THE ADAMS TEAM
Rothwell Gornt Companies
Las Vegas Real Estate Agent Robert Adams Las Vegas Real Estate Blog
August 2018 saw a 20% increase in inventory in Vegas in a single month (keep in mind in some price ranges we were under 1 month supply). Sept has continued to increase as well. We are still in a sellers market but definitely not as red hot as it was 6 months ago. Overpriced listings are doing more price reductions while the listings priced correctly are still selling and often times with multiple offers (just less offers, rather than 12 offers maybe they have 3).
I do agree that people are flocking to Vegas due to new taxes in other states like Bill mentioned. This trend will continue to increase through 2019 as people realize how the new tax changes in those states will directly affect their pockets come tax time. Welcome to Las Vegas land of lower property values, lower property taxes, no state income tax, no S.A.L.T. cap, etc.
With all that being said I do a see a softening here locally but nothing to be scared of. I think it is actually healthier to see some additional inventory hit the market so appreciation rates return to more sustainable numbers and financed buyers that were constantly getting outbid finally have the opportunity to lock up some deals.
If you are looking to buy or sell contact The Adams Team at Rothwell Gornt Companies today!
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