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Here’s a look at the Las Vegas Real Estate Market for March, 2017. According to a report released on March 7th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices are still on the rise in Las Vegas even though property inventory isn’t showing signs of increase.
A Look at the Housing Stats
February saw a total of 2,675 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of February was $240,000. This amount shows an increase of 8.9 percent from last February and a 0.8 percent from January’s median price range of $238,000. At the end of the month, there were 5,564 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 February was $118,000. This amount shows a decrease of 2.9 percent from this time last year, but it shows an increase of 4 percent from January’s median price of $113,500. At the end of February, there were 758 properties on the market without an offer. The low number of condos listed shows a decrease of 66.6 percent from last year.
What Does this Data Mean?
Property prices have risen steadily over the last five years. Even with the current increases, prices have slowed down during the year and a half. This slow, steady movement is good news for the real estate market because it means we’re not seeing steep increases and extreme dips in pricing.
What does this mean if you’re buying a house in Las Vegas?
Even with prices rising and inventory stalling, home prices in Las Vegas are still a great deal when you compare them to home prices in comparative areas of California. You may need to summon some patience if you’re looking for properties on the lower end of the price scale. The low volume of inventory makes it a bit more challenging for those on a tight budget.
What does this mean if you’re selling a house in Las Vegas?
The low inventory makes a different challenge for home sellers. Those seeking a new home to purchase while they are selling their existing property may need to be time management pros to get things lined up with few delays. The percentage of homes that sold within 60-days for the month of February is 69.6 percent. The percentage of condos that sold within 60-days for the month of February is an impressive 76.5 percent. Setting your asking price right the first time is important and can reduce the risk of delays and lengthy negotiations.
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