Here’s a look at the Las Vegas Real Estate Market for March 2018. According to a report released on March 9th by the Greater Las Vegas Association of REALTORS® (GLVAR), the area is still experiencing a shortage of housing inventory. Still, home prices are on the rise, and home sales have slowed down.
A Look at Housing Stats
February ended with a total of 2,704 condominiums, townhomes, and single family homes sold. That’s a dramatic decrease from the 3,204 sold in January. The median price range of houses that sold in Las Vegas during the month of February was $275,000. This amount shows an increase of 14.6 percent from February 2017 and an increase of 3.8 percent from the $265,000 of last month. The slow down in home sales for the month of February breaks the recent sales trend that placed 2017 as one of the top sales years in Las Vegas.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for February was $150,000. The current median price range shows an increase of 27.1 percent from this time last year. At the end of February, there were 679 properties on the market without an offer. The current number of unsold condos shows a drop of 10.4 percent from February of 2017.
What Does this Data Mean?
At the end of the month, there were 3,653 single-family homes listed with no offer. That shows a decrease of 34.3 percent from this time last year. The low inventory trend continues with less than a 2 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. One point of interest is that there are fewer distressed sales and short sales. In fact, only 3.8 percent of all homes sales in Las Vegas were short sales or foreclosures in February. This number is down from the 10.6 percent from this time last year.
What does this mean if you’re buying a house in Las Vegas?
Even with the recent shortage of inventory, home sales in Las Vegas remained strong. Real estate experts are wondering if the glory days are over with this new slow down in sales. This is the perfect time for buyers to come in and get a great deal on the house they need. With fewer buyers ready to commit to a sale, you’ll be in a great negotiating position.
Cash sales made up 32.4 percent of all sales in the area. That’s an increase from the 31.4 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?
Keep the importance of setting the correct asking price in mind when selling your home. With the slow down in sales, it’s just as important to make sure you’re ready to hit the negotiations table. Meet with your real estate agent to discuss negotiation strategies. The good news is that homes are still selling quickly. The percentage of homes that sold within 60-days for the month of February is 79.8 percent. Last year, only 6 percent of homes sold that quickly. The percentage of condos that sold within 60-days for the month of February is 86.4 percent. That percentage is up from the 76.5 percent that sold that quickly in February of 2017.
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