Happy New Year! Thank you for making 2015 another record year for Brazill Team Real Estate! We appreciate you and your business.
We are optimistic that 2016 is going to be another stellar year! Based on the transactional volume the last few months and what is currently in the pipeline, we believe this will be another strong year for our market. While real estate generally tends to slowdown in the months January and February, this does not appear to be the case this year. In fact, the current market is reminiscent of 2005 and 2006 as construction is booming, unemployment is down, and the economic indicators for Las Vegas are up. Hopefully we do not soon forget what happened in 2008 and can take a responsible approach on lending and spending.
In the final quarter of 2015, numbers in the residential real estate market remained relatively flat, with the exception of average days on market which now is at 113 days, a slight increase from the 90 days reported last quarter. The median list price is $270k (flat) and average asking price per sq. ft. is $127, a slight increase. While it is a sellers’ market, we believe pricing is a little optimistic, as thirty five percent (35%) of the sellers have had to reduce their price to get offers.
The median sales price of existing homes is $220k, a 6% increase over last year. As such, the difference between the list price and sales price is $50k. The median sales price for new Las Vegas homes is $316k, a 40% difference than resale value, the highest difference in the nation. Based on these numbers, we anticipate either resale prices will increase or new home prices will decrease, as the normal spread is 15%.
Overall, the residential market is continuing to improve, a trend that will likely continue through 2016. The commercial market, however, remains in recovery in all segments -with apartments leading the way.
For more information about the current state of the Las Vegas real estate market, or to discuss buying or selling your real estate, please contact Stacy or Antone Brazill via phone, 702-278-3886, or visit The Brazill Team online at www.thebrazillteam.com.
This Las Vegas Real Estate Market Report was compiled by Stacy and Antone Brazill, The Brazill Team. This report was developed using data from various industry reports as well as the Brazill’s vast knowledge of the local marketplace. Stacy and Antone Brazill have worked in the Las Vegas real estate market for decades and their agency is deeply experienced in all facets of traditional and investment real estate including Multi-family, Land, Office, Retail, Industrial, Residential and Development.
For questions regarding this report, or to obtain additional information about current Las Vegas real estate opportunities, please contact The Brazill Team at 702-278-3886 or visit their website, www.thebrazillteam.com.