Las Vegas Real Estate Market Report for March 2015

North Northwest –  Lessening downward trend for the change in median close price; however the market is slowing. Buyers market for homes priced over $200K. 

East – Sellers have an advantage if their home is priced below $200K. Largest yearly appreciation of all areas @ 14.07%, although the market is slowing.

Central South –  Sellers market for property priced under $200K. One of the trends to watch is the change in median home prices and whether prices continue to rebound. 

Northwest – The market continues to slow with the slowest annual appreciation (2.47%) of all areas.  

Southwest – Little change to the historical table from February. Annual appreciation is increasing with supply and demand consistent. Sellers need to be realistic about price points for homes over $300K. 

Henderson-Green Valley – Upward mobility with a $16,500 gain in the median SFR price over last month. Sellers have the upper hand with homes priced under $300K. Higher priced homes have lots of competition.

Variables that may affect future home prices in Las Vegas:

It’s likely that there will continue to be an Increase in home buyers obtaining financing.  Mortgage Interest Rates remain extremely low and fha mortgage insurance premiums were reduced in January.   New loan programs are gibing first time home buyers a chance to purchase a home with little money down.  Several down payment assistance programs are now available.   Feds announcement that they may raise interest rates will likely get some buyers off the fence.  Most neighborhoods continue to appreciate, but at a slower pace.   The Real Estate Market has become more stable and normal than recent years. Las Vegas home inventory of homes for sale is still at low levels especially under the 300,000 range.  Likely resulting in more appreciation, however there are many micro-markets in Las Vegas where each individual neighborhood appreciates at different levels that others.

Home builders are building again and providing the type of homes that seem to be lacking in the re-sale market. For example, the popular one story home with 3 car garage.   New Home builders are offering several new communities with single story homes in Southwest Las Vegas and Henderson.  The continued development of new homes, roads, restaurants, and shopping in the Southwest is attractive to Real Estate Investors and to owner occupied home buyers.

In conclusion, the real estate market in Las Vegas is much different now than it was in 2012 and 2013 when cash buyer demand exceeded inventory resulting in a dramatic increase in the median home price.  Home Sellers are now more likely to accept an offer from a home buyer using financing. Interest rates are lower than they were two years ago resulting in a lower mortgage payment.  It’s a great time for home buyers to lock in a low mortgage payment, get a nice tax write off, and pay down their mortgage.  Many home sellers in Las Vegas have been hanging on to their high listing price over the last year, however we are now seeing more price drops  from original listing price than we did a year or two ago when many homes were selling for above listing price.

For free consultation and a custom analysis of your home purchase or the sell of your home, you may contact me on my cell at:

702-428-3969. – Nathan Petrosian, Real Estate Broker Sales. NV & CA Licensed Realtor. RSPS.

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