Here’s a look at the Las Vegas Real Estate Market for July 2018. According to a report released on July 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), the real estate market continues to struggle with low inventory in Las Vegas. However, housing prices are showing an increase of 12.7 percent from this time last year. Let’s take a closer look at the Las Vegas market trends.
A Look at Housing Stats
July began with a total of 4,194 condominiums, townhomes, and single family homes sold. This number shows an increase from the 3,890 last month. The median price range of houses that sold in Las Vegas during the month of June was $290,000. This amount shows an increase of 12.7 percent from June 2017 and a drop of 1.7 percent from the $295,000 of last month.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for June was $170,500, which shows an increase from the $160,000 of last month. The current median price range shows an increase of 33.2 percent from this time last year. At the end of June, there were 822 properties on the market without an offer. The current number of unsold condos shows an increase of 28.6 percent from June of 2017.
What Does this Data Mean?
At the end of the month, there were 4,335 single-family homes listed with no offer. That shows a decrease of 16.2 percent from this time last year. The low inventory trend continues with a 1.5 month supply of inventory on the market. In order for the market to be considered balanced, there needs to be a 6 month supply of inventory.
There continue to be fewer distressed sales and short sales. Just 2.6 percent of all homes sales in Las Vegas were short sales or foreclosures in June. This number is down from the 6.3 percent from this time last year.
What does this mean if you’re buying a house in Las Vegas?
The housing market heats up just like the weather in Las Vegas this time of year. The demand for houses exceeds the number of houses available, which means a home buyer in Las Vegas must be alert and ready. We recommend that you sign up to receive e-mail notifications that alert you when a new home hits the market. This alert gives you an edge over other home buyers who aren’t being updated.
Cash sales made up 22.9 percent of all sales in the area. This percentage shows a drop from last year’s 27.2 percent. 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?
The current housing demand is strong, but the current real estate inventory can’t keep up with the growing demands. Potential home buyers are eager and waiting for new homes to be listed. With the limited inventory and the rise in median sale price, this may be the perfect time to sell your house. You’ll want to find out how much your home is worth. Check the home valuation calculator to get an instant estimate and then contact us for a comprehensive report.
The percentage of homes that sold within 60-days for the month of June was 89.1 percent. Last year, 83.3 percent of homes sold that quickly. The percentage of condos that sold within 60-days for the month of June is 91.2 percent. That percentage is up from the 87.2 percent that sold that quickly in June of 2017.
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