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>>DALE: Good afternoon. Today's topic of discussion is going to be the 89138 Summerlin West real
estate market pulse and update for January 2014. This is Dale Snyder with The Snyder
Group team driven real estate at Keller Williams Realty, your Summerlin West market experts.
[Music]
Alright, so a summary of what we're going to be covering today. One is the data of
what we're seeing right now in 89138 and what you're going to be seeing in months to come
from our group.
As we've always said our goal is to help you keep a pulse on the market so whenever the
time comes, whether it's today, or in 5 years, 10 years, you have relevant information to
know where the market's heading. So I'm excited to go over this data with you.
Secondly, you know we're going to talk a little bit about some of the tools. Thirdly, you
know, what we're seeing in the market now and what we're projecting. Let's jump right
in.
As far as the data. We broke it down into three categories $250,000 and under, $250,000
to $500,000, and $500,000 and up. So all of this information is going to be supplied to
you at the end video, in the description below.
So make sure to click on the links and look at the data here. It's fantastic information.
For today, the quick summary I'm going to just give you is going to be a quick snapshot
of each price point. So in the $250,000 and under you'll see that our 90-day average for
sales, as of December, we're seeing about 5 or 6 homes per month sell. In the spring,
when it was just really heating up and prices where going through the roof, it was about
15-16 homes per month.
We sold about a home a day, sell last year as an overall for the zip code. We make 367
homes sales, so about a home a day is selling.
If you look at the average sales price to list price in this price range it's a 102%.
And if you look at the 90-day rolling average it's about 102% so very competitive in that
price point. And the absorption rate, the average time it takes to absorb our inventory
is 3.71 months supply.
Remember in the spring we had about a point two, point four supply of inventory, big change
there. I'm going to tie this all together in a minute so bear with me here.
So in the $250,000 to $500,000 price range, the 90-day rolling average of the amount of
sales is about 20 homes per month, which this makes sense. The bulk of the zip code is in
that $250,000 to $500,000 price point average, right?
So the 90-day rolling average of list price to sales price, sellers are getting about
98% of the list price in this price point. So it's changing a little bit, right? Because
the inventory's going up and the pricing is stabilizing. So the buyer's know this as well,
so they're able to negotiate a little bit more.
Average absorption rate, 90-day rolling average is at 3.25 months supply. So a little bit
lower but close to the $250,000 and under.
Here's where it changes, when you go into the $500,000 and up price range. You'll see
that the 90-day rolling average we're seeing about 2 sales per month. The largest we saw
as far as sales was back in August on a 90-day rolling average where we saw 4.67 sell homes
per month in the 90-day rolling average.
The average list price to sales price on the rolling average is 96.67%. So close to the
$250,000 to $500,000. We have about 3%-4% negotiation.
If you look at the 98% rolling average where you take it back several months, where you'll
see the huge discrepancies, that's distressed, lots of short sales and stuff really throwing
those numbers off with that distressed inventory.
Here's where there's a big difference if you look at the absorption rate we have an 11-12
months supply of inventory at this price point. So if you're in that $500,000 plus price range,
which is very few subdivisions, right?
Well, more since prices have come up like Barrington, Serrano, Paradiso, you know a
handful of others, some of them like Los Lomas, Estancia. But just a handful of those subdivisions
are really selling above that $500,000 - absorption rate is much higher.
Sorry, I'm a little tongue-twisted today.
Alright, in summary here, as the months move on and as we keep tracking this data the cool
thing is going to be, we're going to be able to look at January of last year versus this
year's January. You know what are we selling versus last year.
What's our absorption rate? Because we're going to trend 90 days back so it's really
going to help you keep a pulse on what's going on in the market. You know the data doesn't
lie, right? So that's the most important thing we want to make sure we're getting out to
you.
So if you're not subscribe to our Summerlin West e-mail newsletter, you know, just shoot
us a quick email and say, "Hey, please add me to that newsletter." Because its content
is going to go out once a month.
And if you are ever going through our Open Houses, we have a lot of them in the the zip
code. Make sure to pop in and just talk to our sales agents and say, "Hey, I want to
make sure that I'm getting this data, can you add me to the newsletter?" And we'll have
hard copies of it in most of our Open Houses as well, just ask for a copy of it.
So, secondly here, if you have questions on any of this here just reach out to me or give
me a call. I'd love to have an educated conversation. Secondly, let's go over the tools real quick.
Summerlinwestliving.com, you can see it right here in the video, it will also be in the
description below.
It's our website that we put together, just for the homeowners, you know, we live in the
area we specialize in the area and my wife teaches at Givens. So we want to make sure
that we have a lot of relevant information, so what's for sale in the zip code. You'll
be able to find that. They're readily available. So make sure to check out summerlinwestliving.com.
If there's anything you'd like to see that's not there, let me know. If there's any restaurant
reviews that we don't have of if you own a restaurant make sure to reach out to me. We
want to make sure that we're helping our community, as a whole in the area.
And very importantly as well, if you're a non-profit, you know, we want to help you
out. So reach out to us so we can help get that information out there. Alright, and nextdoor.com,
I started that a while back for the zip code. So if you there's some information on there
that you feel should be shared or we should be featuring that please let me know. Because
we really want to make this a community site for everybody.
And thirdly, you know, I just wanted to give a quick pulse on the real estate market. So
here's what we're seeing, nationally things are picking up. There's a lot of momentum
which impacts us in a positive sense. So we're going to see a lot of buyers in the market.
A lot of transitional sellers and buyers which you may be as well,
thinking of selling your property, upsizing, downsizing. You know, there's a lot of shifting
going on right now.
So if you're thinking of making a transition make sure to reach out to me. We can be very
strategic on how we can make that transition as smooth as possible. You know, with the
selling and buying process combining both. And know that interest rates are projected
to go up a point this year.
I'm not going to go into details on why, but that's going to impact things and get more
buyer urgency in the market. Most important thing to know if you're a seller or considering
selling. Inventory's going up, and the months supply of inventory is going to impact the
buyer's mindset. There's not going to be as much urgency here.
They're going to be coming to the table with more negotiations and wanting more items in
the offer to be addressed by the seller like more money for repairs, closing cost, stuff
like that because the market is shifting. So just be aware of that.
But we expect a good strong year. It's the year of the transitional buyer and seller.
There's going to be a lot of repeat business. And a lot of millennials. You know, they're
around the 30-age group that are going to be getting into the marketplace.
So I'm Dale Snyder with The Snyder Group team driven real estate at Keller Williams Realty.
Your Summerlin West market experts.
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out to us. We want to make sure that we're getting the content out and answering your
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