Riding the Las Vegas Home Values Roller Coaster
An interesting infographic over at Realestate.com titled "Riding the Trillion Dollar Real Estate Recovery Roller Coaster" that you can view HERE.
While it does not show the actual ride up to the U.S. real estate bubble peak during the days of exotic home loans such as NINJA (No Income, No Job and No Assets), Option Arms (Pick a payment you can pay - even if it means your home loan balance is going to go up) and all of the other home loan shenanigans, some fascinating numbers are shown such as the $9,128,000,000,000 ($9.1 Trillion) of home equity lost from March of 2007 through November of 2011. (On average, $70,000 per household.)
It goes on to show that since the proclaimed bottom of the home value crash of November 2011 that home values have "recovered" back up collectively $3.2 Trillion or $24,000.
Now... unless you've been living on some remote island in the Pacific somewhere, you obviously know that Las Vegas is one of those cities where the roller coaster ride down was beyond the legal limits of any roller coaster allowed. In fact, it's probably more appropriate to describe it as Las Vegas home values just went over a cliff, hit the water and sunk to the bottom of the ocean.
All real estate is local. National real estate reports and even to some degree City real estate reports really don't mean too much if you are looking to buy or sell real estate in a particular zip code. So let's take a look at what happened for a zip code in Las Vegas I know very, very well which is basically, Summerlin South.
Las Vegas Home Values in Zip Code 89135 - September of 2006, 2011 and 2012
Home to Red Rock Country Club, The Ridges and notable other nice communities such as Willow Creek, The Willows Village and Ridgebrook.
It's remained pretty much the same since 2006 and has not varied too much unlike some other zip codes of Las Vegas where new development has taken place that could really affect the numbers. My dates are going to be a little different then what the Real Estate Roller Coaster "Recovery" post uses but it's the same concept.
Just some quick notes before getting started:
- These numbers come from / are reported by the Las Vegas Multiple Listing Service and does not include For Sale By Owners or any other properties not listed and sold in the Las Vegas MLS.
- The Averages include Condominiums, Town homes and Single Family Homes.
- I prefer to use Averages and not Medians when it comes to reporting numbers. "Median" is just the middle number of the listed results and there are factors that could deliver misleading real estate reporting when you are comparing year over year results.
All that being said, check out these fascinating roller coaster ride results for Las Vegas Zip Code 89135:
|Year||# of Sales||Average List Price||Average Sales Price||Avg. Sq. Ft.||Avg. $ Per Sq. Ft (S.P.)||Avg. Days on Market|
|Difference From '06 to 2011||+26 +72.22%||-$298,097 -43.81%||-$294,402 -44.92%||-2||-$123
|Difference from Sept '11 to Sept '12||-24 -38.71%||+$134,356 +35.15%||+113,861 +31.54%||+376 +14.93%||+$29.00 +24.58%||+1|
|Difference After 6 Years||+ 2 +5.56%||-$163,741 -24.06%||-$180,541 -27.58%||+374 +14.84%||-$94.00 -39.00%||+10
Roller Coaster Ride Bar Chart for Las Vegas Zip Code 89135
A big Year over Year Gain in the Average Home Sale Price for Las Vegas Zip Code 89135
- An average gain in the sales price of $113,861 or 31.54% from September of 2011 to September of 2012.
- An average gain of $29 a square foot or 24.58% for sold homes.
That's quite a big jump and there is a major factor involved that's affected all of Nevada that I mentioned in one of my previous posts about Las Vegas Home Prices Jumping in August and I'll cover it some more in my next post.
What I will mention now is that it's an EXCELLENT time to sell your Las Vegas home right now if you've been thinking about doing so.
Paul Francis, Realtor®
Prudential Americana Group, Realtors®
Las Vegas Real Estate - Summerlin Homes
Average Home Sale Price in Summerlin South