Here’s a look at the Las Vegas Real Estate Market for November, 2017. According to a report released on November 8th by the Greater Las Vegas Association of REALTORS® (GLVAR), rising house prices stalled a bit in October.
A Look at the Housing Stats
October saw a total of 3,633 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of October was $263,000. This amount shows an increase of 13.4 percent from last October. Prices have risen steadily as the year rolls along, with May’s median price range of $250,000, June’s median price range of $257.373, a median price range of $260,000 in July and August, and a median range of $265,000 for September. October shows the first dip in the median price range since the beginning of the year.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for October was $140,000. The median price range remains unchanged from September but does show an increase from the $137,250 median price of August. The current price range shows an increase of 19.7 percent from this time last year. At the end of October, there were 770 properties on the market without an offer. The current number of unsold condos shows a drop of 32 percent from October of 2016.
What Does this Data Mean?
At the end of the month, there were 4,795 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 Las Vegas growing at a phenomenal rate due to positive economic changes, it’s no wonder that home buyers are in strong competition for the houses that are on the market. Right now, Las Vegas is one of the leaders in the country when it comes to job growth. It doesn’t look like the train is going to slow down anytime soon. So, putting off a home purchase may mean looking at even less inventory as time passes.
Cash sales made up 26.9 percent of all sales in the area. This is an increase from the 25.7 percent of cash sales in September but down 27.4 percent from this time last year.
What does this mean if you’re selling a house in Las Vegas?
If you have an entry level home that you’re thinking of selling, now is the time to move. There is a marked shortage of the number of homes listed that are in the lower price ranges. These homes are attractive to new home buyers and those just moving into the area. The percentage of homes that sold within 60-days for the month of October is 89.1 percent, up from 75.2 percent last year. The percentage of condos that sold within 60-days for the month of October is 89 percent, up from 76.2 percent in 2016.
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