Posted by Paul Francis on Friday, March 21st, 2014 at 10:32am.
Las Vegas Home Sales in Zip Code 89128 – Northwest Las Vegas Real Estate
Las Vegas Homes in Zip Code 89128 includes the Master Planned Communities of Desert Shores, South Shores and The Pueblo Village in Summerlin.
For February of 2014, the Year over Year Median Sale Price was up 27%, Total Sales were down 21.7% and the Median Sale Price went down 3.5% from January of 2014.
Information is from the Greater Las Vegas Multiple Listing Service (MLS) and is deemed reliable but not guaranteed. The information below is for Single Family detached homes in Las Vegas Zip Code 89128 and does not include For Sale by Owners, Townhomes or condominiums. For a specific Las Vegas Home Value market evaluation, please contact Paul Francis at 702.592.3058.
There were 36 reported closed sales on the Las Vegas Multiple Listing Service (MLS) with the highest sold price reported for a Summerlin home in The Pueblo Village of Summerlin. The 3,390 square foot Summerlin home with a pool/spa was a Tradtional Listing (not Bank Owned, Not a short sale) and had an initial asking price of $488,500. It was on the market for 22 days before being sold for $460,450 to a buyer using a conventional loan.
View Northwest Las Vegas Homes for Sale in Zip Code 89128
* It should be noted that this Summerlin Home was built in 1995, was on a 8,712 square foot lot overlooking the Arroyo / Pueblo Park Trail and had recently been remodeled / updated. In June of 2013 it had been listed as a short sale and was purchased by a cash investor for $333,400 in August and was updated, then put back on the market for sale. This sale is a great example of how “flippers” can enhance the values in a neighborhood. There are opportunities to do this in Las Vegas zip code 89128 due to well thought out communities such as Desert Shores, South Shores and The Pueblo Village of Summerlin planned and developed in the late 1980’s through mid 1990’s.
Of the 36 Reported Sales in February for Las Vegas Zip Code 89128:
28 Were Traditional Sales
4 Homes were Short Sales
4 Homes were Bank Owned
Las Vegas Home Sales in Zip Code 89128 – Median Sales Stats for February, 2014
Average Home Sale Stats 89128 – February 2014
This time last year, a traditionally busy time of the year for Las Vegas Real Estate showed buyers were bidding up the prices as you can see from above where the sale price was more than the asking prices in the February 2013 rows. In February of 2014, you can see the decrease in the amount of closed sales and sale prices coming in lower than asking prices, along with Days Available for sale on the market increasing. A clear indication that today’s buyers are sensitive to today’s asking prices after the significant increases during the past year. This same trend has also been seen in the market reports for homes in Summerlin Zip Code 89138 and home sales in Summerlin zip code 89135.
Month over Month Sales Trends for Homes Sold in Las Vegas Zip Code 89128 – Median Stats
Month over Month Sales Trends for Homes Sold in Las Vegas Zip Code 89128 – Average Stats
The number of homes sold in Las Vegas zip code 89128 for February being less than January sales is to be expected with February being a shorter month. However, January tends to be a busier month for buyers looking to buy than December is. Month over Month, The Median Sold Price dropped 3.5% and the average sold price dropped 6.5% with days available for sale on the market increasing. The March sales report that will be released in April will be a more telling sign if selling prices are on the decline.
Las Vegas Homes in Zip Code 89128 For Sale
As of 03/20/2014 there are currently 98 Las Vegas homes available for sale in zip code 89128 ranging in price from $750,000 for a home in Desert Shores to $114,999 for a 980 square foot single story home. Of the available listings, the type of home sellers are:
69 Traditional Home Sellers
25 Short Sales
4 Bank Owned Homes for Sale
You can see from the double digit difference in February Sales Prices in comparison to current asking prices, there is a strong suggestion that Las Vegas Home Sellers in Zip Code 89128 may be showing some exhuberance. At a time when month to month sale price numbers are showing a decline with a healthy number of homes available for sale also known as supply, right now is not the time to be pushing prices higher to buyers that are sensitive about asking prices.
*A Note about Days or Months of “Supply”. This is an ambiguous / theoretical statistic often used by real estate professionals but reality is that the months or days of supply does not mean too much unless all homes available for sale are priced correctly to begin with. Home sellers that are completely overpriced are not going to be able to sell their homes unless the supply of homes available is ridiculously low. It also can’t account for all of the new listings that enter the market while overpriced homes sit on the market. There are more important statistics to look at unless the months of supply is very low or very high. Current months of supply using the numbers above are 2.72 months of supply available but looking over the homes available for sale, there are numerous homes overpriced to begin with that I don’t think will be selling unless the owners reduce their asking prices.
What’s My Las Vegas Home Value?
For Las Vegas Home Sellers thinking about selling and would like a more detailed Las Vegas Home value evaluation with today’s market conditions considered, contact Paul Francis at 702.592.3058 or visit the Las Vegas Home Value Request form to get started.
With several Las Vegas Homes overpriced for the current market conditions, right now could be a great time to sell your Las Vegas area home before asking prices are adjusted to reflect current market values. Inventory for homes available for sale in Las Vegas has gone up, but many of the Las Vegas homes available for sale are priced wrong for today’s buyers and market conditions.
The days of just putting a Las Vegas home on the MLS, receiving multiple offers and selling within days are pretty much over unless the home is underpriced to begin with. Selling a Las Vegas home today for the most amount of money possible requires proper pricing, preparing the home for sale properly AND the proper marketing to get the job done. With over 13 years of actual experience and hundreds of Las Vegas homes sold with a nationally known Real Estate Brokerage that will be around for years to come, I can certainly help you with everything needed to start and get the job done for you.
Prudential Americana Group, Realtors®
Las Vegas Real Estate
- Desert Shores Homes in Northwest Las Vegas
- South Shores Home Value Evaluation
- Summerlin Home Value Evaluation
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