New Home Facts
| Year-to-Year Increase | ||
| March Sales | 688 | |
| 1st Quarter Sales | 1,533 | 131 Sales or 9.3% |
| Median Price | $312,509 Including Condos | $305 = Less Than 1% |
| Median Price | $316,990 Without Condos | $6,465 = 2% Increase |
| New Permits | 2,049 YTD | 200 Increase = 10.8% |
Overall there is good news for new home builders. However, the consumers are resisting price increases, thus slowing an increase in sales for the over $300,000 level. Most sales are still between $200,000 and $299,000.
Home Builders Research, Inc. produces the "Las Vegas Housing Market Letter." They created this chart to show the market share of new home closings priced under $300,000 has declined since 2013.
Many Las Vegas New Home Builders Are Featuring Contemporary Developments.
Check out the new home inventory on my website. Click Here
Resale Home Facts—Single-Family and Condos
| Year-to-Year Increase | ||
| March Sales | 3,973 | 884 |
| 1st Quarter Sales | 9,776 | 559 increase = 6% |
| Median Price | $190,000 | $10,000 increase = 5.6% increase |
The consumers are resisting price increases since the median price has not moved significantly. The number of listings is shrinking for single-family homes. Realtors are reporting that many sellers want to list their homes higher than the market will bear. For the sellers who price their homes based on the comparable sales, their homes are selling within 30 to 45 days. The MLS shows that 49% of listings are selling within 30 days.
National Market Watch
National News Opinion says that the home market looks optimistic based on numbers across the USA.
New homebuilders' confidence holds steady even though sales fell slightly last month. Overall optimistic outlook for new homes and resales. The National Association of Home Builders sentiment index remained at 58 for the last 3 months. On their scale, that means conditions are good.
Solid job creation and low mortgage interest rates will sustain continued gains in the single-family housing market in the months ahead.
"It's not always easy for homeowners to keep their finger on the pulse of their equity. This data shows homes have continued to increase in value since the depths experienced after the last recession. Those increases mean far fewer Americans have negative equity in their homes. This increases their mobility and is a positive development for all segments of the housing market," said Bob Walters, Quicken Loans' chief economist.
Home Sales
There is a year-to-year increase of 3.6%
Median Home Price
March 2016 = $204,000, which is the same as March 2015
Days on Market
The average number of days on the market is 71 days, which is down 7 days from March 2015.
Number of Homes for Sale
The average is down 13.3% from March 2015
Click Here for the realistic value of "Your Home" based on the facts.
This market value is based on the GLVAR Multiple Listing Service's accurate data.
You will be emailed a complete report!
