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.
A Look at Housing Stats
November began with a total of 2,286 condominiums, townhomes, 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.
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.
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.
What does this mean if you’re buying a house in Las Vegas?
There 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.
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.
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