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Here’s a look at the Las Vegas Real Estate Market for July, 2017. According to a report released on July 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices continue to increase as Las Vegas moves into a real house shortage.
A Look at the Housing Stats
June saw a total of 4,368 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of June was $257,373. This amount shows an increase of 9.5 percent from last June and a 2.9 percent increase from May’s median price range of $250,000. At the end of the month, there were 5,174 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 June was $128,000. This amount shows a increase of 11.3 percent from this time last year, but it shows an decrease of 7.2 percent from May’s median price of $137,950. At the end of June, there were 639 properties on the market without an offer. The low number of condos listed shows a decrease of 51.9 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. Inventory did increase for the month of June, but there is still less than a 2 month supply. Real estate experts like to see 6 months of inventory before calling the market balanced.
What does this mean if you’re buying a house in Las Vegas?
You’ll need be be an aggressive buyer if you’re looking for a home in the lower price range. In fact, anything at $300,000 or below is scarce these days. You would do better to look for something in the $350,000 price range and above. While the number of homes available did increase this month, you can’t afford to sit on the fence when it comes to deciding on the perfect home. Pausing to think could leave just enough room for someone to snatch the house our from under you. Paying cash? You are in good company. Cash sales were on the rise for the first part of 2017, with an increase of 27 percent from last year at the same time.
What does this mean if you’re selling a house in Las Vegas?
Home sellers continue to have the upper hand, but that doesn’t mean it will stay that way. There was a marked increase in homes hitting the market during the month of June. If you’re considering whether it’s time to move forward and place your home on the market, this may be the perfect time. The percentage of homes that sold within 60-days for the month of June is 83.3 percent, up from 74.2 percent last year. The percentage of condos that sold within 60-days for the month of June is an impressive 87.2 percent, up from 71.2 percent in 2016.
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