Summerlin West Homes Market Report - Northwest Las Vegas Real Estate

Posted by Paul Francis on Friday, March 14th, 2014 at 10:30am.

Summerlin West Homes Market Report - February 2014

The Vistas Village Clock Tower in Summerlin WestMedian sales price for Summerlin West Homes goes up 24% year over year, Median Days available for sale increases 115%. Summerlin West Home Sales are down 48% from February of 2013.

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 Summerlin West Las Vegas Zip Code 89138 and does not include For Sale by Owners or condominiums in Summerlin West. For a specific Summerlin West Home market evaluation, please contact Paul Francis at 702.592.3058.

For February of 2014, there were 15 reported closed sales in Summerlin West. Of these 15 homes:

  • 13 Were Traditional Sale
  •   1 Bank Owned Home Sold
  •   1 Short Sale Closed

The highest reported sales price for closed / sold homes in Summerlin West during the month of February was $499,000 for a 3,322 square foot home in the gated Estancia subdivsion in The Vistas Village of Summerlin West. Originally listed for $619,500, the traditional listing was avaialable for sale for 120 days before selling to a cash buyer.

The lowest reported sale in Summerlin West was for a 1,622 Bank Owned Home (REO) originally listed for $264,900 that had a final sales price of $225,000 to a cash buyer after being available for sale for 81 days.

The two above sales strongly suggest that pricing a Summerlin West Home above market value is going to result in longer days on the market which is no surprise under normal market conditions.

Median Sales Stats for Summerlin West Homes - February 2014

 

Date# of SalesMedian List PriceMedian Sales PriceMedian Days on Market
Feb 201329
$259,900$255,000
20
Feb 201415
$334,499$317,00043
Year over Year Difference-48%+29%+24%DOM Up 115%

 

Average Sales Stats for Summerlin West Homes - February 2014

 

Date# of SalesAverage List PriceAverage Sales PriceAverage Days on Market
Feb 201329
$277,714$279,483
65
Feb 201415
$344,025$334,01767
Year over Year Difference-48%+24%+19.5%DOM Up 3%

Median sales prices are up 29% year over year, the average sales price for Summerlin West Homes has gone up 19.5% since February of 2013. Total closed sales were down 48% year over year and this is not because there of little to no inventory being available. In the last Summerlin West Home Sales report, there were 65 Summerlin West Homes for sale.

Median Month over Month Trend - Summerlin West Homes Sold

 

Date# of SalesMedian List PriceMedian Sales PriceMedian Days on Market
Jan 201418
$296,995$297,000
28
Feb 201415
$334,999$317,00043
Month over Month Difference-17%+12.8%+6.7%DOM Up 53.6%

Average Month over Month Trend - Summerlin West Homes Sold

Date# of SalesAverage List PriceAverage Sales PriceAverage Days on Market
Jan 201418
$340,879$337,244
48
Feb 201415
$344,025$334,01767
Month over Month Difference-17%+0.92%-0.96%DOM Up 39.6%

Total sales slightly decreased month over month while the median sales price trended up 6.7%. The average sales price slightly increased 0.96%. Median days on market went up 53.6% month over month while the average days on market was up 39.6%.

Summerlin West Homes Currently Available for Sale

As of March 13th, 2014 - There are currently 68 Summerlin West Homes for Sale ranging in price from $775,000 to $210,000. Of these 68 homes:

  • 53 are Traditional Listings for sale
  •  9 Short Sales
  •  6 Homes are Bank Owned (REO) available for sale.

Available for Sale = 68   
 Asking Price
 Days on Market
 Average: $392,93177 Days
 Median: $352,45021 Days

The average asking price is currently 14.22% higher than the average sold price reported for Summerlin West homes in February. The median asking price is currently 5.21% higher than the median sold price for February.

In the Summerlin West Sold Homes January report, the median asking price on 02/22/2014 was $355,000 and the average asking price for Summerlin West homes available for sale was $405,910. Since then, the median asking price for available Summerlin West homes in Las Vegas zip code 89138 has decreased 0.72% and the average asking price has decreased 3.20%.

Summerlin Home Sellers

Summerlin Home Value Request with the current Market ConditionsThe above report shows that it's imperative to properly price your Summerlin West home to begin with. Overall sales have decreased while inventory has slightly increased, Days on Market (DOM) has increased and current asking prices have declined since February. In the October 2012 Summerlin West home sales report, there were only 34 Summerlin West Homes available for sale which eventually led to sales prices increasing and homes on the market for only a short amount of time. Since the increase in prices, buyers are now much more senstive to prices today and no longer just offering anything for homes with asking prices above market value.

For a market evaluation report for what your Summerlin Home Value is with current market conditions, call Paul Francis at 702.592.3058 or visit the Summerlin Home Value request page.

Paul Francis, Realtor
Prudential Americana Group, Realtors®
Summerlin Real Estate
702.592.3058 

 

 

 

 

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