My Blog

Prices in July holding at the highest in 13 years , so far

7/17/2019
MonthSale Price, Median
Aug 2018 $295,000
Sep 2018 $300,000
Oct 2018 $296,000
Nov 2018 $296,000
Dec 2018 $295,500
Jan 2019 $300,000
Feb 2019 $297,000
Mar 2019 $300,000
Apr 2019 $300,000
May 2019 $300,000
Jun 2019 $304,000
Jul 2019 $310,000
 
Time frame is from Aug 2018 to Jul 2019
Property Sub Type is 'Single Family Residential'
Matrix Testing is no
Results calculated from 29,628 listings

Median price still above $309000 for the month.....will it stay there?

7/15/2019
For homes that closed in the month of July, we are still at the highest $ amount for the median price in the last 10 years, and can see the all-time highest, $315000 that happened in June of 2006

MonthSale Price, Median
Aug 2018 $295,000
Sep 2018 $300,000
Oct 2018 $296,000
Nov 2018 $296,000
Dec 2018 $295,500
Jan 2019 $300,000
Feb 2019 $297,000
Mar 2019 $300,000
Apr 2019 $300,000
May 2019 $300,000
Jun 2019 $304,000
Jul 2019 $309,900
 
Time frame is from Aug 2018 to Jul 2019
Property Sub Type is 'Single Family Residential'
Results calculated from 29,306 listings

While the number of closings in June was disappointing, July isn't looking great either
More homes close the 2nd half of the month, so I will continue to pay attention to this
and report from time to time
Sales, Number of
Month201420152016201720182019
Jan 2,068 1,796 1,886 2,149 2,266 1,829
Feb 2,008 1,969 2,117 2,263 2,133 1,975
Mar 2,537 2,707 2,799 3,210 3,167 2,627
Apr 2,613 2,756 2,870 2,873 2,882 2,878
May 2,823 2,755 3,068 3,524 3,147 3,293
Jun 2,675 3,068 3,273 3,677 3,270 2,902
Jul 2,642 3,180 2,837 3,142 3,191  1,126
Aug 2,571 2,870 3,114 3,305 3,093  
Sep 2,385 2,724 2,933 2,921 2,438  
Oct 2,421 2,445 2,620 2,974 2,694  
Nov 2,036 1,980 2,606 2,602 2,299  
Dec 2,230 2,697 2,722 2,623 2,153  
July 2019 is month to date....
Time frame is from Jan 2014 to Jun 2019
Property Sub Type is 'Single Family Residential'
Results calculated from 176,301 listings

Mortgage info from Scott Gillespie, Evergreen Home Loans

7/14/2019

I work at a desk here in my office most days. It is not that uncommon when I need a piece of paper to write a note, or a pen, there seems to be none within sight.  However if I am driving around with my girlfriend and she says she feels like Starbucks…BAMMM! there’s one just up ahead! However in CO, Denver's medical marijuana dispensaries outnumber Starbucks locations 3 to 1. In fact, this source says they outnumber Starbucks and McDonald's combined. On that note this statistic will probably not surprise anyone who went to college, sales of junk food are up 7.2% in the 11 states that have legalized recreational marijuana according to this report  by the Nielson Group released yesterday. Only head scratcher there would be, why didn’t I think to buy stock in the junk food companies a few years back. What about the real estate market?  Redfin came out with a report about the top Real Estate markets, Las Vegas being one of them, and bidding wars. Buyers are now about four times less likely to face a bidding war than they were just a year ago. The drop in Las Vegas is one of the largest.  Times are definitely changing.

 

How about mortgage rates?  Well if you have noticed the recent run up in the stock market you know that again today, all three of the major indices, Dow, S&P & Nasdaq all closed at new record highs.  The money that propels stocks upwards has to come from somewhere, and some of it has in fact come from the bond markets.  The 30 year fixed rate ends the week up, at 4.375% (APR 4.687%)  without paying points, or 3.99% with just .75  points for folks with a with a 740 credit score or higher and a 25% or greater down payment. The 15 year fixed mortgage rate is at 3.875% ( 4.225% APR). 

       The FHA 30 year fixed loan is at 4.125% (5.157%) or 3.75% with .875 points and the current FHA loan limit is at$322,000. VA 30 year fixed rate is at 4.125% (4.251% APR) or 3.75% with a 1 point and is good up to the maximum VA $1 down loan amount of $484,350.  The minimum score for the FHA and VA loans is 580, however to get the best interest rates a score of 680 is required. 

 Call me with any questions or clients you may be working with that need to be pre-qualified for the best loan program possible.  

 

Scott

 

Rates quoted above assume a 740 or higher FICO score (unless otherwise noted), $100,000 mortgage amount, 25% or greater down payment (when applicable), owner occupied SFR, full documentation loan, they include a .5% origination fee, no discount points, no pre-payment penalty and are for a 30 day lock.

Number of listings up slightly week over week

7/13/2019
The amount of listings went UP 32  since I checked last Saturday. I just checked and there were 8047 on Saturday 7/13/19 at 7:13 am .We were at 4567 on the corresponding date last year, and 5134 on the corresponding week in 2017, We are up 3480 listings from the same week last year, and up 2913 from 2017. We were at 6554 on Jan 1 2019, which was the low for the year. The high for the year was 8148 on June 22nd.  Listings often go down on the first week of a given month, due to the fact that many listings expire on the last day of the previous month,
DATE                                    NUMBER                 DATE                               NUMBER
      12/29/18  6789
       12/22/18  6850
      12/15/18 6906
      12/8/18 7005
      12/1/18 6941
      11/24/18 7106
      11/17/18 7138
      11/10/18 7080
      11/3/18 6941
      10/27/18 6815
      10/20/18 6657
      10/13/18 6546
      10/6/18 6406
      9/29/18 6279
      9/22/18 6190
      9/15/18 6065
      9/8/18 5932
      9/2/17 5705
      8/25/18 5626
      8/18/18 5408
      8/11/18 5276
      8/4/18 4956
      7/28/18 4769
      7/21/18 4710
 7/13/19  8047   7/14/18 4567
 7/6/19  8015   7/7/18 4512
 6/29/19  8088   6/30/18 4437
 6/22/19  8148   6/23/18 4433
 6/15/19  8098   6/16/18 4411
 6/8/19  8008   6/9/18 4334
 6/1/19  7982   6/2/18 4241
 5/25/19  8055   5/26/18 4204
 5/18/19  7936   5/19/18 4170
 5/11/19  7846   5/12/18 4083
 5/4/19  7723   5/5/18 4085
4/27/19  7719   4/28/18 3999
 4/20/19  7663   4/21/18 4023
 4/13/19  7544   4/14/18 3930
 4/6/19  7432   4/7/18 3865
 3/30/19 7448    3/31/18 3771
 3/23/19  7447   3/24/18 3860
 3/16/19 7404    3/17/18 3841
 3/9/19  7345   3/10/18 3784
 3/2/19  7260   3/3/18 3756
 2/23/19  7342   2/24/18 3752
 2/16/19  7414   2/17/18 3811
 2/9/19  7375   2/10/18 3813
 2/2/19  7303   2/3/18 3787
 1/26/19 7252    1/27/18 3837
 1/19/19  7121   1/20/18 3890
01/12/19  6978   1/13/18 3954
01/05/19  6701   1/6/18 3863
 01/01/19  6554   1/1/18 3808

 

We have been keeping track of available single family listings in Las Vegas, Henderson, North Las Vegas and Boulder City for years. It is a pretty good indication as to the direction of the market. In our 25+ years of selling real estate here in Las Vegas, we have seen the number of listings range from under 3000 to over 22000.  If the number keeps going up, expect prices to stabilize or go down.  Feel free to call us or e-mail us for any of your real estate questions.  

 

Sean and Emily Gunning
Berkshire Hathaway Home Services, Nevada Properties 
702 498-1171 [Sean] Sean@sellingvegas.com 
702 596-1171 [Emily] Emily@sellingvegas.com
www.SellingVegas.com

Read our 150+ 5 star Zillow reviews: here

Prices up number of sales down,

7/11/2019
The number of sales in June was the lowest for any June since 2014

Sales, Number of
Month201420152016201720182019
Jan 2,068 1,796 1,886 2,149 2,266 1,829
Feb 2,008 1,969 2,117 2,263 2,133 1,975
Mar 2,537 2,707 2,799 3,210 3,167 2,627
Apr 2,613 2,756 2,870 2,873 2,882 2,878
May 2,823 2,755 3,068 3,524 3,147 3,293
Jun 2,675 3,068 3,273 3,677 3,270 2,902
Jul 2,642 3,180 2,837 3,142 3,191  
Aug 2,571 2,870 3,114 3,305 3,093  
Sep 2,385 2,724 2,933 2,921 2,438  
Oct 2,421 2,445 2,620 2,974 2,694  
Nov 2,036 1,980 2,606 2,602 2,299  
Dec 2,230 2,697 2,722 2,623 2,153  
 
Time frame is from Jan 2014 to Jun 2019
Property Sub Type is 'Single Family Residential'
Matrix Testing is no
Results calculated from 176,301 listings

Can median price for single family homes finish the month at more than $310k for the first time in 10 years?

7/11/2019
It's a very early yet, but the numbers for the median housing price on single-family houses for the month of July seem very good. The historical high was $315,000 in June 2006.. When will we surpass that?
MonthSale Price, Median
Aug 2018 $295,000
Sep 2018 $300,000
Oct 2018 $296,000
Nov 2018 $296,000
Dec 2018 $295,500
Jan 2019 $300,000
Feb 2019 $297,000
Mar 2019 $300,000
Apr 2019 $300,000
May 2019 $300,000
Jun 2019 $304,000
Jul 2019 $310,000
 
Time frame is from Aug 2018 to Jul 2019
Property Sub Type is 'Single Family Residential'
Matrix Testing is no
Results calculated from 28,980 listings

We saw this article in the Review Journal and wanted to pass it on

7/10/2019

Las Vegas home prices up in June but market still cooling

 

 

 

By Eli Segall Las Vegas Review-Journal

July 9, 2019 - 5:23 am

  

 

Las Vegas house prices inched higher in June to break a three-month flat streak, but the market overall continues to slow from last year’s frenzy.

The median sales price of previously owned single-family homes — the bulk of the market — was $304,000 last month, up 1.3 percent from May and 4.8 percent from June of 2018, according to a new report from the Greater Las Vegas Association of Realtors.

 

Home prices aren’t rising nearly as fast as they were last year, and last month’s uptick came after buyers paid a median price of $300,000 for single-family homes in March, April and May.

Meanwhile, sales totals are down, and the valley’s once-shrunken inventory of available listings has shot back up.

A total of 2,903 single- family houses traded hands last month, down 11.5 percent from May and 11.1 percent from June of 2018, and 7,815 houses were on the market without offers at the end of June, down 0.5 percent from May but up 80.3 percent year-over-year, according to the GLVAR.

The trade group reports data from its resale-heavy listing service.

Overall, the pullback follows a stretch of fast-rising prices, dwindling inventory and rising mortgage rates that, collectively, sparked affordability concerns.

GLVAR President Janet Carpenter of Signature Real Estate Group said in a statement that home sales and prices normally rise this time of year, but prices “only went up slightly,” and sales totals in June were down from a year earlier.

The new report, she added, shows Las Vegas’ market is “surprisingly stable.”

“In fact, this is probably as stable as the local housing market has been in nearly two decades,” Carpenter said.

Las Vegas’ home construction market has also tapped the brakes.

Last year, builders closed the most sales in Southern Nevada in more than a decade as buyers paid record prices. But sales volume overall has tumbled this year as buyers gravitate toward less-expensive condos and townhomes, according to data from Las Vegas-based Home Builders Research.

Number of listings down for 2nd week in a row (down 73)

7/6/2019
The amount of listings went DOWN 73  since I checked last Saturday. I just checked and there were 8015 on Saturday 7/6/19 at 7:13 am .We were at 4512 on the corresponding date last year, and 5146 on the corresponding week in 2017, We are up 3503 listings from the same week last year, and up 2869 from 2017. We were at 6554 on Jan 1 2019. Listings often go down on the first week of a given month, due to the fact that many listings expire on the last day of the previous month,
DATE                                    NUMBER                 DATE                               NUMBER
      12/29/18  6789
       12/22/18  6850
      12/15/18 6906
      12/8/18 7005
      12/1/18 6941
      11/24/18 7106
      11/17/18 7138
      11/10/18 7080
      11/3/18 6941
      10/27/18 6815
      10/20/18 6657
      10/13/18 6546
      10/6/18 6406
      9/29/18 6279
      9/22/18 6190
      9/15/18 6065
      9/8/18 5932
      9/2/17 5705
      8/25/18 5626
      8/18/18 5408
      8/11/18 5276
      8/4/18 4956
      7/28/18 4769
      7/21/18 4710
      7/14/18 4567
 7/6/19  8015   7/7/18 4512
 6/29/19  8088   6/30/18 4437
 6/22/19  8148   6/23/18 4433
 6/15/19  8098   6/16/18 4411
 6/8/19  8008   6/9/18 4334
 6/1/19  7982   6/2/18 4241
 5/25/19  8055   5/26/18 4204
 5/18/19  7936   5/19/18 4170
 5/11/19  7846   5/12/18 4083
 5/4/19  7723   5/5/18 4085
4/27/19  7719   4/28/18 3999
 4/20/19  7663   4/21/18 4023
 4/13/19  7544   4/14/18 3930
 4/6/19  7432   4/7/18 3865
 3/30/19 7448    3/31/18 3771
 3/23/19  7447   3/24/18 3860
 3/16/19 7404    3/17/18 3841
 3/9/19  7345   3/10/18 3784
 3/2/19  7260   3/3/18 3756
 2/23/19  7342   2/24/18 3752
 2/16/19  7414   2/17/18 3811
 2/9/19  7375   2/10/18 3813
 2/2/19  7303   2/3/18 3787
 1/26/19 7252    1/27/18 3837
 1/19/19  7121   1/20/18 3890
01/12/19  6978   1/13/18 3954
01/05/19  6701   1/6/18 3863
 01/01/19  6554   1/1/18 3808

 

We have been keeping track of available single family listings in Las Vegas, Henderson, North Las Vegas and Boulder City for years. It is a pretty good indication as to the direction of the market. In our 25+ years of selling real estate here in Las Vegas, we have seen the number of listings range from under 3000 to over 22000.  If the number keeps going up, expect prices to stabilize or go down.  Feel free to call us or e-mail us for any of your real estate questions.  

 

Sean and Emily Gunning
Berkshire Hathaway Home Services, Nevada Properties 
702 498-1171 [Sean] Sean@sellingvegas.com 
702 596-1171 [Emily] Emily@sellingvegas.com
www.SellingVegas.com

Read our 150+ 5 star Zillow reviews: here

We saw this article in the Review Journal and wanted to pass it on

7/4/2019

Las Vegas’ hot housing market spooked home flipper in 2018

By Eli Segall Las Vegas Review-Journal

July 3, 2019 - 3:02 pm

  

 

AUSTIN, Texas – Las Vegas’ housing market heated up last year with soaring prices and fast-selling homes.

It was such a frenzy that house flipper Brian Bair figured the market went to “crazy town,” so he racked up more deals elsewhere.

Bair is CEO of Offerpad, an Arizona startup that buys homes and sells quickly. Founded in 2015, it is active in about a dozen metro areas, including Phoenix, Dallas, Atlanta and Orlando, Florida, and has raised $975 million from investors and lenders.

Offerpad did not provide nationwide purchase totals to the Las Vegas Review-Journal but said it bought three times as many homes in the first half of 2019 compared to the same period last year.

If a home meets its criteria, the company makes a cash offer within 24 hours of receiving the property’s information through its website, and it tries to sell within 100 days of closing the purchase.

Profit margins are tight, but the business is based on fees and volume, not landing a big spread on each deal, according to Bair.

Bair sat down with the Review-Journal last week at the National Association of Real Estate Editors conference in Austin, Texas. He spoke about Las Vegas, his company, and why he doesn’t consider himself a flipper.

The interview has been edited for length and clarity.

Maybe we can start with the basics about Offerpad’s activity in Las Vegas. What is your monthly purchase and sales volume?

We’re probably transacting less than about 100 a month, buying and selling. It’s one of our smallest markets, but one of the reasons is at the end of last year, it got super super-hot and went into crazy town with some of the numbers that people were willing to pay for homes. With our model, we have to be very sensitive to that. We definitely didn’t get as aggressive in Vegas as others did. Overall I think we made the right decision because then it slowed down pretty quickly.

How does that volatility in Vegas, either up or down, compare to other cities you operate in?

Vegas is by far the most volatile that I’ve ever seen in real estate. It’s a great market — great homes, newer inventory — but it goes from hot to cold very quickly.

As you see it, what are the strengths and weaknesses of Las Vegas’ market?

The biggest strength is people love Vegas, they love to move there, people want to have second homes there, it has good job growth. The rub is kind of what I touched on before: It’s a very difficult market to predict.

Like other markets, price growth in Las Vegas has slowed considerably this year, sales volume has been down, and the inventory of listings has almost doubled from a year ago. How does all of that affect your business in Las Vegas?

One of the things we’re seeing is it’s harder for people to sell their homes, so our service is more of a solution than before, when things were escalating so quickly and there were so many investors and people trying to buy homes. We’re starting to see our activity pick up a little bit more in Las Vegas.

What’s your turnaround time on trying to sell a house?

Overall, across the portfolio – Vegas is normally quicker – but from the minute we buy it to the minute that we sell it, we’re under 100 days. There’s things we can control in that 100 days and there’s things that we can’t. One of the things we can control is our renovation. We want to get in and out of renovation in 15 days maximum. We want to get it on the market quickly.

Your company and your competitors Opendoor and Zillow have said they don’t consider themselves flippers, even though you’re buying and selling really fast. Just speaking for yourself, why don’t you consider yourself a house flipper?

I’ve had businesses that have flipped houses. When I hear flipper, what I think of is buy distressed homes, buy low, sell high. With this, why this model is completely different, is that you want to actually pay as much as you can for the home to buy more homes, and you make a little bit of a profit in there as you grow volume. When I was a flipper, for example, even at a 15 percent margin, people would be scratching their head saying, I can’t believe you’re a flipper, you’re only making 10-15 percent margins. This is a completely different world — 1-2 percent, maybe. On the outside, trust me, I get it: It looks like, Oh, well you’re buying and you’re selling quickly, that’s a flipper. But the concept overall is just different than that.

 

Looks like June will be the first month in 10+ years to be above $300000

7/3/2019
Sale Price, Median
Month201420152016201720182019
Jan $185,000 $200,000 $219,000 $238,000 $265,000 $300,000
Feb $190,000 $205,000 $222,000 $240,000 $275,000 $297,000
Mar $195,000 $205,000 $220,000 $241,750 $280,000 $300,000
Apr $192,000 $212,875 $222,000 $249,000 $289,560 $300,000
May $195,000 $212,000 $229,000 $250,000 $295,000 $300,000
Jun $199,900 $220,000 $235,000 $258,500 $290,001 $304,000
Jul $200,000 $218,000 $236,000 $260,000 $290,000  
Aug $200,000 $220,000 $235,000 $260,000 $295,000  
Sep $203,000 $220,000 $233,700 $265,000 $300,000  
Oct $199,000 $220,000 $232,000 $263,000 $296,000  
Nov $202,000 $220,000 $240,000 $261,500 $296,000  
Dec $204,250 $217,000 $235,000 $268,000 $295,500
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