Todd talks about Las Vegas real estate trends. Below is a recent graph taken from Zillow about home prices in Las Vegas and the appreciation.
Las Vegas real estate trends
Hello. Welcome to Todd Miller TV. The topic today is Las Vegas real estate trends and I want to start by showing you the price trend. Now if you can’t see this, it’s totally OK. I’m going to put it underneath this blog post.
So if you’re watching this on YouTube, you have to go down click on the blog to go over and see it and this is the prices in Las Vegas from 2008 basically, 2009, 2010, 2011 and then 2012 and 2013 and then today.
Right here is the bottom of the market in 2011. In this upward line, you could see it up here in a couple of other areas. This is Las Vegas and then some areas broken up. This upward trend, that’s the trend. Trend is prices increasing.
So there are some people saying we’re building into a bubble. Well, that may be true but remember what prices were. So just because prices go up doesn’t mean they’re always going to go down. Some people say, “Well, we’re going to fall again.” Some people say, “We’re going to keep going up back to here.”
Anyway, who knows? All I know is this. That the trend going forward is going to be appreciating homes. Last year’s depreciation was about 15 to 20 percent depending on the part of town. There’s not enough inventory to stop that right now. It doesn’t look like there’s a lot of inventory that’s going to flow out of the market. When you’re looking at this, this should give you an idea of what the trend is.
Leading indicators would be a lot of foreclosures start to happen, like a lot of them. I would say we have to be 3000 or 4000 a month to have enough inventory to sort of hurt this appreciating price trend.
Some quick numbers for you in Las Vegas. A median home was 108 a year ago. It’s 128 now. That’s based on this so that’s a pretty substantial increase for median home values. Anyway, so I would like to share this with you.
This is the Las Vegas real estate trend I guess you could call it and the graph below this, I pulled this data from Zillow which is an aggregate of all the data that Zillow happens to have.
Anyway, I thought I would share that with you. That is my update for today and hope to see you on another video. Thanks.