Q: How many homes are listed for sale these days in Summerlin? Also, do you think the Shops at Summerlin (proposed mall that recently resumed construction) will raise property values in this area? — Steven S., Las Vegas
A: The short answers to your two questions are not enough and yes.
At any given time in recent months, there are only a few hundred existing homes listed for sale in the traditionally popular master-planned community of Summerlin on the western edge of Las Vegas.
This is not even close to enough supply to meet the continued strong demand for homes in this area. Of course, I could say the same for all of Southern Nevada, where we continue to face a shortage of available homes listed for sale.
The good news on this front is that we’re seeing a slight uptick in inventory during the past month or two.
Still, according the Greater Las Vegas Association of Realtors, the number of existing single-family homes available for sale by the end of July without any sort of pending or contingent offer on them was 4,681. That’s for all of Southern Nevada. This housing supply is up 22.3 percent from 3,828 such homes listed in June and up 9 percent from one year ago.
For condos and townhomes, the 1,609 properties listed without offers in July represented a 9.9 increase from 1,464 such properties listed in June and a 31.5 percent increase from one year ago. Basically, we have about a six-week supply of homes available for sale. During “normal” times, we would like to have about a six-month supply.
This housing shortage is even more pronounced in areas like Summerlin, Green Valley, Anthem and other master-planned communities that typically generate strong demand and where homes in good condition often sell faster and for higher prices than in other parts of town.
As for your second question, I would suspect property values in the immediate area to increase once the Howard Hughes Corp. finishes building what looks to me to be a first-class regional suburban shopping mall called the Shops at Summerlin.
As someone who lives and works in this area, I’ve been following this Shops at Summerlin development closely for years.
In recent public comments, developers of this outdoor suburban shopping mall have said they hope to open at least the initial phase of this project by the end of 2014.
Like most locals I know, I’m glad to see this important project resume construction near the Red Rock Resort by the Las Vegas Beltway, between Charleston Boulevard and Sahara Avenue. This project has been on hold for years, a victim of the Great Recession.
To me, this and similar high-profile projects under construction throughout Las Vegas, are important not only to the local residents who will enjoy these developments, but also bode well for the continued recovery we’re seeing in our local economy and housing market.
Thanks for your question, and thank you for asking it during the R-J’s Housing Round Table event last month at the Gold Coast. I enjoyed being part of the panel of local professionals who work in and around the housing industry.
Send your real estate questions to firstname.lastname@example.org.
Dave Tina is the 2013 president of the Greater Las Vegas Association of Realtors.. For more information, visit www.lasvegasrealtor.com.