Las Vegas Real Estate Market Update October 2015
Home values have been increasing and as a result we have seen some low appraisals in the last few months. Appraisers don't like to believe home values are increasing, so sometimes we have to push them to understand the market. And as a result of the push, we are getting your Las Vegas' home sold for top dollar. We are moving into our slower selling season, which is very typical for September and the following months.
Buyers are Shopping: Demand
Builders are "hard at it" and there are new home construction model home communities springing up all over town. At the Radcliffe Group we have great builder relationships, and can help you get the best home for the least amount of money. We just sold a great home on an amazing deal with Lennar Homes where we were able to get the buyer closing costs, and flooring upgrades included at no additional cost. With rates as low as they are, it's a great time to buy.
Interest rates are extremely low and we anticipate an increase shortly. We don't know when it will happen, likely in the next month or so, as the FED is showing signs of increasing them, and we likely won't see rates this low again for years. It's a great time to buy as low rates mean increased affordability.
Downtown Summerlin/ Fashion Show Mall
New restaurants going into the Downtown Summerlin area; its as awesome project, and we will see continued growth for some time. Restaurants in the area: FOGO de Chao, Pancho's and Shake Shack just opened.
The Fashion Show Mall is deep in new construction, with a great expansion project underway.
There are currently 9,500 active home on the market in the greater Las Vegas area, 1,800 of them are condo/ town homes, 5,850 are contingent pending to be sold, with 2,000 of them short sales, leaving 3,800 as traditional sales under contract.
3,100 homes sold last month in Las Vegas, which is down a bit from our busy Summer months, which is typical this time of year, were as we were seeing approximately 3,800 home sales in Las Vegas per month.