We are seeing a lot of commercial construction throughout the Las Vegas Valley. Specifically, there is a renovation underway at the Fashion Show Mall. The facelift will completely change how you walk into the mall off the street, additionally there is a 22,000 square-foot addition in the works with a landscape redesign, five new restaurant spaces, and cabanas (that will be very similar to The Downtown Summerlin project), with open air walks, a cloud bar with oval roof and curving glass walls. Zara department store will triple in size. So, lots of changes and development to look forward to. We are seeing some nice development on the strip. We’ve seen land prices and hotel construction increase, all great for Las Vegas area.
With regard to market status, there are a total of 9,520 properties for sale in Las Vegas, Nevada. We’re looking at 7,450 single-family homes on the market, with 1,971 being condos/ town-homes for sale. Additionally, we’re looking at 5,600 single family homes under contract (1,085 of them are condo/town-home properties) A lot of these properties are short sales and seem to have been on the market forever, so that skews the numbers a bit.
So here are the numbers that really matter: 2,443 single-family homes sold last month, with an additional count of just under 500 condos/town-homes that sold in Las Vegas. So inventory is sitting at about 3,000 homes on the market (which has been great for sellers). As you take a look at the toll numbers, we’re looking at about 2.5-3 month inventory which is very brisk; and still considered a seller’s market. In the last 2-3 weeks, we saw a slight slowdown to new escrows being opened and property showings, very likely, a normal seasonal adjustment due to summer ending and kids returning back to school.
Wrapping up out market statistics, is a look at homes that are being foreclosed on. We are seeing movement on foreclosures, with more coming onto the market. Time will only tell if this is a trend we can expect from the banks, so we will keep an eye on them and we will continue to keep you updated. If you are looking to buy home in Las Vegas, this means there may be more inventory coming onto the market soon. This will create a more competitive market for homeowners looking to sell properties.
That wraps up our real estate market statistics for the month; thank you so much for watching. If you need more information go to my website or give me call. As always, we always love to talk to you about all of your Las Vegas, Centennial Hills, Summerlin, and North Las Vegas real estate needs. (702)379-3401—www.DaveRadcliffeVegas.com