Following a significant increase in single family home prices over the summer, recent price growth is more tempered and flattening. In our opinion, this pause in price growth is welcome since we do not want to see prices exceed the basic fundamental measures that drive the market long-term. We typically see closings subside this time of year and 2015 continues this pattern, however, both escrows opened and the number of closed ho... read more
As we enter fall, there are a few things that we typically observe. One is a buildup in inventory which is often the result of slower sales rates. Another market feature that we often observe is an increase in days on market. This market mechanism, which manifests as strong seasonal patterns, often results in more moderate price changes during the fall months, as demand softens and available supply expands. August figures, which are revealed be... read more
Looking year-over-year, the number of single family escrows opened and homes closed have been more than respectable. Closings are up nearly 20% year-over-year when measured in July and the year-to-date numbers are solid also. Price increases have moderated and we believe this is a welcome pause after the consistency in vibrant price increases. We have already experienced more price amplification than we expected back in Ja... read more
So far 2015 is looking a lot like 2014 in terms of closings. Both single family homes and condominiums are very close to 2014 levels between January and May. However, the type of buyer has been shifting with prices ratcheting higher during the past year. Investors now make up a relevant but declining share of closings and the higher prices have likely tempered some first-time buyer interest although low interes... read more
LAS VEGAS VALLEY HIGH-RISES
LAS VEGAS HIGH RISE - Condominium Market
While we see each high-rise project as a market unto itself, for brevity, we occasionally refer to the “market” for high-rises.
The high-rise market is registering fairly flat sales rates, however pricing continues to ratchet higher in a majority of buildings. There are some notable performers. In the past couple of years, Downtown has had rather tight supply, with limited resale activity in Newport Lofts and Soho Lofts, both of w... read more