I just completed an appraisal of a 4,000 square foot house in central Clark County. The house is four years old. It is on an acre of land. It is a good to very good quality house. The county has it assessed at $800,000.
I did research of the central county area for newer houses of 3,000 to 5,000 square feet of living area. From the search parameters I entered I found 11 houses similar to the subject that had sold in the last six months. That is 1.83 houses per month. With the same search criteria I found 82 listings. These data suggest a 44.73 month supply on the market. That is almost a four year supply.
Several days ago I did an appraisal of a house in central Clark County. The house was new on the market in August of 2007 and available for $700,000. It just sold for $475,000 net. That is 68% of the original asking price. This was a spec house on a lot with a very good view.
As you have seen in previous posts, the housing stock in the $500,000 to $1,000,000 range has been hit very hard by this recent market “correction.”
Pacific West Appraisal Services, Inc.
pwas.net