September Monthly Insight

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