Las Vegas Real Estate Market Closer To Stability; Time Still Needed
Median home price remains steady, appreciation reasonable as winter approaches
LAS VEGAS, Dec. 3, 2014 /PRNewswire/ -- Gavish Real Estate, Southern Nevada's largest independent brokerage, reports that the Las Vegas real estate market is closer to long-term stability than it has been in the last five years. Median list price of a home in Las Vegas as of November 17 2014 is $249,900, with average days on market at 104, according to Altos Research, LLC, a real estate analytics company. Trends indicate no significant fluctuations from last report, suggesting true normalcy may be on the horizon.
Southern Nevada has experienced fewer cash investors, whose presence spiked activity the last several years. Las Vegas was stimulated post-recession by a heavy presence of institutional and foreign investors seeking single-family homes for conversion to long-term rentals. The luxury home market realized significant increases in activity over a similar period, but has ebbed in the last 12 months. September 2014 marked a 5-year low in the number of cash purchases in Las Vegas.
"The benefit of these cash investors was that they ensured the homes they were buying remained affordable living options for the many Las Vegas residents hurt so deeply by the recession," said Iddo Gavish, founder and CEO of Gavish Real Estate. "Without that influx, many neighborhoods would have gone down hill quickly."
A byproduct of that investor activity is a seller community now beholden to higher prices. However, the market has reversed course, so traditional buyers are finding inventory limited because sellers remain enthralled with above market prices and quick closings.
One unique market factor Gavish Real Estate is waiting on in 2015 involves a State Supreme Court ruling giving home foreclosure precedence to Homeowners Associations over lenders, citing that they will be able to move faster to auction, thus reclaiming delinquent fees and then compensating the lender. The local market is not expecting this issue to subside in the coming year.
ABOUT GAVISH REAL ESTATE
Gavish Real Estate is a Las Vegas, NV-based independent real estate company focusing on new and pre-existing home sales and buyer representation, property management, investment property sales, and luxury home marketing. The company was founded in 2007 and recently expanded to 12,000 square feet to accommodate growth stemming from market improvement.
MEDIA CONTACT
Todd Butwinick
Gavish Real Estate Vice President of Marketing
[email protected]
702/255.1145
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SOURCE Gavish Real Estate
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