LAS VEGAS -- Then: too many buyers, not enough homes.
Now: too many homes, no one is buying.
It’s been a wild year in the Las Vegas housing market.
“We basically had a tale of two markets,” Bob Hamrick said. “Close to the first half of 2018, things were in a hyper state, property values were appreciating, selling very quickly to now.”
Las Vegas topped all the lists of hottest zip codes in 2018. The valley saw ‘For Sale’ signs taken down as quickly as they were put up. The average home only sat on the market for two weeks. In most cases, they sold in days.
Most of buyers are moving from California.
“Las Vegas is better from a tax standpoint against California, certainly from a pricing standpoint,” Hamrick said.
Hamrick is the CEO and Chairman of Coldwell Banker Premiere Realty.
New builds popped up across the valley. But as those sizzling hot summer temps cooled down, so did the housing market.
“September was certainly a slower month,” Hamrick said. “We saw a surge in October. November was a little slower. Then we saw another surge in December.”
Local realtors said high interest rates are partly to blame. At one point, interest rates topped off at 5%, but even those numbers are starting to balance out.
“In December it actually moved back a little bit,” Hamrick said. “So now they're 4.75%, 4.5%.”
So it may not make the headlines, but realtors said the current steady market is the best time for buyers and sellers to make a move.
“We're in a much more balanced market which means frankly, for a buyer they have a better opportunity to negotiate,” Hamrick said. “There’s a lot of questions about what's happening with interest rates, what's happening in the overall market, but suffice it to say, we are extremely bullish on Las Vegas. Plenty opportunities for growth, from an employment standpoint, development continue to point north for Las Vegas.”
The hottest neighborhoods are Green Valley and Summerlin.
Interest rates are expected to rise again in 2019. So realtors say the best time to buy a house is in the first three months of the new year. Sales always pick up right after the Super Bowl.