Michel Fadel - Las Vegas Realtor - NVRE S.57134

LVR reports rising home prices, more homes for sale:

A recent Las Vegas Realtors report shows local home prices continuing to heat up with more homes available for sale.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during May was $473,000. That’s up 7 percent from $442,120 in May 2023. But local home prices are still below the all-time record of $482,000 set in May 2022.

The median price of local condos and town homes sold in May was $295,000, up 7.3 percent from $275,000 in May 2023. That’s an all-time high, surpassing the $290,000 mark set in April.

LVR President Merri Perry, a longtime local Realtor, said local housing prices have been increasing this year despite recently rising mortgage interest rates. At the same time, she was encouraged to see increases in both the number of homes being sold and the number of properties available for sale.
“Although the demand for housing here in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members,” Perry said.

By the end of May, LVR reported 3,869 single-family homes listed for sale without any sort of offer. That’s up 6.1 percent from one year earlier. Meanwhile, the 1,324 condos and town homes listed without offers in May represent a 43.1 percent increase from one year earlier.
LVR reported a total of 3,091 existing local homes, condos and town homes sold in May. Compared to May 2023, sales were up 3.7 percent for homes and up 0.9 percent for condos and town homes. The sales pace in May equates to less than a two-month housing supply, which is similar to one year ago and still considered a tight supply by historical standards.

Home sales have been rebounding from 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and town homes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During May, LVR found that 25.7 percent of all local property sales were cash transactions. That’s up from 21.9 percent one year ago but well below the May 2013 cash buyer peak of 59.5 percent.

The number of distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.1 percent of all existing local property sales in May. That compares with 1.2 percent one year ago, 0.6 percent two years ago, 0.7 percent three years ago, 1.5 percent four years ago and 2 percent of all sales five years ago.

The LVR statistics include activity through the end of May.
LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
■ The total value of local real estate transactions tracked through the MLS during May was more than $1.4 billion for homes and nearly $216 million for condos, high-rise condos and town homes. Compared with one year earlier, total sales values in May were up 10.6 percent for homes and up 9.6 percent for condos and town homes.

■ In May, 85.7 percent of all existing local homes and 85.6 percent of all existing local condos and town homes sold within 60 days. That compares to one year earlier, when 77.1 percent of all homes and 79.1 percent of all condos and town homes sold within 60 days.
Las Vegas Realtors, formerly known as Greater Las Vegas Association of Realtors, was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics.

A recent SmartAsset report found that, in order to “live in sustainable comfort” in Las Vegas, a single adult would need to make $94,432 annually or $45.40 per hour.

LVR reports local home prices springing forward.
LVR housing statistics for April 2024.

LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows
local housing prices springing forward in April, with condo and townhome prices reaching a
record high.
LVR reported that the median price of existing single-family homes sold in Southern
Nevada through its Multiple Listing Service (MLS) during April was $469,000. That’s up 9.1%
from $430,000 in April of 2023. However, local home prices are still below the all-time record
of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in April was $290,000, up 7.4%
from $270,000 in April 2023. That’s an all-time high, surpassing the $287,000 mark set in
August of 2022.

LVR President Merri Perry, a longtime local REALTOR®, said local home prices have remained resilient this year despite recently rising mortgage interest rates. Despite rising rates, she was pleased to see an increasing number of properties being sold last month.
“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

By the end of April, LVR reported 3,476 single-family homes listed for sale without any sort of offer. That’s down 7.0% from one year earlier. Meanwhile, the 1,248 condos and townhomes listed without offers in April represent a 29.5% increase from one year earlier.

LVR reported a total of 2,960 existing local homes, condos and townhomes sold in April.
Compared to April 2023, sales were up 19.2% for homes and up 16.1% for condos and townhomes. The sales pace in April equates to less than a two-month housing supply, which is
similar to one year ago and considered low by historical standards.

According to LVR, 2023 was the slowest year for existing local home sales since 2008.
LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023.
That was down from 35,584 total sales in 2022. That followed a record year for existing local
home sales in 2021, when LVR reported 50,010 total properties were sold.

(more)
During April, LVR found that 26.9% of all local property sales were cash transactions.
That’s up from 22.3% one year ago. That’s well below the May 2013 cash buyer peak of 59.5%.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.2% of all existing local
property sales in April. That compares to 0.8% one year ago, 0.5% two years ago, 0.9% three years ago, 1.5% four years ago and 3.0% of all sales five years ago.

These LVR statistics include activity through the end of April 2024.

LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners.

Other highlights include:
• The total value of local real estate transactions tracked through the MLS during April was more than $1.4 billion for homes and more than $193 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in April were up 35.4% for homes and up 28.5% for condos and townhomes.
• In April, 83.0% of all existing local homes and 84.1% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 71.5% of all local homes and 75.7% of all condos and townhomes sold within 60 days.

About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation.

The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of
professional training and must abide by a strict code of ethics.

On this Memorial Day, we pause to reflect on the bravery of those who served and sacrificed for our country.

Their memory lives on in our hearts, inspiring us to cherish the freedoms they fought to protect.

Wishing you all a reflective and meaningful Memorial Day.

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Higher inventory levels are boosting transaction volumes for both existing and new homes as the spring selling season gets going. This despite average 30-yr mortgage rates remaining over 7.5%. It's a reminder that 'life happens' (the 6 D's of real estate), and when you gotta move, you gotta move!

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“Speaking of dollar bills, stocks tumbled yesterday after the US reported a slowdown in the economy’s growth. It only expanded by about 1.6%, suggesting the Federal Reserve won’t cut interest rates before the end of the summer.”

US economic growth slows but inflation grows The world's largest economy grew less than expected but rising inflation may delay a rate cut.

https://youtu.be/RW0ujLeuqj0?si=QIcUR1QJ4dSxn5a-

3927 Montone Ave, Las Vegas, NV 89141 A unique find!!! An oasis nestled in the exclusive gated community of the Overlook-Cove at Southern Highland. Stunning 2 story corner lot, 6 bedrooms, 4.5 ba...

www.listreports.com

A unique find!!! An oasis nestled in the exclusive gated community of the Overlook-Cove at Southern Highland. Stunning 2 story corner lot, 6 bedrooms, 4.5 baths, 10’ ceilings, 8’ doors, large loft. Downstairs open floorpan with stacking slide doors that open to a private backyard, covered patio, heated pool/spa with water features & fireplace, large side yard with artificial turf. Upstairs primary bedroom with balcony, serene mountain views, and designer closets.
2 bedroom downstairs/1 with en suite bath (multi-generational use). Gourmet kitchen features double built-in ovens, 6 burner gas cooktop with designer hood. 42” inch ample cabinets w crown molding. Oversized chef style gourmet kitchen, huge island with breakfast bar. Walk-in butler’s pantry with abundant extended shelves. Granite counters, backsplash.
Finished 3 car garage with epoxy flooring. Water Softener, Tankless water heater, electric car charger, pre-wired alarm.
2 laundry rooms (both sets stay), plantations shutters throughout, 8 fireTVs……
Priced at $1,599,999.00
Please call/text with any questions.

Michel Fadel
Realtor®
NVRED Lic # S.0057134
PID: 204424
Signature Real Estate Group
Cell: (702) 595-8272
Office: 702-506-7300
8912 Spanish Ridge Ave #210, Las Vegas, NV 89113
[email protected]
www.FADELHOMES.com

3927 Montone Avenue, Las Vegas, NV 89141 | Neon Sun Photography 3927 Montone Avenue, Las Vegas, NV 89141 | Neon Sun Photography, virtual tour.

A unique find!!! An oasis nestled in the exclusive gated community of the Overlook-Cove at Southern Highland. Stunning 2 story corner lot, 6 bedrooms, 4.5 baths, 10’ ceilings, 8’ doors, large loft. Downstairs open floorpan with stacking slide doors that open to a private backyard, covered patio, heated pool/spa with water features & fireplace, large side yard with artificial turf. Upstairs primary bedroom with balcony, serene mountain views, and designer closets.
2 bedroom downstairs/1 with en suite bath (multi-generational use). Gourmet kitchen features double built-in ovens, 6 burner gas cooktop with designer hood. 42” inch ample cabinets w crown molding. Oversized chef style gourmet kitchen, huge island with breakfast bar. Walk-in butler’s pantry with abundant extended shelves. Granite counters, backsplash.
Finished 3 car garage with epoxy flooring. Water Softener, Tankless water heater, electric car charger, pre-wired alarm.
2 laundry rooms (both sets stay), plantations shutters throughout, 8 fireTVs……
Priced at $1,599,999.00
Please call/text with any questions.

Michel Fadel
Realtor®
NVRED Lic # S.0057134
PID: 204424
Signature Real Estate Group
Cell: (702) 595-8272
Office: 702-506-7300
8912 Spanish Ridge Ave #210, Las Vegas, NV 89113
[email protected]

3927 Montone Avenue, Las Vegas, NV 89141 | Neon Sun Photography 3927 Montone Avenue, Las Vegas, NV 89141 | Neon Sun Photography, virtual tour.

Finally some good news about the real estate market You loved last week's good news on mortgage rates, and this week brought even more smiles to real estate agents and brokers.

Happy Xmas (War Is Over) (from Monte Bianco) Matteo Bocelli feat Virginia Bocelli “Happy Xmas (War is Over)(from Monte Bianco)Original version of ’The Greatest Gift’ available on the Deluxe Edition of A...

Henderson Real Estate Market Update

Real Estate Activity in Your City Henderson Real Estate Activity in Your City Henderson

Las Vegas Real Estate Market Update

Real Estate Activity in Your City Las Vegas Real Estate Activity in Your City Las Vegas

Nevada led the country in August in home foreclosures, according to a study from ATTOM, an online real estate data company. And Las Vegas ranked third among cities in the U.S. with the highest foreclosure rates.

One in every 2,224 housing units in Nevada had a foreclosure filing in August, beating out Illinois, South Carolina, New Jersey and Delaware, according to the new report.

Nationally, there were 33,952 properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — a 7 percent increase from July, but down 2 percent from one year ago.

In Las Vegas, one in every 1,796 houses was in foreclosure in August, behind Columbia, South Carolina and Fayetteville, North Carolina.

Realtor.com reported that Nevada emerged as a “flashpoint” for a massive wave of foreclosures during the 2008-09 economic downturn, which was fueled by a sub-prime mortgage crisis.

“The (Las Vegas) housing market took years to recover after the influx of these vacant homes in the state,” the report stated. “However, real estate experts don’t anticipate another wave of foreclosures in Nevada — or anywhere else in the country. In the aftermath of the housing bubble, lenders have tightened the qualifications needed for borrowers to receive a loan. Today’s buyers are financially stronger and less likely to default on their loans. Even if they lose a job and can’t pay their mortgage, many will be able to sell their home before a foreclosure is completed. Most will even walk away with some cash.”

Las Vegas is dealing with a real estate slowdown — much like the rest of the country — due to a lack of supply and record-high mortgage rates. Renters are also hoping for relief in the city given that a wave of new apartment units is coming onto the market this year.

By Patrick Blennerhassett Las Vegas Review-Journal
September 19, 2023

Las Vegas News | 7@7 PM for Tuesday, September 19, 2023