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Hello everyone, bryan lebo here with your 2013 West Summerlin recap. Today, we're going
to go over the overall sales for last year, and then compare them to 2012. We'll break
it down further and look at the monthly sales compared to 2012 after that. Then finally,
we'll check out the median home prices last year compared to 2012, and determine what
appreciation we've seen OVERALL for the past two years. Now, before we get started, let
me preface this by stating, that all of these statistics have been personally gathered via
the MLS. Additionally, now that many of the new homes aren't selling as quickly as before,
many of the builders are placing them for sale on the MLS. In order to maintain accuracy,
I've excluded any brand new homes that were listed on the MLS from this data. This way,
we have an accurate depiction of our home values, since new homes are typically ten
to twenty percent more expensive.
Okay, first up are the sales for last year. In west Summerlin we sold three hundred and
seventy three homes last year. This is a bit short of the four hundred and fifteen homes
we sold in 2012. Simply put, sales were down ten point one percent last year. Still, this
is a bit better than the rest of las vegas which was down eleven point three percent.
Now when I looked at the monthly sales, I was surprised to see that unlike the rest
of the valley, our monthly sales were extremely sporadic. While the rest of the valley started
plummeting in sales starting in October, we actually sold twenty five percent MORE homes
in October. However, November was down and December was down twenty four percent from
2012. Right now it's the December decline that has me concerned for many reasons.
Okay, next is the median price. In 2013 the median price resale home in West Summerlin
came in at two hundred and ninety thousand dollars. In 2012 the median price was only
two hundred and forty two thousand dollars. Simply put, home prices appreciated twenty
percent. Although this is a fabulous number, its' actually low compared to the vegas valley.
We went up twenty percent, while the rest of the valley went up twenty nine percent.
If you've been watching my videos for a while now, you know that I called an end to the
home price appreciation many months ago. Since I don't see prices going UP, let's see how
the overall appreciation turned out over these past two years. From December of 2011 to last
month, the median price has gone from two hundred and forty thousand dollars to three
hundred and forty five thousand dollars. Simply put, home values in west Summerlin have gone
up forty four percent over the past two years. Again, this is fantastic. But the vegas valley
went up fifty three percent in that same time. So for some reason, home value appreciation
in west Summerlin is lagging behind the rest of the valley.
Now, just to bring some closure to the subject, remember, that this is based on a macro perspective.
Some subdivisions have exploded in value while others were much more modest. When it comes
to real estate in las vegas, you really have to go subdivision by subdivision to determine
value. If you watch my January West Summerlin update video (click here for that one) I'll
discuss this matter further and illustrate how some neighborhoods are about to see some
substantial price decreases in the immediate future. As always, thank you for watching.
Please, click here to subscribe, and have a wonderful 2014!