It makes me crazy to hear reporters crying that the housing market is going to hell in a hand basket simply because prices are no longer skyrocketing. I guess it sells newspapers (I know, that’s not really a thing now, but that’s not the point). These stories cause buyers and sellers to sit on the fence waiting to see what will happen next, and thereby contributing to – what happens next!
Housing prices in Nevada are among the fastest-rising of the top 20 markets in the country, yet because the trajectory has slowed our own Las Vegas Review Journal just stated, “resales have tumbled, the once-depleted inventory of available houses has soared, and price growth has slowed.” I’d share a link to the story, but I don’t want everyone to be forced to pay the LVRJ 99 cents to read a lame story that I find somewhat difficult to follow. The headline blares a problem, but the numbers in the story belie the headline.
(Picture and referenced story Courtesy of the Las Vegas Review Journal)
Las Vegas does have a serious issue with a lack of affordable housing, and that’s slowing sales – but it’s hardly time to say slowing price increases are a problem. Las Vegas home prices are up 9.7% from February, 2018 to February, 2019, according to the S&P CoreLogic Price-Schiller Index. That is more than double the national average price increase of 4%. Winning.
Los Angeles, San Diego, and San Francisco are very possibly about to see home prices decline for the first time since 2012, according to CoreLogic. So when I read that our market “likes to tout it’s cheap prices compared to California,” it makes my blood boil just a bit. Our median home price is still at $300,000 – so, yeah, we have boasting rights.
What I can’t figure out is why more Californians are moving to Washington, Arizona and Texas than to Nevada, where we pay no state income tax. But that’s just an aside.
According to the Greater Las Vegas Association of Realtors, 2872 single homes sold in April. That’s up 9.6% from March. Sales are down 0.2% year-over-year, so the LVRJ writer manufactures a crisis?
Inventory has risen to 7435 homes; although inventory is up 4.9% for April, we have less than a 3-month supply. This is a healthy market other than the affordability problem. If that changes substantially, I’ll don the LVRJ’s Chicken Little mascot costume and announce it’s time to panic. I do not see that happening.
Local homebuilder Larry Canarelli just sold his homebuilding business to Pulte Homes, which plans to retain Canarelli’s America West brand. Pulte picked up 1200 building lots, which total about 200 acres, for $150m. Mr. Canarelli still owns about 6000 acres. I am available for adoption, Mr. C.
(Photo courtesy American West/Story Courtesy ProBuilder.com)
As always, feel free to call or text me at 702.279.2466, or shoot me an email at [email protected], if you have any real estate questions.
Robin
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Washington and Texas have no state income tax either. Both also have an abundance of tech jobs.
Texas has no state income tax.
Neither does Washington. That said, I moved to Nevada and the lack of a state income tax was a contributing factor.
Double-busted! Thanks for the info.
Well, there you go – shows you how much I know about Texas and Washington! My tribe is from Washington, but I haven’t lived there since I was 5 or 6. I am an expert on buying and selling real estate in Nevada, and apparently not on state income taxes! I’m just always happy we don’t pay them here in Nevada. Thanks for the information, even though I will NEVER move to Texas, and don’t want to return to Washington. Vegas, baby.
In March, this CA guy made a strong offer ($5,500 above asking) for a townhouse in Las Vegas and the seller went with a better offer. No the sky is not falling. In April my next offer on a Las Vegas place was accepted (in escrow now). I have owned my retirement home in Vegas for five years and I am still buying. See you soon.
Fortunately, the market is stabilizing. We aren’t seeing as many over-list-price offers and contracts now. Congratulations on your newest LV home, soon to close!
Contemplating a move to Vegas from northern California. What is holding us back are 2 things: 1) the lack of information about health care. A great deal of California residents have Kaiser which is available in Oregon and Washington, but not in Nevada. What are my options? 2) Crime. We have heard horror stories about home invasions (robberies when the owners are home) and lots of theft. We want a secure, safe neighborhood, but do not necessarily want to be subject to an HOA situation. Any feedback is welcomed!
AJ, I grew up in Sacramento and my mom was a civilian employee for McClellan AFB, so we grew up with Kaiser. And under the shadow of constant jet noise – lots of long pauses before you could resume your phone conversation – but that’s another topic.
I’m not sure what you mean by lack of information about health care. If you are simply looking for a list of insurers, Nevada’s Division of Insurance is a great resource: doi.nv.gov.
Without knowing specifically what you are looking for, I can only paint with broad strokes (haha, I can’t really paint at all!). Las Vegas’ Medical District is home to the UNLV School of Medicine, Cleveland Clinic Lou Ruvo Brain Center, University Medical Center with it’s Trauma Center and Lions Burn Care Center, and many more excellent facilities and hospitals. I think one of my favorite things about Las Vegas is our proximity to other major cities – Los Angeles and Phoenix are a 4-1/2 hour drive. Stanford University is only a 90-minute flight.
Regarding crime, just like any city our size, Las Vegas has its low-crime neighborhoods and then neighborhoods where you will see a higher police presence. An excellent place to research crime in specific areas, even down to a small neighborhood, is lvmpd.com; click on Crime Mapping in the upper right corner.
Most of the inquiries we get are from homebuyers looking for something in Green Valley or Summerlin, two popular master communities, or in a rural area. It’s difficult to find a development newer than 1995 that does not have an HOA in the master communities – there are some, but HOAs is the norm.
I’d be happy to have one of my agents help you find a non-HOA neighborhood that meets your needs if you are in town looking for a home. One last thought – if it’s the HOA fees that concern you, an agent can identify communities with low HOA fees.