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Let’s take a look at the Las Vegas Real Estate Market for December 2018. Data shown here is gathered from the Greater Las Vegas Association of Realtors (GLVAR). There is a 3.1 month’s supply of single family homes up 111.3% from the last 12 months. There is a 3.0 month’s supply of condominiums and townhouses which is up 164.1% from the last 12 months. A plethora of new inventory has hit the Las Vegas Real Estate market. With these numbers rising what does that mean for homebuyers and sellers?
A Look At Housing Stats
December began with a total of 8,143 single-family homes, condominiums and townhouses available. This is a doubling of inventory available during the month of November 2018. The median price range of single-family homes sold during November 2018 is $295,250 a 10% increase from the previous month. Condos and townhouses had a median sale price of $163,500, an increase of 14.3% from the prior month.
A Look At The Condo Market
Let us focus on the Las Vegas Condo and Townhome Market. There were 516 units sold during the month of November 2018 at an average sale price of $176,780 up 0.9% from the previous month.
During the month of November there were 600 new listings at an average list price of $186,222 up 0.4% from the previous month.
What Does This Data Mean
While there is a rise in the number of properties available in the Las Vegas Real Estate market, there needs to be at least a 6 month supply of inventory for the market to be considered balanced. At the end of November there is only a 3 month supply of homes available, which is up significantly over the last twelve months.
What Does This Mean If You Are Buying A Home In Las Vegas
If you are buying a home in Las Vegas you are going to see a little more inventory available. However the average time on the market is a little over 30 days, so keep in mind properties are moving quickly.
Buyers who are looking at the condo/townhouse market may see prices dropping slightly. Buyers looking for single-family homes might see slight increase in prices, as well as slight interest rate increase.
If you are on the fence about a property now is the time to decide. Waiting can cost you in the form of a higher monthly payment or seeing the home you want sold.
Because there is an increase in listings available on the market, this is the perfect time to sign up and receive email notifications when a new home is listed in the Las Vegas real estate market. Email notifications and instant alerts give you an advantage over other buyers looking for homes.
What Does This Mean If You Are Selling A Home In Las Vegas
If you are selling a home in Las Vegas expect a slight increase in competition as more listings become available. This is still a seller’s market and most sellers may get very close to their list price.
Check the home valuation calculator to get an estimated value on your home. Contact us to get a comprehensive report. We work closely with sellers to create a marketing strategy that gets your listing in front of buyers wanting to buy.
Las Vegas Homes For Sale
Search the most recent single family homes listings in the Las Vegas market that have been added to the database. All homes are priced in the average sales price range of $345,009 or less.
Las Vegas Condos For Sale
Search the most recent listings in the Las Vegas condo and townhouse market that have been added to the database. All condos and townhouses are priced in the average sales range of $176,780 or less.