Hello. Welcome to Todd Miller TV. First of all, I apologize for being in my workout gear. I’m having some plumbing work done at the house. I got done working out. I work out everyday.
I couldn’t go home and take a shower. So I didn’t want to miss to make a video and I needed to get work done so I came in the office dressed like this. So that’s how I’m going to do the blog today.
OK. So really important news, I’ve got two graphs to show you and they’re really important. So the first one is the median prices and what they’ve done in Las Vegas. Now this is the beginning of the year on this side. Over here on this side is today which is November of 2013.
So we started off here. It’s still a little over 130,000. It’s the median price and now we’re up to about 155 to 160, somewhere in there. So we’ve had almost a $30,000, more like $25,000 price appreciation from the median and that’s average home. So half the houses are above that and half the houses sold are below that.
This is just single-family residences. We’re not talking about – condos and townhomes are down here. This is single-family residences and then the mean is going to be in between the two, right?
So what does this mean? So prices have gone up. Well, you probably all want to know what does the future look like. Well, what the future looks like is this. This graph shows you the supply.
Now here at the beginning of the year, we had a very low supply. Actually, 2400 single-family homes on the market at any given time. Now that number in the late spring was way down here. There were less than maybe 2000. Well, this shows what has happened all year and this is the supply increasing.
Now up here today we have about 5000 single-family homes in the market. Now that’s not terrible. It’s just more than we had here. So this low inventory caused the price appreciation and then this high amount of price over here has caused this, people putting their homes on the market. Some of these are investors. Some of these are purchasers. This is not all bad news.
Some of these are move-up buyers. Some of these are people selling their house and then trying to buy another house. So some of these will be absorbed but this does give you a feel of where the market is going.
This is a reaction to prices going up. People have decided to take their profits. Some of these are investors. Some of these bought two or three years ago. They see 40, 50 grand. They’re going up, getting that money. So I’m going to actually post these. You will be able to go on the blog.
If you’re looking at this on YouTube though, you’re going to have to go to Todd Miller TV. I will put the link on here. You can click over and it will have the colored charts of all this on there. You can go through and look at those and see what that looks like. I can’t put it on YouTube though.
But anyway, so I thought I would share with you. This is sort of the market trend. It’s just some raw numbers. It doesn’t mean it’s bad. It just means it’s probably unlikely for prices to continue to go up.
A matter of fact, at the very tail end of this, you can see it starting to level off and starting to go like that. It will level off and then this year too. This little downswing looks like it’s starting to swing down. It just shows that less people are now putting their house on the market because some people probably who had their house on the market didn’t get what they thought they would get. So they pulled it off the market.
Then I actually got a couple of listings like that where prices are too far off. We’re just not getting as many people as if we listed the house six months ago. So anyway, just thought I would share the information with you. That is my update for today and hope to see you on another video. Thanks.