The Greater Las Vegas Association of Realtors’ report on June’s local housing market showed a rise in home prices in the Las Vegas Valley.
The median price for an existing single-family home in June rested at $235,000. That was a jump over May’s average of more than $229,000 and over the June 2015 average of $220,000 — a positive of 6.8 percent.
The median price for existing townhomes or condominiums, which includes high-rise condos, in June was $115,000. That number was the same in the same period last year.
“It’s shaping up to be a strong summer for our local housing market, and I think most of our members are optimistic that we can continue this momentum in the coming months,” said 2016 GLVAR President Scott Beaudry, a longtime Realtor. “As we’ve been saying all year, we’re still concerned about our limited housing supply, which is about half of what we’d like it to be. But overall, the housing market seems to be moving in a positive direction and avoiding the volatility we experienced in past years.”
The number of single-family homes, condominiums, townhomes and high-rise product sold in the first half of 2016 is currently outpacing 2015’s transactions, with 38,578 units sold in June. In an analysis on June’s numbers, there were 3,957 homes across all product types sold, over June 2015’s 3,693.
At that pace, the Southern Nevada region has a three-month supply of available homes when six months is considered normal, said Beaudry.
The number of distressed sales declined in June. The number of short sales rested at 4.4 percent in June, down from 6.7 percent a year ago. It was a similar scene on bank-owned properties, which rested at 5.9 percent in June sales, down from 7.6 percent a year ago.
The number of cash buyers in the market also was down slightly, with 27 percent of all local properties being sold that way in June 2016, whereas 28.4 percent purchased properties in cash in June 2015. That’s also still lower than the February peak of 59.5 percent of buyers purchasing property in cash.
City of Las Vegas to reinstate express building plan submittal requirement
Builders looking to use the city of Las Vegas’ express plan review service should get things in order a little earlier.
The city is reinstating its policy requiring project design teams that want to utilize its express plan review services to submit plans to the city of Las Vegas’ Building and Safety Department one week prior to meeting with one of its staff members. The reinstatement is scheduled for Aug. 1.
The reinstatement comes amid increased activity in the local market. According to a release from the building department, the requirement was set aside when the Great Recession hit and the department experienced a decrease in staffing and a demand for the service.
The building department warns that failure to follow the procedure could result in the forfeiture of a user’s $550 reservation fee. Regular fees for using the one-on-one meeting with one of the city’s examiners is $660 per hour plus the nonrefundable reservation fee.
Construction starts on Dignity Health’s neighborhood hospital in the southwest
SR Construction started work on one of four new neighborhood projects from Dignity Health, in a joint-venture agreement with Woodlands, Texas-based Emerus, which will build and manage the new sites.
SR will construct a two-story, 27,700-square-foot building at 4855 Blue Diamond Road. Earlier this year, SR also began construction on Dignity’s 58,600-square-foot project at 1550 W. Craig Road in North Las Vegas, the first of the four projects.
“We’re very happy to be partnering with Emerus to build these neighborhood microhospitals,” said Bret Loughridge, vice president of operations at SR Construction. “With an ever-expanding population, these new campuses will help provide quality health care to the people of Southern Nevada in a state-of-the-art facility.”
SR Construction completes work on Red Rock Fertility Center
SR Construction recently announced the completion of its Red Rock Fertility Center project at 9120 W. Russell Road.
The new two-story, 12,000-square-foot building will come equipped with three lobbies, patient exam rooms, consultation rooms and a blood draw room. The building also has two operating rooms, an education center and in-vitro fertilization, andrology and genetic labs.
“It was an absolute pleasure to work on this project and I wish the best for the doctors and patients at the Red Rock Fertility Center,” said Bret Loughridge, vice president of operations at SR Construction.