Here’s a look at the Las Vegas Real Estate Market for June, 2017. According to a report released on June 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
May saw a total of 4,297 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of May was $250,000. This amount shows an increase of 13.3 percent from last May and a 3.3 percent increase from April’s median price range of $249,000. At the end of the month, there were 4,972 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 May was $137,950. This amount shows a increase of 15.1 percent from this time last year, and it shows an increase of 12.2 percent from April’s median price of $130,000. At the end of May, there were 630 properties on the market without an offer. The low number of condos listed shows a decrease of 71.8 percent from last year.
What Does this Data Mean?
If things keep going as they are right now for the Las Vegas real estate market, this year will outshine last year when it comes to home sales. Right now, we are sitting at 17,963 properties sold. Last year, a total of 41,720 properties were sold. There is less than a 2 month supply right now, and 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?
The current shortage of homes for sale means that you don’t have time to sit on the fence making your decision when it comes to a home choice. There are plenty of people out there willing and able to snatch that house out from under you while you ponder things. Paying cash? You are in good company. Cash sales were on the rise for the first part of 2017, with an increase of 19 percent from last year at the same time. Even with home loans showing a decrease of 5 percent from last year, around 7,300 mortgage loans were issued in Las Vegas.
What does this mean if you’re selling a house in Las Vegas?
If you’re selling your house right now, you’ve got the upper hand! The current trend shows that cash buyers are more likely to show up with some interest in your property, which is good news for you. Why? You’ll reach the closing table faster and move on to your next destination. The percentage of homes that sold within 60-days for the month of May is 81.6 percent, up from 71.2 percent last year. The percentage of condos that sold within 60-days for the month of May is an impressive 87.3 percent, up from 67.7 percent in 2016.
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