has Summerlin NV hit bottom?

Asked by Bill Mcintosh, Lake Las Vegas, Henderson, NV Tue Dec 8, 2009

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NonRealtor, , 23456
Tue Dec 15, 2009
Hi Bill,
From the charts in trulia--In 2000, you could buy a median priced house in Summerlin for about 130K. It will be about that price again soon--probably cheaper--most markets tend to over-correct when they finally hit bottom. Wait to buy--you'll get more house for your money. I heard the unemployment rate in Vegas is about 18%--so prices should continue to drop. With high unemployment and another burst of foreclosures in 2010, it should find a bottom--I'm thinking by 2012. But who knows, maybe unemployment goes to 25% and prices keep tumbling. Be patient. Good Luck
1 vote
Mark Fleysher, Agent, Las Vegas, NV
Fri Aug 9, 2013
Summerlin did hit bottom, and has already started to quickly appreciate. Still a great time to buy, below rebuild/replacement cost!

Learn everything about Summerlin and see available Summerlin homes for sale here:

0 votes
Mark Fleysher, Agent, Las Vegas, NV
Sat Jan 5, 2013
Hello Bill,

See current Summerlin Market Trends here:

Also, See all current Summerlin homes for sale, beautiful, free, and live:

Call me today for private showings of Summerlin homes for sale.

Mark, 702-291-8186
Sellstate Deluxe Realty
0 votes
David Cooper, Agent, Los Angeles, CA
Sat Jan 5, 2013
The median sales price for homes in Summerlin South, Las Vegas for Sep 12 to Nov 12 was $289,056 based on 182 sales. Compared to the same period one year ago, the median sales price increased 29.6%, or $65,982, and the number of sales decreased 15%.
Average price per square foot for Summerlin South was $141, an increase of 11% compared to the same period last year. There are currently 117 resale and new homes in Las Vegas on Trulia, including 116 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Summerlin South was $1,025,651 for the week ending Dec 26, which represents an increase of 0.8%, or $8,328, compared to the prior week.

David Cooper Investor in Good Deals
0 votes
Natali, Home Buyer, Spring Valley, Las Vegas, NV
Wed Apr 7, 2010

Frankly speaking I spend 1 minute to type "Thanks" for you-

its nothing compare with the time you spend with your research.

And now I am reading all another yours Q/A and Blogs -
you have not only great knowledge but great sense of humor-its fantastic.

So thanks again :)

BTW, maybe you can start new blog about New Short Sale Regulations ? or its too early ?
0 votes
Voices Member, , Benton County, OR
Tue Apr 6, 2010

Thanks, glad these links/resources are still of help to you and sincerely appreciate your taking the time to post such a kind comment...DQ is a nice resource to check for a variety of markets IMO...
0 votes
Natali, Home Buyer, Spring Valley, Las Vegas, NV
Tue Apr 6, 2010

Thanks for very helpful link about Las Vegas Region February Home Sales.

0 votes
Voices Member, , Benton County, OR
Tue Dec 15, 2009
Bill here's some numbers you can view perhaps they will help you form an opinion..
Take a look at the med price declines....
Las Vegas, Nevada Home Sale Activity
Data is for the third quarter of 2009
Reporting resale single family residences and condos as well as new homes
* % Change is from the same period last year

Las Vegas Region October Home Sales

Las Vegas-Paradise, NV MSA

Number of sales Oct-08 Oct-09 %Chng
Resale houses 2,903 3,612 24.40%
Resale condos 506 971 91.90%
New homes 737 485 -34.20%
All homes 4,146 5,068 22.20%

Median sale price Oct-08 Oct-09 %Chng
Resale houses $193,140 $135,000 -30.10%
Resale condos $110,000 $71,000 -35.50%
New homes $247,582 $204,910 -17.20%
All homes $196,000 $130,000 -33.70%

Sales may be up but where are prices headed?
Now consider unemployment and you decide what you've got...
Good luck, Dunes
0 votes
Ron Johnson, Agent, Las Vegas, NV
Mon Dec 14, 2009
Hello Bill,

Unfortunately, I do not own a crystal ball. I will give you my own personal opinion based on my experience. I think the lower priced homes and condos in Summerlin are at the bottom or very close to the bottom based on trying to help buyers purchase a home for $160k or under in Summerlin. Every house that come on the market in this price range gets multiple offers and almost always sells for above the asking price. This is not necessarily true for the larger more expensive properties. The market is also very competitive and many offers are all-cash which makes it harder for buyers who need new financing.

I am very familiar with Summerlin and the have owned homes and lived in Summerlin since 2001. Let me know if I can be of any assistance with your search.

Ron Johnson
Elite Realty
0 votes
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