Listing prices are insane now in Las Vegas vs comps

[Terry Lao]

The listing prices now are insane versus the closed comparable for multi units, specifically 4plexs in Las Vegas. I understand the hype with Realtor.com listing Las Vegas as #1 top 100 cities forecast for 2018. I understand the Raiders coming to Las Vegas. I even understand the comparables SOLD within the last 3 months. However, new listings for 4plexs are priced 10%-20% above comparables or $25k-50k above previous sold. After talking to a number of listing agents, the new norm is list above comps and hope to get all cash buyers. Of course, the contract is signed subject to viewing. 

If financed with 25% down, then the appraisal will be short, and sellers are expecting buyer to come in with the difference. 

Is this the new normal for Las Vegas?

Terry

[Phillip Dwyer]

Welcome to a tight supply market.