How is the Las Vegas real estate market these days?
We seem to want an answer to that question on a weekly, even daily basis. We’ll the most interesting thing analysts say is that it’s still stable.
In fact, the median home price is currently at $220,000. A figure that hasn’t changed over the last three months.
So, welcome to the new normal for 2016. But are there problems we should be talking about? – Foreclosures, the gap in prices between new and resale homes and affordability.
And what impact does a stable housing market have on leasing at mini-malls throughout Southern Nevada?
Scott Beaudry is the new president of the Greater Las Vegas Association of Realtors.
On interest rate hikes on the local market:
"I haven't seen a huge effect yet, but interest rates are still amazing. And it is still an amazing time to buy."
"Some purchasers are afraid of the interest rate a little bit, where it could lead, so they're jumping into the pool right now, especially the individuals who faced foreclosures and had foreclosures. Now is the perfect time."
On the stability of the median home price:
"It's amazing that its stable. It's a good thing. We still have had 9 percent increase in values over the last year, which is great."
Heidi Kasama is a broker with Berkshire Hathaway Home Services.
On foreclosures negatively impacting the market:
"The foreclosures and short sales are really less than 15 percent of closings for the market now. So they are not really as significant as they once were. I would say they are really a minor issue in the market now."
On new homes developments:
"It's thrilling to see these developments that were put on hold re-emerge. We have buyers for them. We have pent-up buyers, I call them. Buyers who were waiting to see the Southern Nevada economy get strong again and we are."
On the confidence of buyers and sellers:
"People have to feel confident before they go out and buy a house or buy a car or make a change with their homes. And we're seeing that confidence come back into our market which is very healthy for us"
On stability in the market:
"We don't want to go through what we have in the past where we have soaring increases and then we've got a bubble. Having a stable market, which is what we're in now, is much healthier for buyers, sellers and our communities."
Matt Bear is a vice president at CBRE.
On the state of the commercial real estate market:
"Like the residential, the commercial market has stabilized and I think there is normalcy coming back into the market. And there is more tenant activity. So, it's not a distressed market any more. In fact, you could argue that it may be heading towards being overvalued."
"The availability of commercial lending and lower rates has really pushed up demand and therefore pushed up pricing."
On demand for commercial space:
"There is tremendous demand for good real estate and good markets on good corners. The difference about retail relative to office and industry is that one corner truly is better than another corner. So, there is a premium for better real estate."
On where the next Downtown Summerlin-type development will be:
"In Las Vegas, I don't know where you would put another one currently. The trend is multi-use projects."
"I really like Downtown Summerlin. I think they've done a good job and when they build the other side of the project to the east with the baseball park and more residential and hopefully some more offices it is going to really make that project great."
Scott Beaudry, president, Greater Las Vegas Association of Realtors; Heidi Kasama, broker, Berkshire Hathaway Home Services; Matt Bear, vice president – retail/mixed use, CB Richard Ellis