Las Vegas house price trends - Skye Canyon

[Bobby Lansing]

Hello,

My family and I are looking at purchasing a new home in the Skye Canyon area in January 2018. We will only be in the area for three years (on military orders). So I am concerned that with all of the building going on that the home won't keep its value or be competitive to sell in three years against the other new homes being built in that area. 

Any advice on what we should do? 

Would we have better luck buying an older home and renovating? Or just renting?

Look forward to hearing everyone's perspective.

Thanks!

[Phillip Dwyer]

@Bobby Lansing  In zip code 89166, 44 resale single family homes closed in the past 30 days.  There are currently 38 of the same on the market without offers which suggests there is less than a 1-month supply (shortage).  There are an additional 60 listings that are in contract with buyers already.  

If you're seeing stuff sit on the market for a long time in this area, it is over priced or something else is going on.  If it's priced close to market, then it's gone.  The median days on market for those 44 sales was 16 days, and the average was 34 days.