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The Las Vegas real estate market is showing up strong this summer when compared to this time last year. Prices are competitive on houses in the Las Vegas Valley and surrounding areas. That doesn’t stop things from moving in a positive direction, with home buyers coming to the table ready to deal.
According to a report released July 8th by the Greater Las Vegas Association of REALTORS® (GLVAR), the median price of Las Vegas houses listed during June through its Multiple Listing Service (MLS) was $235,000 an increase of 6.8 percent from last year’s $220,000.
The median price of condominiums and townhouses sold in June was $115,000. Interestingly, this is the same as it was this month in 2015. Although, the median price in June was slightly less than May’s $118,000.
Real Estate Market Ahead of the Game
People are still looking to find their dream home in Las Vegas and surrounding areas. This has the first part of 2016 bringing in stronger numbers than the first part of 2015.
According to the report, the total number of residential properties sold in June was 3,957, compared to June of last year when 3,693 homes, condominiums, and townhouses sold. These numbers show an 11.3 percent increase in condos sales, and a 6.3 increase in houses sold this year compared to last year.
The real estate market is considered balanced with a 6-month supply of inventory. However, the current Las Vegas inventory consists of less than a three-month supply of houses for sale. The limited supply continues to be the trend for 2016, but it doesn’t stop the market from looking positive this half of the year.
GLVAR’s statistics show that the average list price for single family houses at the end of June came in at $265,000. This is down 7.5% from May, which is good news for home buyers. The average list price for condos and townhouses came in at $115,000. This is down 11.5% from May.
Decline Continues for Short Sales in Las Vegas
By month’s end, GLVAR’s reports indicated 7,097 single-family homes remained for sale without receiving offers, down 6.9 percent from May. Condos and townhouses also experienced a significant decrease from last month with 1,328 properties listed for sale without receiving offers.
On the up-side, fewer homeowners listed their houses for sale due to distress, with an increase in traditional home sales versus short sales wherein lenders control the transaction, allowing the owner to sell the house for less than they owe. In June, 4.4 percent of local sales were short sales, down 6.7 percent from last year. The number of bank-owned sales is 5.9 percent. This number is a decrease of 7.6 percent from June of 2015.
Cash purchases are down from 28.4 percent in June of last year to 27 percent this year in Southern Nevada. Cash buyers are adding stability to the real estate market this year, even as their influence is on the decline. Still, investors in Southern Nevada are more active than in other markets.
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