December 2017 | Las Vegas Real Estate Market Report
CRITICAL POINTS DECEMBER 2017
-31%
“
There are 31% less homes on the market then this time last year. This decrease in supply with consistent demand equates to rising prices.
10.2%
-46.4%
“
THE TOTAL MARKET
The increased demand coupled with the shortage of supply continues to move the median price up to $265,000 up 10.2% from the same time last year.
The months supply of inventory has dropped almost in half from this same time last year to 1.6 months.
“Consumers were even more optimistic in October than economists polled by Reuters expected. Consumer confidence rose to 125.9 in October, according to the Conference Board. The index ‘increased to its highest level in almost 17 years,’ Lynn Franco, Director of Economic Indicators at The Conference Board, said in a statement.” Michael Sheets CNBC
THE HIGH RISE MARKET
26.5%
The median sale price for high rises is up 26.5% to $369,900.
10.3%
6.5%
Demand in this segment has grown significantly with sales increasing 10.3% over this time last year.
82 units went under contract in November 6.5% more than this time last year.
THE LUXURY MARKET -4.2%
The number of homes available fell 4.2% compared to this time last year.
WE ARE.
THE VOICE OF LUXURY REAL ESTATE
94.4%
There were 70 homes under contract for an increase that is 94.4% over the same time last year.
41.3%
65 homes were sold over $750,000 which is 41.3% more than the same time last year.
DEFINITIONS WHY SUPPLY AND DEMAND? The supply and demand chart is crucial to see where the market is trending. If number of homes for sale is down, and number of homes sold is up, then pricing will increase as there is lower supply. If the number of homes listed is up and number of homes sold is down then pricing will decrease as there is limited demand.
WHY MEDIAN PRICE? If the median price is going up and supply is going down then you can expect the prices to rise even more. If the median price is going down, and supply is going down, then you can expect there to be an inventory shortage and pricing to increase.
STATE OF THE MARKET SINGLE FAMILY HOMES | TOTAL MARKET Market Dynamics
SUPPLY & DEMAND
Synergy Sotheby's International Realty
Supply & Demand - # Units (FS, UC, Sold) Nov-16 through Nov-17
KEY INFORMATION Nov-16
Nov-17
# Units Change
Percent Change
For Sale
11,787.0
8,131.0
-3,656.0
-31.0
Under Contract
2,238.0
2,578.0
340.0
15.2
Sold
2,478.0
2,472.0
-6.0
-0.2
MLS: GLVAR
Period:
Property Types:
Single Family Res: (Single Family Residential)
2 Years (Monthly)
Price:
All
Construction Type:
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
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
BrokerMetrics®
MEDIAN PRICE
All
1 of 2
All
12/05/17
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) Nov-16 through Nov-17
KEY INFORMATION Nov-16
Nov-17
Median Price Change
Percent Change
For Sale
279,900
319,900
40,000
14.3
Under Contract
240,000
269,900
29,900
12.5
Sold
240,472
265,000
24,528
10.2
MLS: GLVAR
Period:
Property Types:
Single Family Res: (Single Family Residential)
2 Years (Monthly)
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
Synergy Sotheby's International Realty
Supply & Demand - # Units (FS, UC, Sold) Nov-16 through Nov-17
KEY INFORMATION Nov-16
Nov-17
# Units Change
For Sale
826.0
791.0
-35.0
-4.2
Under Contract
36.0
70.0
34.0
94.4
Sold
46.0
65.0
19.0
41.3
2 Years (Monthly)
Price:
Percent Change
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
$750,000 - $10,000,000
All
Bedrooms:
All
All
Bathrooms:
Lot Size: All Sq Ft:
BrokerMetrics®
MEDIAN PRICE
Construction Type:
1 of 2
All
12/05/17
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) Nov-16 through Nov-17
KEY INFORMATION
For Sale Under Contract Sold
Nov-16
Nov-17
Median Price Change
Percent Change
1,150,000
1,190,000
40,000
3.5
942,450
1,016,500
74,050
7.9
1,092,500
975,000
-117,500
-10.8
MLS: GLVAR
Period:
Property Types:
Single Family Res: (Single Family Residential)
2 Years (Monthly)
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:
$750,000 - $10,000,000
Construction Type:
All
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
All
STATE OF THE MARKET HIGH RISE | TOTAL MARKET
Market Dynamics
SUPPLY & DEMAND
Synergy Sotheby's International Realty
Supply & Demand - # Units (FS, UC, Sold) Nov-16 through Nov-17
KEY INFORMATION Nov-16
Nov-17
# Units Change
Percent Change
For Sale
752.0
567.0
-185.0
-24.6
Under Contract
77.0
82.0
5.0
6.5
Sold
68.0
75.0
7.0
10.3
MLS: GLVAR
Period:
Property Types:
High Rise: (High Rise)
2 Years (Monthly)
Price:
All
Construction Type:
MLS Areas:
405, 504, 404, 503, 403, 502, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 505
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
BrokerMetrics®
MEDIAN PRICE
All
1 of 2
All
12/05/17
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) Nov-16 through Nov-17
KEY INFORMATION Nov-16
Nov-17
Median Price Change
For Sale
389,900
419,900
30,000
7.7
Under Contract
329,888
379,450
49,562
15.0
Sold
292,500
369,900
77,400
26.5
2 Years (Monthly)
Percent Change
MLS: GLVAR
Period:
Property Types:
High Rise: (High Rise)
MLS Areas:
405, 504, 404, 503, 403, 502, 204, 303, 402, 501, 203, 302, 401, 103, 202, 301, 102, 201, 101, 505
Price:
All
Construction Type:
All
Bedrooms:
All
Bathrooms:
All
Lot Size: All Sq Ft:
All
NATIONAL NOTES DECEMBER 2017
Case Shiller
Year-Over-Year
PRICE CHANGES Case Shiller | Year Over Year Price Changes 5.9%
20 City Composite
5.9%
5.9% 5.8%
5.7%
5.8% 5.7% 5.6%
Jan 2017
Feb
Mar
Apr
May
Jun
Jul
Aug
S&P Case Shiller 11/2017
* 20 City Composite S&P Case Shiller 11/2017
ACTUAL YEAR-OVER-YEAR % CHANGE IN PRICE Actual Year-Over-Year % Change in Price By State
CoreLogic
CoreLogic
Forecasted % Change in Price FORECASTED YEARYear-Over-Year OVER YEAR % CHANGE IN PRICE By State
“
“
CoreLogic
CoreLogic
“Housing is not repeating the bubble period of 2000-2006.”
“...price increases vary unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging.”
David M. Blitzer Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
LIVE Lake Las Vegas, Nevada Gene Northup | 702.497.0300 Property ID: Q8LZZJ | SynergySIR.com ®,™ 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 Sotheby’s International Realty®
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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