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Here’s a look at the Las Vegas Real Estate Market for October, 2017. According to a report released on October 6th by the Greater Las Vegas Association of REALTORS® (GLVAR), property prices begin their move upwards again after a two month stall.
A Look at the Housing Stats
September saw a total of 3,571 condominiums, townhomes, and single family homes sell. The median price range of houses that sold in Las Vegas during the month of September was $265,000. This amount shows an increase of 13.5 percent from last September. 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, and a median price range of $260,000 in July and August. Experts expect prices to rise at this same rate as we move deeper into the fall season.
A Look at the Condo Market
The median price for a townhome or condo in Las Vegas for September was $140,000. This amount shows an increase from the $137,250 median price of August. The current price range shows a increase of 21.7 percent from this time last year. At the end of September, there were 680 properties on the market without an offer. The low number of condos listed shows a decrease of 41.4 percent from last year.
What Does this Data Mean?
Last year, a total of 41,720 properties were sold in Las Vegas. With the current sales trend, we look to meet or surpass that number for 2017. In fact, if things keep going along this path, Las Vegas real estate will have the best year since 2012. Still, there is less than a 2 month supply, which 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?
Buying a home is a hot idea as we move into the fall of the year. In fact, buyers spent almost $901 million dollars on houses and $103 million for condos, townhomes, and high-rise homes in September. These numbers how an increase of 15.2 percent for homes and 34.4 percent for condos from last year at this time. Things are looking up for Vegas residents. The economy has improved and the job market is opening up. When you add those positive attributes to the low mortgage rate, it’s easy to see why this is a great time to think about buying a home.
Cash sales made up 25.7 percent of all sales in the area. This is a slight increase from last month and the 25.6 percent of cash sales in September of 2016.
What does this mean if you’re selling a house in Las Vegas?
Buyers are looking for your house, and with the lower inventory shortage, you have a good chance of selling your home faster than usual. The percentage of homes that sold within 60-days for the month of September is 82.9 percent, up from 76.1 percent last year. The percentage of condos that sold within 60-days for the month of September is 87.6 percent, up from 77.3 percent in 2016.
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