Here’s a look at the Las Vegas Real Estate Market for April, 2017. According to a report released on April 7th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices continue to increase as we move into prime selling time in the Las Vegas real estate industry.
A Look at the Housing Stats
March saw a total of 3,903 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of March was $242,000. This amount shows an increase of 10 percent from last March and a 0.8 percent from February’s median price range of $240,000. At the end of the month, there were 5,488 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 March was $122,950. This amount shows a increase of 4.2 percent from this time last year, and it shows an increase of 4.2 percent from February’s median price of $118,000. At the end of March, there were 715 properties on the market without an offer. The low number of condos listed shows a decrease of 69 percent from last year.
What Does this Data Mean?
In the last five years, we’ve seen housing prices in Las Vegas double due to the increased demand for homes and the low inventory available. This market mix creates an interesting scenario for buyers and sellers. News of the Raiders coming to Las Vegasmay put an interesting twist on things in the coming year. Las Vegas is a sought after location even without the addition of the NFL team and sports stadium.
What does this mean if you’re buying a house in Las Vegas?
The price of houses in Las Vegas has risen consistently over the last year, and there seems to be no ending in sight. With the new focus on the coming NFL team, you might want to consider buying now before the influx of new buyers hits the area. As always, don’t let your guard down when it comes to inspections and appraisals just because of the limited inventory.
What does this mean if you’re selling a house in Las Vegas?
Sellers trying to purchase new home while they are selling their existing property continue to feel the pressure caused by limited inventory. The good news is that homes are selling faster than ever for sellers! The percentage of homes that sold within 60-days for the month of March is 75.9 percent. The percentage of condos that sold within 60-days for the month of March is an impressive 81.2 percent. It’s important to remember the importance of proper pricing and curb appeal.
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