Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
The September 2018 SFR median home price come out and it is 300k, up from 295k previous month August. The important number to look at is year over year increase of 13.2%. Even small increases for the remainder of the year, would put Dec'18 at 14.2%, which will be the highest percentage increase for #1 city in nation.
Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
7y
@Account Closed
I still see movement in multi's (4plexes). I track SFR movement as a barometer for all types, as there are no good 4plexs median. The median increase 5k, from 295k to 300k, sales were lower, but median price still rose.
Usually the higher price items slow down first. The lower price still moves. Also, the supply and demand factor is in play for multi's. An inventory check of Las Vegas SFR's show 4968 open listings, condo/townhouse 1644, and multi's 92. That means for every 2 multi's, there 100 SFR's.
On the positive, as a whole, Las Vegas will finish out #1 top metro with highest percentage appreciation gain (SFR) for the year. Will come in at around 14% for Dec'18.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
7y
The sky high Hoa fees are probably crushing your condo Larry they were meant for STR and Vegas doesn't like STR. That and the fact it's probably quadrupled in the last 7-8 years.
I remember buying condos that used to be $1 million for low $200k's. Problem was the Hoa fee was often still $15k per year. Easier to swallow a 1.5% per year Hoa fee than 7.5%. The one percent rule didn't mean much back then when the HOA fee was over 1/2% per month. I remember the MGM sales people saying that got you "access to everything the casino below has to offer..." so like the ame access as a homeless person? My favorite was the panorama towers guy selling the view of the topless pool across the highway. :-).
If I had the power to disband every Hoa that my houses are in I’d get rid of 90%. Certainly everyone without a gate.
Real Estate Agent · Cupertino, CA · Member since 2016 · 4k+ posts · 1k+ votes
7y
Great stats. I often show areal/sf and average home price for an avg size home (e.g. 3-4 br 1400-2000 sf) to weed out the estates and fix uppers. Sold/listed price, and days on the market are also helpful to determine what phase of the market it is.
Professional · Anaheim, CA · Member since 2017 · 1k+ posts · 686 votes
7y
Realtor.com forecast in Dec'17 that inventory would rise in mid year 2018. A bit late, but forecast held true. Now that said, inventory still 2-3 months supply, with 6 months being a balanced market. It's still a sellers market but might take longer to sell, or some sellers need to take discount in price.
I would say it all dependent on economy and jobs. If no jobs or economy takes a hit, then buyers will disappear.
Article for median home sales, inventory, and price, see above. Per article, inventory at 2 month supply, while 6 month is considered normal. Thus, still a seller's market.
I'm a numbers person, and the one number that I consider the most important, is the median SFR home price change, year over year. Based upon my forecast for $2K increase for the next few months, the final Dec'18 number will come in at 14.2%. If that number holds true, this means that a SFR in Las Vegas, purchased in Dec'17, has increased $38,100, or 14.2% from the previous year.
That is why Las Vegas is the number #1 top metro city in the nation.
@Account Closed, if you foresee price below $200k again, a smart move would be sell all your luxury condo now at 20% discount, then buy it back again at 50% in the future.
;)
What happens if it does not drop 50% and keep going up...