Las Vegas Real Estate Market Report - July 2014, looks at what's currently available, what sold in May and the latest trends. Includes info on short sales and foreclosures. Compares current sales volume and prices to a year ago.

1. Site for Summerlin’s Newest Luxury Home Community – 300 homes
plus a golf course coming soon!
Las Vegas Real Estate Market – July 2014
vegasho.me /1oeCzvZ
Recent Las Vegas Real Estate News
Discovery Land Company announced plans to
build a Golf Course community South of the
Ridges in Summerlin. The new community will
feature homes on 1-3 acre lots, a private golf
course and services equal to what you would find
at a luxury resort. Ground breaking is scheduled
for 2015 with the community slated to open in
2016. Prices and the name of the new community
haven’t been set. The Review Journal reports that
lots will be starting at 7 figures. Everyone expects
that this new community will be the “Ridges on
Steroids”. The 1-3 acre lot size will be an
advantage over the Ridges. It’s hard to top the
views and stunning homes in the Ridges.
Summerlin builders are offering new subdivisions in the Paseos. Toll Brothers is quickly completing
their Santaluz, all single story home community. The new Toll Bros Montecito subdivision will be an all
single story community at the top of the Paseos. Woodside homes has started construction on their
models just up the hill. They still have a few lots in their Andorra in the Paseos subdivision. Other
builders who have started subdivisions at the top of the Paseos include KB Homes, Pulte and Ryland
Homes.
Cadence, a New Master Planned Community in Henderson is beginning to take shape. Signs are now up
on Lake Mead Pkwy at Mojave. Land prep has started. Builders are signing on. This development that
will benefit the neighbors. Nearby Tuscany has long been one of our favorite affordable golf course
communities. One drawback at Tuscany has been the lack of shopping, dining and entertainment nearby.
The new homes being built at Cadence will help support new shops and restaurants that owners at
Tuscany get to enjoy as well.
Las Vegas & Henderson Homes For Sale in July
We have 6889 single family homes available for sale in the MLS. Condos and town homes offer another
2351 options. Total homes for sale today is 9240. This is another month with a slight increase in homes
for sale over the last month. In June we were at 9040. In May we had 8717 listings.
Short sales are involved in 1141 of today’s listings. Only 484 of the current listings are foreclosures.
Distress sales are down to only 17.6% of the current listings. That’s .8% lower than last month’s short sale
and foreclosure inventory. Distressed listings are declining each month while traditional listings are
increasing.
Homes Sold in June 2014
We sold 2675 single family homes through the MLS in June. Condos, town homes and high rise condos

2. added another 600. Total homes sold through the MLS in June was 3275. The number of homes sold in
June was up by 96 homes over the number sold in May.
Compared to a Year Ago - The number of homes sold in June, 2013 was higher with 3497 closings
compared to 3275 closings in June 2014. It’s a lower number than last year. Considering that prices are
higher, it’s still within a healthy range.
Median Price – The Median price for June was $199,900. Up 14.2% over June 2013′s median of $175K
and 2.5% over last month’s $195K.
Short sales were involved in 356 of the homes that sold in June, a decline from previous months.
Foreclosures made up 333 of the deals that closed in June. This is down from previous months.
Traditional sales accounted for 79% of the homes sold in June.
Financing – 1138 of the homes sold in June were purchased with cash. That’s a drop to 34.7% of the
market, lowest number of cash deals we’ve seen since 2009. Conventional mortgages were used to
purchase 1091 (33.3%) of the homes that sold. FHA, Homepath and VA mortgages were used to purchase
963 (29.5%) of the homes sold in June.
The increase in homes purchased with mortgages represents a market shift. We are
seeing traditional move up and first time buyers coming back into the market as cash
investors pull back.
SOLD in 30 days or Less
The best homes sell quick. In June, 1678 homes sold with less than 30 days on the market. That’s 51.2%
of the homes sold. 1109 (33.8%) of the homes that sold were on the market 15 days or less. Home
buyers should get their pre-approval letter and act quick when they find a home they want in today’s
market.
If your home isn’t getting offers after months on the market, you should read “ Sell Your Home in 30 Days
or Less“.
How’s The Las Vegas Housing Market?
We now have 9240 homes listed for sale. We sold 3275 in June. That translates into 2.8 months of
inventory if no new listings came on the market. It’s up from a 1.5 month supply in July of last year. We’re
still in a seller’s market and will be until we’re closer to a six month supply of inventory. At today’s rate of
sales, that would require about 19,650 homes for sale. So, when you see all the homes that are listed for
sale, don’t assume you can drag your heels because there are “so many homes available”.
Las Vegas Luxury Homes For Sale
We have 424 luxury homes and high rise condos listed at $1 Million or more. Last month, we sold 25
single family homes and 11 high rise condos that closed for $1 Million plus. Seven of those closed for $2
Million or more.
Top 3 Luxury Deals in June
Most expensive closing in June was 6671 Tomiyasu Lane. This custom home in a historic area next to

3. The Mandarin Oriental placed 3rd for Sales price at $3M but the
$1089/sf was highest in June.
Sunset Park, was listed for $3.2 Million and sold for $3.227,400. This home was built in 2011 by Blue
Heron Homes, one of our most popular custom
home builders. It offered 4 bedrooms, 8 baths in
8480 sf of living space. It included a pool, spa and
guest casita. The home was on the market 127
days when it sold on June 13, 2014.
9713 Winter Palace in Queensridge was the
second most expensive closing in June. This 7645
sf home offered 4 bedrooms, 6 baths on .72 acres
with golf course frontage. The home was listed for
$3.425M when it sold for $3.119M after 78 days on
the market.
Unit 4705 at The Mandarin Oriental took the third
place for over-all price. The $1089/square foot
was the highest price per square foot. This
penthouse offered 2 bedrooms, 3 baths and a den
in 2755 sf of high rise luxury. It was listed for
$3.85M and sold for $3M on June 12th after 49
days on the market.
The Las Vegas Real Estate Market is a monthly update. It covers homes sold in Las Vegas and
Henderson with latest news and market trends.
Debbie Drummond has over ten years experience in the Las Vegas Real Estate Market. She specializes in
luxury homes and high rise properties. If you’re buying or selling a Las Vegas home, call (702)354-6900 or
email Debbie@LVHomePro.com. We’ll be happy to assist you in your move.