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2017 2nd Quarter Market Report: Home Sales Stall but Prices Rise

The 2nd quarter of 2017 ended on a down note with pending home sales dropping for three straight months. However home prices continue to rise at a rapid pace with median home prices up 6.2% year over year. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was how fast the homes were selling. Our survey showed that in 70% of the markets surveyed homes sold in under 60 days compared to 53% in 2nd quarter 2016, resulting in a whopping 17% increase. Additionally we found that 84% of the markets reported a tight to very tight supply of homes compared to 66% last year...another whopping 18% increase. The tight supply of inventory is causing homes prices to rise with 91% of all markets surveyed reported price appreciation. 34% of the markets reported appreciation over 5% and another 27% reported appreciation in excess of 10%.

According the National association of Realtors (NAR) existing home prices were up 6.2% over last year. The inventory of unsold homes is at a 4.6 month supply and 54% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity. Our Realtors reported increasing buyer activity in 89% of the markets - up 15% from last quarter and 5% over last year. However seller activity increased in only 49% of the markets - down 9% from last year and up 5% over last quarter.

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Fall 2017 Market Update
ITíS A GREAT TIME TO BUY IN LAS VEGAS! Interest Rates are currently very low and hovering between 4.00% to 4.75%. Conventional 30 year rates have been hovering about 4.50%, FHA 4.00% and VA 4.00% +/-Ö. Still pretty darn attractive! Rates above were quoted from a local lender as of April 2014.
Average Sold Home Price: $250,000

Average Time on Market: 10-30 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: No Change

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 25-30%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: Limited Supply of great properties currently. You need to get educated, be proactive, and patiently wait for the right property to hit the market next. Many of the great properties are currently in contract and youíll achieve your goals once you know what youíre looking for. Call me and I will help get you Educated!

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Lower prices with good selection and competitive interest rates creates a perfect time to buy in Aliante! Many military members call Aliante home for the location proximity to Nellis AFB and Creech AFB in the North and Northwest part of Las Vegas. I specialize in military relocation from around the world and will fully explain the process to make it a smooth transaction. Please visit CCSD.net for a list of school reports in the area. Prices are great and your dollar purchases more house for the money and newer houses in comparison to other parts of the greater Las Vegas Valley and Henderson! Call me today for more details and a personal overview!

Nearest Metro Area: Las Vegas, N. Las Vegas, Henderson, and Boulder City

Housing Hot Spots: All areas of Aliante and the Northwest are facing higher prices from a year ago. We are experiencing lower inventory levels which is putting the seller in control. This is similar all over the Las Vegas valley currently. With the seller being in control closing costs are tougher to negotiate if any and multiple offers are common. Please call me directly for the most detailed information. I would be happy to give you a full update and guidance. Please call for an overview of what to expect and an a detailed conversation on the local area! Call me directly at 702.523.8929

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Mark Krempel
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Mortgage Rates for Nov 19th, 2017
30 year fixed rate: 3.84%
15 year fixed rate: 3.15%
30 year jumbo rate: 4.10%
15 year jumbo rate: 3.80%
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Real Estate Professional, Mark Krempel Mark Krempel
Realty ONE Group
Specializing in Aliante Real Estate
2831 St. Rose Pkwy. Ste 100
Henderson, Nevada 89052
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Mark Krempel for current Aliante, NV market conditions before acting on this information.)
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