Las Vegas Home Values - Zip Code 89144 in Summerlin NorthPosted by Paul Francis on Tuesday, October 16th, 2012 at 10:11am.
Las Vegas Homes- Average Sale Prices for Zip Code 89144 in Summerlin North
Peak of the market in September of 2006, Average sale price at the bottom of the market in September 2006 and the bump in sale prices eleven months after Nevada AB 284 went into effect addressing Robo-Signing that slowed down the foreclosure process in Nevada.
The Numbers below are from the Las Vegas Multiple Listing Service and includes Condominiums and Townhomes. It does not include For Sale by Owners. Information deemed reliable but not guaranteed.
Las Vegas Zip Code 89144 Average Home Sale Price
|Year||# of Sales||Average List Price||Average Sales Price||Avg. Sq. Ft.||Avg. $ Per Sq. Ft (S.P.)||Avg. Days on Market|
|Difference From Sept '06 to Sept 2011||-5|
|Difference from Sept. '11 to Sept '2012||+4 +8.70%||+$63,974 +29.93%||+$61,602 +29.75%||+385 +19.38%||+$11 +11.34%||+1|
|Difference After 6 Years||-1|
|-$262,683 -49.44%||+163 +7.38%||-$111 |
Las Vegas Zip Code 89144 Summerlin Homes for Sale
Due to the 19.38% increase in the average square footage of a home sold in Las Vegas zip code 89144 in September of 2012 compared to September of 2012, it's more appropriate to pay attention to the Average year over year $ per square foot increase of 11.34%. This time last year, expectations of finding a Summerlin North home for less then $100 a square foot was realistic. With the current market conditions in Las Vegas, you can expect prices to be over $100 a square foot in Las Vegas zip code 89144.
As of today, there are only 74 homes available for sale in Las Vegas zip code 89144 with an average $ per square foot price of $166 a square foot! The median $ per square foot is currently at $139 a square foot for homes available for sale.
Remember, Home owners can pretty much put whatever list price they want on a home so the $166 a square foot certainly does not mean that's what the average value of a home is worth. A proper price analysis involves much more then just list prices and sold prices, especially with the current market conditions where there are far more buyers then available homes for sale.
Summerlin North in Las Vegas Zip Code 89144 Average Sold Prices for the past six years
Remember that when viewing the chart above that there are Million dollar homes in Las Vegas zip code 89144 so there can be fluctuations with a couple of big sales such as what you see in September of 2008.
As with any real estate report, what's actually going on in a particular neighborhood is far more important which is why it's so important to retain the services of an experienced Las Vegas real estate agent in determining an appropriate market value for a particular Las Vegas home. Site location, upgrades of the home and numerous other factors including market conditions taking place right now are all extremely important in pricing your Las Vegas home right. Automatic online valuations can be completely misleading so don't rely on them especially with current market conditions where there are more buyers then Las Vegas homes available for sale.
It's really kind of ridiculous at this point of time where Las Vegas home sellers are listing their Las Vegas homes for sale and receiving 20+ offers in one day. There have been more buyers then listings available for sale for several months now so receiving that many offers in a day or two is an obvious indication that the list price was too low to begin with.
You can take a look at this neighborhood marketing report of a Summerlin Home I listed and sold for what I'm talking about. Instead of barraging the owner with 30 offers for their Summerlin home, we received four that were easy to manage and decide from. Does it require a higher degree of marketing skills, resources and experience to get that higher price? Of course it does but that's the main reason why real estate agents get paid. With all of the buyers out there looking right now, it's easy for anybody to sell a home for less then what it's worth. There are times to push the price and there are times to back off.
Right now is the time to push the prices and stop wasting everybody's time listing Las Vegas homes for sale at yesterday's prices.
Paul Francis, Realtor®
Prudential Americana Group, Realtors®
Las Vegas Real Estate