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Here’s a look at the Las Vegas Real Estate Market for June 2018. According to a report released on June 7th by the Greater Las Vegas Association of REALTORS® (GLVAR), we may see a peak in the rising prices within the next couple of months. Inventory is still low with a 1.5 month supply of homes available. Let’s take a closer look at the Las Vegas market trends.
A Look at Housing Stats
May ended with a total of 3,890 condominiums, townhomes, and single family homes sold. This number shows an increase from the 3,571 in April. The median price range of houses that sold in Las Vegas during the month of May was $295,000. This amount shows an increase of 18 percent from May 2017 and an increase of 2.1 percent from the $289,000 of last month.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for May was $160,000, which shows an increase from the $155,000 of last month. The current median price range shows an increase of 16 percent from this time last year. At the end of May, there were 799 properties on the market without an offer. The current number of unsold condos shows an increase of 26.8 percent from May of 2017.
What Does this Data Mean?
At the end of the month, there were 4,118 single-family homes listed with no offer. That shows a decrease of 17.2 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 May. This number is down from the 6.8 percent from this time last year.
What does this mean if you’re buying a house in Las Vegas?
Experts believe that the limited inventory continues to drive the median sale price higher. With this in mind, it’s more important than ever for a potential home buyer to have a firm idea of exactly how much they can afford when it comes to purchasing a home. You can get a general idea but checking a mortgage calculator. We still recommend that you sign up to receive e-mail notifications when there are new listings.
Cash sales made up 24.3 percent of all sales in the area. This percentage shows a drop from last year’s 26.9 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?
Experts believe that Las Vegas is about to hit a peak when it comes to the increasing home prices. This may be the best time to list your property for sale. Why? The inventory remains low, which means potential home buyers are looking for fresh listings. With prices rising, there is a good chance you’ll receive an appealing offer for your home. You’ll want to find out how much your home is worth. Check the home valuation calculator to get an instant estimate.
The percentage of homes that sold within 60-days for the month of May was 87.2 percent. Last year, only 6 percent of homes sold that quickly. The percentage of condos that sold within 60-days for the month of May is 91.4 percent. That percentage is up from the 87.3 percent that sold that quickly in April of 2017.
Las Vegas Homes for Sale
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