All Forum Posts by: Phillip Dwyer

Originally posted by @Bill B.:

Has anyone ever seen this argument mentioned before? In today’s LVRJ real estate section. They have an article saying we have less than a 2 month supply because..” 55% of all single family homes are priced WELL ABOVE what the market will bear.”  Seems like a weird stat. Also seems weird that realtors would list more than 1/2 their clients properties WELL ABOVE what the market will bear  and who decides that mark? What if one of those properties sells at that price?

they both work for Berkshire Hathaway but I’m not sure which is saying that’s true  

 I think the article author is saying that Mr. Barbee's contention is that instead of 2-3 months supply, that we actually have around 1.7 months supply due to lots of over-priced listings.  This sounds more like a generalized presumption/opinion than a hard stat.  

I'd add that in my experience it seems as though there is always a decent portion of inventory that is overpriced.  I have no idea how big of slice that is, but it's there.  

@Bill B. It looks like the stats are coming from the monthly report that LVR puts out. The $350k is the median list price of SFR. June and May were the same. I prefer one of LVR's other tools where I can filter the data more and also look at actual monthly numbers versus the trailing 12 month average. The report sighted above doesn't say if those were 12 month trailing averages or actual monthly numbers.

@JD Bock you're welcome.

@Terry Lao The link is for SFR resale median sale prices. I filtered by that criteria when setting up the data feed. If you look at the lower right hand corner in blue type you will see the filter criteria. FYI, it's no longer GLVAR. They rebranded a few months back to Las Vegas Realtors.

@Terry Lao I get the stats through our MLS.

Here's a link:  Monthly Median Sale Price Trend for Las Vegas Metro Single Family Resale

@Terry Lao. June numbers were out last week. There used to be a lag, but it seems they are getting out faster now. Resale SFR median sale price for Vegas metro was $312k for February, $315k for March, $305k for April, $310k May, and $322k for June.

@Tom Kastorff. Sorry too much coffee for me today. I didn’t mean for it to be a sharp reply. I know what you mean about all that dated marble stuff!  

@Tom Kastorff Define higher end. I think we've had this conversation previously in this same thread. The luxury market here makes up a much smaller portion of the overall market. If you look at houses $1million and up, there has been an over supply for years. That hasn't changed much. In the past 30 days, 42 houses have sold over $1mil, and there are currently 542 houses over $1 mil on the market. Now, if you're talking about resale SFR (all price points), the median price did increase last month overall

@Mary Jay supply is actually going down and prices are going up.  I could see this changing by spring 2021, but for now the local residential real estate market is moving counter to the economy. 

MLS June Stats are out. June had the highest number of pending sales since 2012 for single family resale property.