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Here’s a look at the Las Vegas Real Estate Market for September, 2017. According to a report released on September 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices pausing as we step in the fall season.
A Look at the Housing Stats
August saw a total of 4,012 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of August was $260,000. This amount shows an increase of 10.6 percent from last August, but it remained the same when compared to last month. You can see the steady increase in prices when you look at May’s median price range of $250,000 and June’s median price range of $257.373. So, it’s a good sign that the price rise seems to be leveling off as we move into the fall of the year. At the end of the month, there were 5,157 single-family homes on the market without an offer.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for August was $137,250. This amount shows an increase from the $130,000 median price of July. The current price range shows a increase of 19.3 percent from this time last year. At the end of August, there were 683 properties on the market without an offer. The low number of condos listed shows a decrease of 45.1 percent from last year.
What Does this Data Mean?
Last year, a total of 41,720 properties were sold in Las Vegas. With the current sales trend, we look to meet or surpass that number for 2017. The 4,012 properties sold in August show a marked increase from the 3,789 properties sold in August of 2016. There is less than a 2 month supply, which means the market is still not considered balanced with a 6 month supply of inventory. The bright spot is that more houses were up for sale during the month of August than in previous months.
What does this mean if you’re buying a house in Las Vegas?
It’s worth noting that the cost of homes in Las Vegas has increased steadily with each year that passes. Let’s take a closer look! The cost of a home in August 2014 was $200,000. The next year, median price range for August was $220.000. In 2016, median prices were $235,000. This month, we see $260,000. This may make a difference for those buyers who seem to be waiting on house prices to drop significantly. What is shows is that the median home value continues to rise with the demand.
Cash sales made up 25.8 percent of all sales in the area. It’s interesting that this is the same amount sold in August of 2016. There seems to be some consistency for cash sales in August.
What does this mean if you’re selling a house in Las Vegas?
You may notice that prices are leveling out when it comes to home sales in Las Vegas. This means you’ll need to consider whether you’re willing to wait any longer to place your home on the market and risk bringing in a lower sale price. The percentage of homes that sold within 60-days for the month of August is 83.3 percent, up from 76.1 percent last year. The percentage of condos that sold within 60-days for the month of August is an impressive 90.4 percent, up from 74.7 percent in 2016.
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