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Here’s a look at the Las Vegas Real Estate Market for December 2017. According to a report released on December 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), the approaching season impacts housing prices in November.
A Look at the Housing Stats
November saw a total of 3,202 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of November was $261,150. This amount shows an increase of 8.8 percent from November 2016. However, it shows a decrease from the $263,000 median price from last month. In fact, last month showed the first decrease this year. With November following suit, it looks like the trend may continue.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for November was $141,500. Prices are up from the $140,000 we saw in October, and the current median price range shows an increase of 19 percent from this time last year. At the end of November, there were 735 properties on the market without an offer. The current number of unsold condos shows a drop of 29.1 percent from November of 2016.
What Does this Data Mean?
At the end of the month, there were 4,538 single-family homes listed with no offer. While this may seem like an impressive number, there is less than a 2 month supply of inventory on the market. This low number means the market is still not considered balanced. In order to be balanced there needs to be a 6 month supply of inventory.
What does this mean if you’re buying a house in Las Vegas?
With the number of people moving into Las Vegas on the rise, the need for houses surpasses the current inventory. For this reason, it’s not wise to sit too long on a property that has caught your interest. Chances are that there are other people who have their eye on that same home. Be prepared for negotiations by having a real estate agent to work on your behalf. Prices stalled last month, and we see that continue in November, so this is the perfect time to move forward with your home buying plans.
Cash sales made up 28.5 percent of all sales in the area. This is an increase of 26.9 percent from this time last year. Cash buyers are still showing that they are a force in the buyers market, but they aren’t as prominent as they were in 2013 when the number peaked at 59.5 percent.
What does this mean if you’re selling a house in Las Vegas?
Don’t let seasonal changes stall your determination when it comes to selling your home. Right now, there are more buyers than houses, and that means that you are in the perfect place to get top-dollar for your property. Keep in mind, that you’ll want to set your asking price properly right from the start. To do this, set up a meeting with your real estate agent to discuss your strategy and come up with a price that catches the attention of potential buyers. Homes are still selling at a speedy pace! The percentage of homes that sold within 60-days for the month of November is 82.3 percent, up from 74.3 percent last year. The percentage of condos that sold within 60-days for the month of November is 88.5 percent, up from 79.8 percent in 2016.
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