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2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

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 both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 2018 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 20th, 2018
30 year fixed rate: 4.04%
15 year fixed rate: 3.40%
30 year jumbo rate: 4.26%
15 year jumbo rate: 4.32%
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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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