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Here’s a look at the Las Vegas Real Estate Market for May, 2017. According to a report released on May 8th 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
April saw a total of 3,529 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of April was $249,000. This amount shows an increase of 12.9 percent from last April and a 2.9 percent from March’s median price range of $242,000. At the end of the month, there were 5,083 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 April was $130,000. This amount shows a increase of 8.4 percent from this time last year, and it shows an increase of 5.7 percent from March’s median price of $122,900. At the end of April, there were 639 properties on the market without an offer. The low number of condos listed shows a decrease of 71.4 percent from last year.
What Does this Data Mean?
News of the Raiders coming to Las Vegas is still making waves for Las Vegas. Even before the announcement, more people were showing interest in moving to Las Vegas than in previous years. The interests sparked is causing concern over the house shortage, which may continue to drive house prices higher as the demand grows.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?
We’ve said it before, and we will say it again, this is a great time for buying a house in Las Vegas, especially if you consider that prices show no sign of stopping their upward climb. There’s no time to sit around and consider the options too long, however, because the house shortage is causing a shark’s frenzy that can lead to lost opportunities. Even so, it’s still a great idea to follow through with all inspections and appraisals.
What does this mean if you’re selling a house in Las Vegas?
Don’t let this time pass you by if you’re thinking about selling your home, but make sure you get the best pricing advice from a qualified real estate agent. The last thing you want is to price your home too low and lose money, or price your home too high and cause it to stall on the market. 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 April is 79 percent. The percentage of condos that sold within 60-days for the month of April is an impressive 86.4 percent.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.