Las Vegas Appreciation by Zip Code: Episode #188

The map is below. Just click on it to bring it up as a pdf.

Zip Code Map Feb 2012

Hello! Welcome to Todd Miller TV. I wanted to share with you today this. This is something that I got from a titled rep. They track all the statistics in Las Vegas. So you’re probably saying “Hey Todd I can’t see that really well. But if you look right below this I’ve got the link. You can click on the link. It will pull up the PDF in your browser of what this is. So what this is is, this is a zip code appreciation or depreciation which you call it math form 2010 to 2011. And what it did it picks about your zipcodes and it tells you in there what the difference is in median price. So, and that is supposed to give you an idea what the appre4ciation or depreciation is in those zip codes. Unfortunately, this is a little bit skewed and I’m kinda go through why this is? Why it’s skewed? Why the numbers might not make sense to you? So, I’ll give you an example: If you look here 89128, which is kinda in the North-West part of Las Vegas. It had an appreciation of 1.6% from 2010 to 2011. If you’ll look at 89109 which is kinda around the strip, it appreciated 3.6%. If you’ll look at 89146 which is sort of West and a little bit of Central, older part of town, it appreciated 5.3%. And there’s a few areas here that also had price appreciation. So you’re probably saying “Hey wait a minute, prices are going up in Vegas? I thought they were going down, the news says this” Well a couple of things that are important in here, a lot of this have negative numbers. 89144 down 10%. 89134 down 9.9%, so about the same. And that’s Summer Lane area, if you look at Green Valley in that area down 10%, down 8.5%. If you look at North Las Vegas down 12%. And the area around the office right here at South West are down at 13.5%. Okay. What’s important about this though is these are historical numbers, meaning this is gonna be reported. Someone’s gonna get their hand on and report this. But this is Historical. Meaning this is 2010 to 2011 what happened. That’s 2010 is 2 years ago. So what they’re saying is, they’re just now putting/I mean I just got this in the e-mail, in my e-mail today. Someone’s just getting around cranking all these numbers out. So there’s 2 things for this. First of all, it’s historical information. They’re gonna report it like it’s happening like instantaneously like anything. It gets purchased now it’s gonna be substantially less than it was 2 years ago, may not be the case. The other thing is, remember what they’re tracking, median. Median. So in some of this zip codes, if they were happening in more sales in a smaller price range the median goes down. That’s why in some of this zip codes it shows prices went up. They maybe did, but they maybe didn’t. They could have gone down but happens is, I have no doubt in 89109 which is along the strip. The prices are still not going down. This/we’re talking about high rises and things like that. But what happens is, if less people buy the lower end stuff and more people buy higher end stuff, even though prices are falling because the median, the median price will be higher. Because that just shows what people were buying. So, I just wanted to share this with you. The link is right below the video. You know, take the information for what it’s worth. You know, like what will happen is, after prices have gone up, a year later a report will come out and this will be all positive numbers potentially. And then we’ll all be/well’ve all been talking about it for 6 months or a year already and then the big news will be “oh, the prices have gone up!” So, I just thought I’d share that with you. I think the big thing here is just the timing of the news from when it gets reported to when it gets people hear it and what this really means and so, the moral of the story is: If you want to know what’s going on, you have to pay close attention everyday to very key factors that show the leading edge, the leading trends of the market, things like inventory disappe3aring, multiple offers on prices, and individual houses that were purchased by investors
that are being flipped for more money. A lot of those will show you what’s happening in a certain area. Like anything, Real Estate is very local. In some cases is hyper local. So even within the city, you’ll find areas where there’s still appreciation, still depreciation things like that. Anyway, I though I would share that with you. That is my update for today and hope to see you on another video. Thanks!