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Summerlin real estate market continues to heat up


Those are the three most important words in real estate. But in Summerlin ... He said the pro sports teams arriving in Las Vegas and Nevada’s permissive cannabis regulations are making the city an attractive place to live. Buyers are mostly looking ...


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Location, location, locationThose are the three most important words in real estateBut in Summerlin, it’s also about availability. By Jan Hogan / View November 9, 2017 - 3:21 pm   Updated November 9, 2017 - 4:22 pm John McNamara takes a break from selling homes Sept10, 2017He said the housing market in Summerlin is in need of more inventory(Jan Hogan/View)A rent ad on West Charleston Boulevard is seen Sept14, 2017Local realtors said the housing market is low on inventory and even un-renovated homes are selling quickly(Jan Hogan/View)A home near Trails Village Center is seen Sept1, 2017 ///1712 Delaney Creek// The 1,548-square-foot single storyWith three-bedrooms and two bathrooms, is selling for $289,900(Jan Hogan/View)David JTina President Greater Las Vegas Association of Realtors Location, location, locationThose are the three most important words in real estateBut in Summerlin, it’s also about availability. The Greater Las Vegas Association of Realtors reported the median price of existing single-family homes sold through its Multiple Listing Service in September was $265,000, up 13.5 percent from September 2016The median price of local condominiums and town homes sold in that time was $140,000, up 21.7 percent from the same time last year. “Our inventory is low,” said David Tina, owner of Urban Nest Realty and president of GLVAR“Normally, we’re looking at a six-month inventory, and we have a 45-day inventorySo, there’s not as much choice out thereNot to say that houses aren’t sellingWe’re actually going to sell, as a community, as a city, more houses this year than we have in the last five years, so our supply is growing but our demand is outpacing that.” Homes and condos continued to sell faster than last year at this timeIn September, 82.9 percent of existing local homes and 87.6 percent of existing local condos and town homes sold within 60 daysThat compares with one year earlier, when 76.1 percent of existing local homes and 77.3 percent of existing local condos and town homes sold within 60 days. Most homes, 68.3 percent, stayed on the market for 30 days or fewer, with 14.6 percent of homes selling between 31 and 60 days. Almost 70 percent of homes on the market are in escrow within 30 days, Tina said. The fastest he has seen a Summerlin house sell: “Within hours,” he said“If it’s priced rightThat’s dictated by priceAnything remotely close to $300,000 is going to have multiple offers … five to eight offers and it’s gone.” Jamie McKee and her husband bought their south Summerlin home 21 years agoShe renovated the house in 2007 but said it needs updating again, especially if they moveThey are not looking to sell, but she said neighbors have sold their homes. “They’re selling at a good price now, but when people buy them, they totally renovate themThey’re ripping out everything,” she said“You’ll see the big dumpsters out frontOur next-door neighbor, after he bought the home, he totally gutted itNow, it’s totally gorgeous“ Tina said that “if someone is willing to do the work of a renovation, they’re probably going to get multiple offers, whereas someone who’s not, it may sit on the market for 90 to 120 days.” Similar homes just two or three lots apart may sell for a $100,000 difference in price for that reason, he said. John McNamara has been a Realtor for 12 years and arrived in Las Vegas in 2009He said the pro sports teams arriving in Las Vegas and Nevada’s permissive cannabis regulations are making the city an attractive place to live. Buyers are mostly looking for a three-bedroom home with an open floor plan, he saidMany want properties to be updated and modern-looking. “You want buyers to be focusing on the amenities of your home and not your stuff,” McNamara said“The market’s so hot right now, you don’t need to be putting money into it to get it soldIf your property is priced correctly of this market, it’s selling in week, if not days.” Contact Jan Hogan at jhogan@reviewjournal.com or 702-387-2949. By the numbers By the end of September, the Greater Las Vegas Association of Realtors reported 4,969 single-family homes listed for sale without an offerThat’s down 33.1 percent from one year agoFor condos and town homes, the 680 properties listed without offers in September represented a 41.4 percent drop from one year ago.

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