overview The Las Vegas real estate market is still moving forward at a strong and steady pace. The highest demand continues to be in the $249K-$500K segment comprising close to 60% of the total sales volume. Sales volume for single family homes in the luxury segment ($750K+) has been very strong, up almost 30% YTD through the 3rd quarter as compared to the same time last year. The influx of residents from California, along with those who share higher state tax rates, continues as they seek out our favorable tax climate, cost of living, and quality of life. We also are still seeing lots of interest in second homes and vacation property tied to our professional sports locations by the Las Vegas Strip. With the three interest rate increases so far this year and another slated for the 4th quarter, we are seeing a slow-down in the velocity of sales in the market, especially in the under $500K segment. This, along with future increases will ultimately have an effect on the leverage Sellers have enjoyed over the past several years. As buyer’s purchasing power diminishes the increase in pricing will slow down and begin to flatten out over time. The master planned community of Summerlin is having great success with their newest villages Stonebridge and Reverence. The new stadium complex for our semi-pro baseball team in the heart of Downtown Summerlin is now well underway. The quality of life in this community just keeps getting better. On the east side of the Valley, MacDonald Highlands is having tremendous success in the luxury custom home market with an expansion providing additional custom lot opportunity with magnificent Strip Views. Lake Las Vegas is poised to make a big splash in the coming months with custom home lots and development in this world-class resort community. As always, if you are looking to buy or sell, please let one of our experience agents assist yo in navigating our real estate market and help you make the best deal possible. We looking forward to being of service.
first quarter 2019 |
insight
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