SEPTEMBER 2017 | Las Vegas Real Estate Market Report
CRITICAL POINTS AUGUST 2017
11.3%
“
The increased demand coupled with the shortage of supply continues to move the median price up to $261,500 up 11.3% from the same time last year.
84%
<$500K
We continue to face a shortage of inventory in the resale market, especially under $500K which is limiting the sales volume overall.
“
THE TOTAL MARKET
84% of Americans now believe that purchasing a home is a good financial decision – This is the highest percentage since 2007 – before the housing crisis.
“The bottom line is that the economy is strong and improving. Interest rates remain low and employment is high, which, when combined with the coming demographic shift as more millennials enter prime household-creating years, suggests the housing market is on a steady course for the foreseeable future.” David H. Stevens Mortgage Bankers Association President & CEO
THE HIGH RISE MARKET
-28.7%
The demand has outpaced supply and the inventory is down 28.7%. This situation isn’t likely to change as there is an increase of over 17% of properties in contract.
+17.4%
+16.4%
Demand in this segment has grown with sales increasing over 17% over last year.
The result of the inventory shortfall and increased demand has led to an increase in the median sales price over 16% from 2016.
THE LUXURY MARKET -5.8%
The demand in the luxury segment dropped 5.8% compared to August 2016.
+6.8%
The median sales price increased 6.8% compared to August 2016.
+2.8%
The supply side rose 2.8%. While the number of homes in contract rose 100%, promising a strong fourth quarter.
STATE OF THE MARKET SINGLE FAMILY HOMES | TOTAL MARKET Market Dynamics
SUPPLY & DEMAND
Supply & Demand - # Units (FS, UC, Sold) Aug-16 through Aug-17
Synergy Sotheby's International Realty
KEY INFORMATION Aug-16
Aug-17
# Units Change
Percent Change
For Sale
13,300.0
9,573.0
-3,727.0
-28.0
Under Contract
2,798.0
3,359.0
561.0
20.1
Sold
2,968.0
3,100.0
132.0
4.4
MLS: GLVAR
Period:
2 Years (Monthly)
Price:
All
Construction Type:
All
Bedrooms:
All
Bathrooms:
All
Lot Size: All
SUPPLY AND DEMAND:Property The supply and demand chart isRes: crucial to see where the market is “swinging”. If number of homes for sale is down, and number of homes sold is up, then pricing will increase asSqthere supply. If the Types: Single Family (Single Family Residential) Ft: is lower All number of homes listed is up and number of homes sold is down then pricing will decrease as there is limited demand. 405, 504, 603, 404, 503, 602, 403, 502, 601, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 606, 605, 505, 604 MLS Areas: BrokerMetrics®
MEDIAN PRICE
1 of 2
Market Dynamics
09/05/17
Synergy Sotheby's International Realty
Information not guaranteed. © 2006 - 2017 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors).
Median Price (FS, UC, Sold) Aug-16 through Aug-17
KEY INFORMATION Aug-16
Aug-17
Median Price Change
Percent Change
For Sale
274,000
313,990
39,990
14.6
Under Contract
239,000
265,000
26,000
10.9
Sold
235,000
264,000
29,000
12.3
Lot Size: 2 Yearsis (Monthly) Construction All price is going Bedrooms: All supply is going Bathrooms: All you can expect MLS: GLVAR MEDIAN PRICE: If the median price is goingPeriod: up and supply going down thenPrice: you canAllexpect the prices to rise even more. IfType: the median down, and down, then thereAll to be an inventory shortage and pricing to increase. Sq Ft: All Property Types: Single Family Res: (Single Family Residential) MLS Areas:
405, 504, 603, 404, 503, 602, 403, 502, 601, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 606, 605, 505, 604
STATE OF THE MARKET HIGH RISE | TOTAL MARKET
Market Dynamics
SUPPLY & DEMAND
Synergy Sotheby's International Realty
Supply & Demand - # Units (FS, UC, Sold) Aug-16 through Aug-17
KEY INFORMATION Aug-16
Aug-17
# Units Change
Percent Change
For Sale
829.0
591.0
-238.0
-28.7
Under Contract
70.0
82.0
12.0
17.1
Sold
69.0
81.0
12.0
17.4
MLS: GLVAR
Period:
Property Types:
High Rise: (High Rise)
2 Years (Monthly)
Price:
All
Construction Type:
All
Bedrooms:
All
MLS Areas:
405, 504, 603, 404, 503, 602, 403, 502, 601, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 606, 605, 505, 604
All
Lot Size: All Sq Ft:
BrokerMetrics®
1 of 2
MEDIAN PRICE
Bathrooms:
All
09/05/17
Market Dynamics
Synergy Sotheby's International Realty
Information not guaranteed. © 2006 - 2017 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors).
Median Price (FS, UC, Sold) Aug-16 through Aug-17
KEY INFORMATION Aug-16
Aug-17
Median Price Change
For Sale
392,000
409,900
17,900
4.6
Under Contract
255,750
324,950
69,200
27.1
Sold
232,900
271,000
38,100
16.4
2 Years (Monthly)
Percent Change
MLS: GLVAR
Period:
Property Types:
High Rise: (High Rise)
MLS Areas:
405, 504, 603, 404, 503, 602, 403, 502, 601, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 606, 605, 505, 604
Price:
All
Construction Type:
All
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
All
STATE OF THE MARKET LUXURY SINGLE FAMILY HOMES | $750K AND UP Market Dynamics
SUPPLY & DEMAND
Supply & Demand - # Units (FS, UC, Sold) Aug-16 through Aug-17
Synergy Sotheby's International Realty
KEY INFORMATION Aug-16
Aug-17
# Units Change
For Sale
867.0
891.0
24.0
2.8
Under Contract
45.0
90.0
45.0
100.0
Sold
52.0
49.0
-3.0
-5.8
2 Years (Monthly)
MLS: GLVAR
Period:
Property Types:
Single Family Res: (Single Family Residential)
MLS Areas:
405, 504, 603, 404, 503, 602, 403, 502, 601, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 606, 605, 505, 604
WE ARE.
BrokerMetrics®
Price:
Percent Change
$750,000 - $10,000,000
Construction Type:
All
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
1 of 2
Information not guaranteed. © 2006 - 2017 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors).
THE VOICE OF LUXURY REAL ESTATE
All
09/05/17
Market Dynamics
MEDIAN PRICE
Synergy Sotheby's International Realty
Median Price (FS, UC, Sold) Aug-16 through Aug-17
KEY INFORMATION Aug-16
Aug-17
Median Price Change
Percent Change
1,100,000
1,150,000
50,000
4.5
Under Contract
945,000
996,500
51,500
5.4
Sold
935,000
1,015,000
80,000
8.6
For Sale
MLS: GLVAR
Period:
Property Types:
Single Family Res: (Single Family Residential)
MLS Areas:
405, 504, 603, 404, 503, 602, 403, 502, 601, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 606, 605, 505, 604
BrokerMetrics®
2 Years (Monthly)
Price:
$750,000 - $10,000,000
Construction Type:
All
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
1 of 2 Information not guaranteed. © 2006 - 2017 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors).
All
09/05/17
NATIONAL NOTES AUGUST 2017
MORTGAGE RATE PROJECTIONS
FANNIE MAE
MORTGAGE BANKERS ASSOCIATION
NATIONAL ASSOCIATION OF REALTORS
AVERAGE
2017 Q3
4.0
4.3
4.1
4.13
2017 Q4
4.1
4.5
4.3
4.30
2018 Q1
4.1
4.7
4.5
4.43
2018 Q2
4.1
4.8
4.6
4.50
FORECASTRED YEAR-OVER-YEAR % CHANGE IN PRICE
CoreLogic
AVERAGE DAYS ON MARKET
“
“
INVENTORY SHORTAGE
The growth in sales is slowing down, and this is not due to a lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.
Frank Nothaft CoreLogic Chief Economist
NAR
WHY WORKING WITH A TRULY GLOBAL BRAND
MATTERS
Rising home prices and a stronger US dollar were no match for the increased demand that fueled a recent surge in foreign purchases of US real estate. The TOP FIVE COUNTRIES OF FOREIGN BUYERS all saw a rise in sales dollar volume from a year ago. You should work with a company that has an office in all five, let alone 61 other countries. Visit onlywithsynergy.com to learn more.
CHINA
CANADA
UNITED MEXICO KINGDOM
PURCHASED
$153
BILLION
49%
When the time comes for you to make a move, choose
702.360.1414 | synergysir.com
INDIA
702.360.1414
synergysir.com
synergysir.com Green Valley • 120 S Green Valley Pkwy., Suite 154, Henderson, NV 89012 • Next to Whole Foods Summerlin • 10100 W Charleston Blvd., Suite 160, Las Vegas, NV 89135 • Next to Vintner Grill MacDonald Highlands • 552 S Stephanie St, Henderson, NV 89012 • Inside DragonRidge Country Club
6 CONTINENTS • 70 COUNTRIES • 880 OFFICES • LOCAL EXPERTS WORLDWIDE ®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated, Except Offices Owned And Operated By NRT Incorporated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. * All information from sources deemed to be reliable although not warranted or guaranteed by Gene Northup or Sotheby’s International Realty® All information from MLS and Tax Records representing Single Family Homes only in MLS Areas 101-606