Marco Santarelli, Author at Norada Real Estate Investments

Las Vegas Real Estate Market: Prices | Trends | Forecast 2021

November 21, 2020 by Marco Santarelli

The Las Vegas housing market is sizzling hot with prices surging month over month. Even during these tough times, the Las Vegas properties are selling at record prices and rental homes continue to be in demand. The unemployment rate is still more than 10% but it has got no effect on the housing or rental demand. The avg. rent is up 37.8% for a studio apartment, up 26.3% for 1BR, and up 25.1% for 2BR in Las Vegas (source: Apartmentguide).

It is no doubt Las Vegas is a strong seller's real estate market and the supply of available single-family homes has shrunk to less than two months. Although the pandemic is still causing disruptions, there is no downturn happening in the Southern Nevada housing market. The market has recovered and reached new heights this year. In fact, the Las Vegas housing market is among those cities that are showing the most signs of a positive recovery from the pandemic. Nevada's unemployment rate was at its peak in April (30.0%).

It has now dropped to 12.0% as of October 2020, down from 12.5 percent in September but up 8.3 percentage points when compared to October 2019, according to Local Area Unemployment Statistics (LAUS). As the local economy rebounds and the unemployment rate reduces further, it will have an indirect impact on this region's housing market.

Low unemployment leads to higher future income which in turn leads to a higher demand for housing. Hence, Las Vegas, as well as the Southern Nevada housing market, will boom in 2021. The home values are predicted to rise by 7-8% in the next twelve months (check the forecast below). It has already heated up with strong demand and a shrinking supply driving home price peaks.

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Portland Real Estate Market Trends & Investment Overview

November 18, 2020 by Marco Santarelli

The Portland housing market is sizzling hot. Despite the economic slowdown caused by the pandemic, the Portland real estate market continues to connect buyers to sellers. In October, 3155 residential properties in Portland metro area changed hands, according to the latest report by the Portland Metropolitan Association of Realtors®.

The inventory is so tight in this housing market that the median sale price rose to $435,000, an increase of $1,500 from September 2020. There’s a lot of competition among real estate buyers in Portland due to the extreme shortage of available homes for sale. Although new listings were up from the previous month the coronavirus has also significantly reduced the number of homes for sale in the Portland metro area.

In a tight housing market like Portland, it can take some time to find a property that meets all of your criteria. According to Realtor.com, in October 2020, the median list price of homes in Portland, OR was $500K, trending up 8.7% year-over-year. The median sale price was $488,400. Ideally, a buyer would prefer a sale to list price ratio that’s closer to 90% but homes sold for approximately the asking price on average (Sale-to-List Price Ratio: 100%).

This shows that Portland is a seller's real estate market, which means there are roughly more buyers than there are active homes for sale. The higher buyer turnout and low inventory is favoring sellers. On average, homes in Portland sell after 47 days on the market. The trend for median days on market in Portland, OR has gone up since last month, and slightly down since last year.

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Nashville Real Estate Market Trends & Investment Outlook

November 17, 2020 by Marco Santarelli

Nashville housing market remains one of the hottest markets in the US. Despite the pandemic led economic slowdown, there is healthy demand to purchase homes in the Nashville real estate market. Across the nation, we have seen people moving from big cities to the suburbs. Nashville too has seen an influx of buyers coming from larger markets like Seattle, New York, and California.

Another factor of increase in the out-of-state homebuyers is that Tennessee is one of only seven states that does not impose an income tax and one of two that doesn’t collect tax on earned income. This has increased the demand in many folds. High demand and low inventory are leading to the rise in home prices in Nashville at a fast pace.

This is a great trend for For Greater Nashville sellers. Currently, the inventory remains low and the prices will continue to rise for the next twelve months (check our 2021 forecast). Interest rates are at an all-time low making things a bit easier for the buyers in this fast-paced seller's market. For buyers, Nashville's quality of life and relative affordability compared to the rest of the country makes it a great place to invest or buy a house nonetheless.

There were 4,364 home closings (res plus condo) reported for the month of October according to figures provided by Greater Nashville REALTORS®. This figure is up 17 percent from the 3,742 closings reported for the same period last year. The median price for a residential single-family home was $349,000, and for a condominium, it was $245,000.

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Boston Real Estate Market Trends & Investment Outlook

November 12, 2020 by Marco Santarelli

The Greater Boston housing market is hot right now and both prices and sales are rising. Sales of single-family homes and condominiums rebounded in September across the Greater Boston area, climbing for the first time in at least six months on a year-over-year basis. There were record sales in September. The previous high for September sales occurred five years ago when 1,218 single-family homes were sold in September 2015,

That's according to the latest data from the Greater Boston Association of Realtors. The demand for single-family homes is high. Sales of single-family homes rose on an annual basis by 32.3 percent last month, climbing from 1,064 homes sold in September 2019 to 1,408 this September to set a new record for sales volume during the month of September.

Despite an increase of 38.2% year-over-year in pending sales in September, active listings dropped by -29.4%. It is one of the factors that affect overall sales dollar volume while simultaneously creating a very competitive and tight market which keeps the home prices from plunging. The biggest challenge holding back sales is the lack of enough inventory to sell with months of supply dropping to 1.5 months.

Sellers still hold the upper hand due to the imbalance between supply and demand. At the current pace of buying, inventory would run out in just six weeks. On the other hand, the Boston home buyers are benefitting from record-low mortgage rates.

There was a sigh of relief for them as there was a spike in new listings that came on the market last month. Compared to August, the new listings of single-family homes saw a jump of 20.6%. As more sellers entered the market, the total listings also increased by 15.2% from last month. However, these figures are still lagging behind last year.

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Boise Real Estate Market Trends & Investment Outlook

November 10, 2020 by Marco Santarelli

The Boise housing market is a scorcher and is being fueled by low mortgage rates and limited supply compared to demand. The result is that buyers have to pay over the asking price. Home prices in Ada County were up again in September. The overall median sales price, including existing and new home sales, reached $409,945 last month, an increase of 17.2% year-over-year, according to the latest report released by Boise Regional Realtors.

Active listings in Ada County have declined nearly 73% in the past year. The Months Supply of Inventory has dropped 0.4 months. Typically 5-6 months is considered to be a balanced real estate market. A supply of 0.4 months means that if no additional homes were listed for sale, Ada County would run out of homes to buy in under two weeks. That's how hot this market is even during the times of the Covid19 pandemic.

It has affected everything from buyer demand to housing supply to mortgage rates, which together have helped drive up home prices across all price points. Despite such a tight supply of houses, the sales are booming. Compared to last year, sales of new and previously owned homes in Ada County rose by 33% in July and August, and nearly 31% in September. The Boise Metro Area housing market is expected to see strong home price gains in the next twelve months, almost nearing 10% (Read the forecast given below).

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