Las Vegas Real Estate Market Report – November 2018

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Here’s a look at the Las Vegas Real Estate Market for November 2018. According to statistics released by the Greater Las Vegas Association of REALTORS® (GLVAR), there is a 2.7 months supply of real estate inventory for single-family homes. This number is up 12.5 percent from last year at this time. Let’s take a closer look at the Las Vegas market trends.

This Month in Real Estate [VIDEO]

A Look at Housing Stats

real estate market report concept purple background with graphs and charts in white on frontNovember began with a total of 2,286 condominiumstownhomes, and single family homes sold. This number shows a drop from the 3,005 last month. The median price range of single-family homes that sold in Las Vegas during the month of October was $295,000. This amount shows an increase of 13.5 percent from the $260,000 in October 2017. Last month’s median sale price was $300,000.

The average sale price for this month is $355,945. This amount is up 11.4 percent from the $319,428 from October 2017. Last month’s average sale price was $342,081.

A Look at the Condo Market

The median sale price for a townhome or condo in Las Vegas for October was $168,000, which shows a slight decrease from the $170,000 of last month. The current median sale price shows an increase of 24.4 percent from the $135,000 recorded this same time last year. The average sale price for condos in Las Vegas this month is $178,539. This amount is down from the $183,049 last month and shows an increase of 20.6 percent from the $148,031 this time last year.

See also  Las Vegas Real Estate Market Report - September 2018

What Does this Data Mean?

At the end of the month, there were 5,136 single-family homes listed with no offer. That shows an increase of 13 percent from this time last year. At the end of October, there were 926 condo properties on the market without an offer. The current number of unsold condos shows an increase of 46.8 percent from October of 2017.

There’s a 2.7-months supply of single-family homes inventory on the market. While this number is up 12.5 percent from last year, in order for the market to be considered balanced, there needs to be a 6 month supply of inventory. When it comes to condos in Las Vegas, there is a 2.5-months supply of inventory available on the market. This number is up an impressive 31.6 percent from last year.

What does this mean if you’re buying a house in Las Vegas?

man and woman smiling and shaking hands with a real estate agentThere were 2,678 new listings added to the market when it comes to single-family homes in Las Vegas. This number is down from the 3,728 last month but is showing an increase of 22.7 percent increase from last year’s 2,183 new listings. There were 741 new condo listings added to the market. This number is up 18.9 percent from October 2017.

Because we’re seeing a downturn in the number of new listings coming on the market, this is the perfect time to sign up and receive e-mail notifications that alert you when a new home is listed in Las Vegas. These email alerts give you an advantage over other home buyers who aren’t being updated. You need this kind of advantage in this competitive housing market.

What does this mean if you’re selling a house in Las Vegas?

As you consider placing your home on the market, you want to do everything possible to make sure your property is in selling condition and that you price your home competitively. Begin by finding 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. We’ll also work closely with you to create a marketing plan to get your listing in front of potential buyers.

Sellers in Las Vegas are receiving 98.7 percent of their listing price on single-family homes. For condos, sellers are receiving 98.5 percent of their listing price. The average days on the market is 32 for single-family homes and 29 for condos and townhouses.

Las Vegas Homes for Sale

Las Vegas Condos for Sale

Here are the most recent condo listings just added to the database in the average sale price range for Las Vegas. All condos here are priced at $178,539 or less.

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Lori Ballen, REALTOR®

Lori Ballen, Realtor

Hi! I’m Lori Ballen REALTOR®. My team serves the Greater Las Vegas area from Summerlin to Boulder City, and everything in between. You can reach us at 702-604-7739.

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Las Vegas Real Estate Market Report
Lori Ballen

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