 24 month low and we are seeing fewer cash deals (1002) and more homes being financed. This gives the typical homeowner buyer power as many cash investors are out of the market. We have seen 1066 Conventional Financing home purchases, 777 FHA Financing, and 283 VA Financing purchases in the last month. We do a lot of business with the Military and there are some seller costs to VA purchases; this may account to the few VA financing purchases we have seen.

There are currently 7,187 Single Family Residence (SFR) available; with 6,268 under contract, some of which are short sales, we are happy to see those closing soon. 1,857 Condominiums and Town Homes (CONDO/TH) are available with 1,086 under contract. Our Las Vegas Homes Inventory is moving quickly, and if you have your home listed for sale you can typically expect it to sell in 90-120 days, quicker depending on if you are listing with special needs; regardless we are here to help you get it sold at its highest and best price possible. Give us a call. Military, Law Enforcement Officers and Firefighters never pay a full commission with The Radcliffe Group when you sell your home. 

The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection. Ranking consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also ranked number 1 in 2014 as the top producing individual out of 172 Realtor- Agents in his office. 

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. 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. 

Thank you for tuning in, subscribe to our YouTube Channel and check out our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com

Written by Nickel Lowman
With content from Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
www.DaveRadcliffeVegas.com

Urgent Las Vegas Real Estate Community Update- Market Statistics

702-379-3401 www.DaveRadcliffeVegas.com

Spring Fever? 

Urgent Las Vegas Real Estate Market Statistics Update

Las Vegas is experiencing a brisk market with homes quickly shifting from available to under contract and closed. Is it “Spring Fever” “March Madness” or will the “Ides of March” launch as the turning point and beginning of the traditional buying season with the sluggish winter months behind us?

Nearly 800 Single Family Homes sold in the last 7 days her in Las Vegas and nearly 160 Town home/Condominiums sold in that same period. That is almost 1,000 homes just last week compared to an average of 2,400 homes for a month! Stop waiting to buy, and avoid an inventory shortage! Sellers, Spring is here, strike while the iron is hot, and get your home listed for sale and see that sold sign in the yard!

Will these sales “spring” us into an early Summer home sale season? Dave Radcliffe of the Radcliffe Group of Keller Williams Realty Southwest Las Vegas brings you the latest Crystal Ball outlook for today’s changing Las Vegas, North Las Vegas, Centennial Hills and Summerlin real estate market update and local real estate home sale statistics for your area.

Inventory is moving quickly! This is great news for Las Vegas, Summerlin, Centennial Hills, and North Las Vegas Homeowners who are considering selling. Buyers are looking and ready to make an offer as interest rates are the lowest they have been in 20 plus months. With the recent FHA mortgage premium reduction coupled with the low rates, affordability has increased as buyers are getting off the couch and hitting the streets in search of their next Las Vegas address. Will your home “wow” the buyers searching in your neighborhood?

With homes moving quickly from an available to under contract, buyers have a reason to be checking with their realtor for new listings on a daily basis, and must be ready to take action and write an offer when a home is identified that fits the criteria. So it’s important to be sure you work with a qualified team, like the Radcliffe Group, that will help you determine your “needs and wants” and find a home that fits the dream.

It’s a great time to be in the market to purchase a home in Las Vegas or to sell your existing home and relocate or upgrade your home to obtain your next American dream. Take a look at the recent Las Vegas Real Estate Market Statistics for Single Family Resident home sales and Condo/ Town home sales:

Urgent Las Vegas Real Estate Market Statistics Update

Single Family Residents in the greater Las Vegas Area

7,379 on the market; with 5,518 single family homes under contract; and 1,875 that sold in the last 30 days; 797 went under contract last 7 days alone.

Condominium/ Town Homes

1909 are on the market, 999 are under contract; 463 sold in the last 30 days, and 159 went under contract in the last 7 days alone.

It’s a really hot week in Las Vegas Real Estate and the time to list your home for sale is now! The Market is heating up; get your home sold before the weather does!

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.

Tune into The Radcliffe Group YouTube channel to learn more about what is happening in your Las Vegas and Summerlin Communities. We promise to keep you updated with the latest real estate market conditions, real estate statistics and happenings in the area.

Written by Nickel Lowman

For Dave Radcliffe, The Radcliffe Group

Keller Williams Realty Southwest

702-379-3401

www.DaveRadcliffeVegas.com

Las Vegas Real Estate Update & Market Statistics- December 2014

702-379-3401
www.DaveRadcliffeVegas.com 

Las Vegas Real Estate Home Sales and Market Statistics- December 2014

December was a typical month is real estate for the greater Las Vegas area, slightly slower than most months of the year, but normal, we usually see a slight slowdown around the holidays.There were a total of 2,615 Single Family, Condominium and Townhouses closed in December 2014.

Real Estate Market Breakdown (Approximate):

82% of the Market was Traditional Resale, for a total of 2,144 homes

10.2% of the Market was Short Sales, for a total of 266 homes

7.8% of the Las Vegas Real Estate Market was REO Sales, for a total of 205 homes

We are seeing a rise in traditional Resale Homes, which is great for the Las Vegas Community home values. With fewer Short Sales and REO sales it shows the market has once again stabilized and fewer people are upside-down or in trouble.

Active

Single Family Residence 7339

Condo/townhouse 1780

Pending

Single Family Residence 4331

Condo/townhouse 855

Sold past 30 days

Single Family Residence 2155

Condo/townhouse 447

Sold past year

Single Family Residence 28,046

Condo/townhouse 5,967

Las Vegas Home Sales- Financing Options Chosen

34% Cash Purchases, 873 home sales

34% Conventional Financing, 880 home sales

23% FHA Financing, 608 home sales

8% VA Financing, 208 home sales

Cash purchases are down from years past; this is great news for FHA and VA buyers looking to enter the market as there is less competition with the cash investor buyer. Interest rates are at a 20 month low, 3.25% FHA, VA, and 3.75% conventional rates. It’s a great time to refinance or purchase and lock in a great 30 year rate. The Radcliffe Group can connect you with a great lender that can help you with your unique situation and loan and share about the best financing loan  options available.

Las Vegas Economy

Gas prices are down 25%, we may see airline flight prices drop; and this would be great for Las Vegas. Tourism has been strong; we are expecting a slight uptick, but nothing substantial. Caesars did go bankrupt; we are not seeing any changes to operations at this point.

The Radcliffe Group is your Las Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection. Ranking consistently as one of the top real estate teams at Keller Williams Realty Southwest Las Vegas, Dave also ranked number 1 in 2014 as the top producing individual out of 172 Realtor- Agents in his office.

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. 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 theirhome 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. 

Written by Nickel Lowman
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
www.DaveRadcliffeVegas.com

Las Vegas Real Estate Market Statistics 2014 by Dave Radcliffe

702-379-3401 www.DaveRadcliffeVegas.com

Happy Holidays from The Radcliffe Group at Keller Williams Realty Southwest Las Vegas. I'm Dave Radcliffe with the latest Las Vegas Real Estate Market Report for the year end. Statistics are obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR) Homes Available In Las Vegas

• Available- 8,009 (Down -78, as Last Week we were at 8,087), at the beginning of the year we were closer to 5000-6000, so we have more inventory of homes for sale right now.
• Sales are 26% off 2014 vs. 2013, but did not affect value; it just slowed down the drastic (35%) price increase we saw in 2012.
• Under Contract – 4,936 (Down -118, as Last Week we were at 5,054)
• Days of Supply – 49 (+0, Last Week 49), we are still in a very brisk market, and it is considered a seller’s market.
• Short Sales – 3,363 (-58, Last Week 3,421) Short sales re a diminishing part of our Las Vegas real estate market, but are still getting accepted. Short sales are now only about 9% of our market. There is a structured process now to get them done and closed. Foreclosures are now only approximately 10-11% of the market, so that means 80% of the market is traditional equity sellers.
• Condominiums and Town Homes Available in Las Vegas – 2,006 (Down -37 from Last Week 2,043), Under Contract – 943 (Down -17 from Last Week 960), Days of Supply – 64 (+0, Last Week 64), Short Sales – 732 (Down-16 from Last Week 748)

Current combined Las Vegas Real Estate Statistics for Single Family Residence, Condo, Town Houses

• Available – 10,015 (Down -11 from Last Week 10,130)
• Under Contract – 5,879 (Down -135 from Last Week 6,014)
• Days of Supply – 52 (+1, Last Week 51)
• Short Sales – 4,095 (Down -74 from Last Week 4,169)
• 2009 sales last month SFR, 406 condo townhouse

BIG News around Las Vegas for 2014:

We will continue to see the fall out with Caesars filing bankruptcy. This will affect the strip and will update you

The SLS project re-branding the Sahara and turning it into a trendy destination location, and Downtown Summerlin opening were the big highlights for the Las Vegas area in 2014.

Thank you so much for watching. If you need more information go to my website or give me call. As always, we always love to talk to you about all of your Las Vegas, Centennial Hills, Summerlin, and North Las Vegas real estate needs. Thank you for your trust and for protecting our cities The Radcliffe group looks forward to hearing from you and servicing your real estate needs. Happy Holidays from the Radcliffe Group at Keller Williams Realty Southwest Las Vegas 702-379-3401 www.DaveRadcliffeVegas.com

Nickel Lowman
With content from GLVAR
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
www.DaveRadcliffeVegas.com