Literally, every single day; I am asked, “So, how is the real estate market in Las Vegas?” I always give as complete an answer as possible. But, to me this is like someone on another continent asking about the weather in the United States.
A broad answer can be given, but; there are too many different regions and climates to adequately respond without some specificity.
Using a simple statistical baseline; not for weather; but, for Las Vegas Real Estate we can deduce it is a stable market. In round terms, based on my primary and most accurate data source. That being none other than esteemed Residential Analyst, Frank Nason; we know the over-all Median Price of a Single-Family Home in Las Vegas was $221,750 at the end of September.
This price point has increased about 13% from the same month last year. And, is roughly 60% higher than the deepest recessionary trough, yet; still a fair bit off from the highest median peaks.
So, what does all off this mean? Nothing, really. Especially, if you are in the market for prime real estate in optimal locations.
For those that desire: 1) Excellent Retail & Entertainment Venues, 2) Located near Major Freeways & Surface Arterials, with 3) Major White Collar Employment Centers, and 4) Great Infrastructure & Services like Award-Winning Hospitals, Ranked Schools & Parks, 5) All packaged within Low Crime Areas then the word “Median” really doesn’t mean anything at all.
The unfortunate aftermath of a receding rather than expanding economy and subsequent real estate market is the good properties become great and the sub-par inferior sub-markets deteriorate at record pace.
In fact, even within a given municipality certain Sub-Markets or “Living Zones” emerge that possess all of the elements just mentioned. And unfortunately others with limited opportunity wither on the vine and we see decay set in.
The national media keeps focusing on the number of empty homes that remain in Las Vegas as an MSA. But, there simply are no empty homes left in the Prime Sub-Markets of the Summerlin Master-Plan or the Green Valley Ranch Master-Plan within the City of Henderson.
In actuality, Summerlin Single-Family (SFR) Product with an average price point of $520,000 is actually selling at a faster pace and at a higher price than at the peak. This is the reality of my Real Estate Zone theory.
To compare life in Summerlin with lush foliage, wide sidewalks and boulevards and the multi-million dollar estates behind private security to the rest of the Las Vegas Metropolitan Area is like comparing Iraq to Palm Springs, except Iraq is most likely much safer!
My point being that once the broad data is stripped away and you start dialing down and checking the boxes below of the Five (5) Major factors:
- Excellent Retail & Entertainment Venues
- Located near Major Freeways & Surface Arterials
- Major White Collar and/or Tech Employment Centers
- Great Infrastructure & Services like Award-Winning Hospitals, Ranked Schools & Parks
- Low Crime Rates/Rankings
You will find that most of these areas are equal to or in some cases greater than other major MSA’s like Denver & Dallas. But, of course; are still far lower in price than the behemoths and mature markets like New York, Washington D.C., Los Angeles, San Francisco and San Diego, for example.
That is the basic theory behind our firm Custom Home Life, to focus on Prime Sub-Markets or Real Estate “Zones” where you can create optimal legacy-style opportunities. In other words, we find properties that are worth more tomorrow than they were today. Long-term for us is a matter of months when it comes to positive vales and sales prices.
Please contact us today to let us know how we can help you make an intelligent choice in the Las Vegas Real Estate Market.